2010.03.02: Mali RPCV Frank Warnock helped create an unusual course called "Markets in Human Hope" that will help change how we approach the seemingly intractable problem of poverty

Peace Corps Online: Directory: Mali: Peace Corps Mali : Peace Corps Mali: Newest Stories: 2010.03.02: Mali RPCV Frank Warnock helped create an unusual course called "Markets in Human Hope" that will help change how we approach the seemingly intractable problem of poverty

By Admin1 (admin) (98.188.147.225) on Tuesday, April 27, 2010 - 2:17 pm: Edit Post

Mali RPCV Frank Warnock helped create an unusual course called "Markets in Human Hope" that will help change how we approach the seemingly intractable problem of poverty

Mali RPCV Frank Warnock helped create an unusual course called Markets in Human Hope  that will help change how we approach the seemingly intractable problem of poverty

Three professors at the University of Virginia's Darden School of Business believe you can. They are guiding students through an unusual course they call "Markets in Human Hope." The goal: Treat "social" entrepreneurs in poverty-stricken areas who have great ideas and good products just like everyday entrepreneurs. Lend them money, invest in their potential, and odds are wealth creation will blossom. Professors Saras D. Sarasvathy and Frank Warnock and Batten Fellow Veronica Cacdac Warnock joined forces to create the course that they hope will help change how we approach the seemingly intractable problem of poverty. "It comes down to economic development," said Veronica Warnock, who saw her share of privation in the Philippines where she grew up. "It's poverty alleviation in a financially sustainable way. It's getting away from dependence on donor funds."

Mali RPCV Frank Warnock helped create an unusual course called "Markets in Human Hope" that will help change how we approach the seemingly intractable problem of poverty

Darden Course Encourages Investment in 'Human Hope'

News Source: Darden

Caption: Frank Warnock and Veronica Cacdac Warnock

March 2, 2010 - Can you invest in the eradication of human misery?

Three professors at the University of Virginia's Darden School of Business believe you can. They are guiding students through an unusual course they call "Markets in Human Hope."

The goal: Treat "social" entrepreneurs in poverty-stricken areas who have great ideas and good products just like everyday entrepreneurs. Lend them money, invest in their potential, and odds are wealth creation will blossom.

Professors Saras D. Sarasvathy and Frank Warnock and Batten Fellow Veronica Cacdac Warnock joined forces to create the course that they hope will help change how we approach the seemingly intractable problem of poverty.

"It comes down to economic development," said Veronica Warnock, who saw her share of privation in the Philippines where she grew up. "It's poverty alleviation in a financially sustainable way. It's getting away from dependence on donor funds."

"Funding is so messed up in the social sector," Sarasvathy said. "Why don't we invest in solutions to human misery instead of donating money?"

Sarasvathy sees not just credit markets, but a whole panoply of financial instruments – bonds, futures, mutual funds – being used to bankroll social entrepreneurship or franchise programs that develop human potential and thus profit.

In her book, "Effectuation: Elements of Entrepreneurial Expertise," she writes, "My position is that since all economic value ultimately derives from human beings, investments in the eradication of human misery should be both viable and valuable … all markets are ultimately markets in human hope."

There are about 100 countries where access to credit is practically non-existent, said Frank Warnock, who spent two years in the Peace Corps teaching in poverty-ridden Malawi in southeast Africa.

"No matter how good an idea, the average Malawian had no way of funding it," he said. "It was amazing to see the difference it made to have access to capital."

In the course, Darden students are asked to come up with private sector solutions for long-standing social dilemmas such as lack of credit. Two years ago, for example, a student worked on turning wool made by Tibetans – a good, sellable product – into a business instead of an operation funded by charity.

"We wanted to know how this could be done in a business context," Frank Warnock said.

The classes – which are really workshops with the professors acting as coaches – began as a doctoral course in 2006 for which MBA students showed up and wanted in. Now the classes are part of the Darden curriculum and are taught each year.

Students take their ideas and help each other develop them with guidance from the professors. Though many of the ideas might not take off by the end of the course, Frank Warnock said, the best will be passed down to new students and eventually implemented.

"What we have is a seed of an idea," Sarasvathy said. "We see the students as innovative farmers who will experiment, crossbreed and cultivate a variety of new ideas and new instruments that they can nurture as they go forward into their chosen careers. We hope those seeds grow in ways we haven't even thought of."

Students in the class are required to go on a field study to face poverty head-on. The class will leave today for South Africa for 10 days of meetings with entrepreneurs large and small. The hope is these future business leaders will eventually tilt successfully at the windmill.

"We hope this is where business and society are headed as a whole," Sarasvathy said.




Links to Related Topics (Tags):

Headlines: March, 2010; Peace Corps Mali; Directory of Mali RPCVs; Messages and Announcements for Mali RPCVs; University Education; Virginia





When this story was posted in April 2010, this was on the front page of PCOL:




Peace Corps Online The Independent News Forum serving Returned Peace Corps Volunteers RSS Feed

 Site Index Search PCOL with Google Contact PCOL Recent Posts Bulletin Board Open Discussion RPCV Directory Register

Feb 10, 2010: Senator Dodd to Retire Date: February 19 2010 No: 1433 Feb 10, 2010: Senator Dodd to Retire
Dodd retires from Senate 6 Jan
Cameron Hume named US Ambassador to Pakistan 8 Feb
Florida RPCVs sponsor Everglades Experience 6 Feb
Jeff Hall brings aid to Sierra Leone 1 Feb
Peace Corps to reach 11,000 PCVs in 2016 1 Feb
Hugh Pickens writes: Standing Bear Looks to the Future 27 Jan
Ann Varghese survives 55 hours in Haiti rubble 26 Jan
John Guy LaPlante at 80 was oldest PCV 17 Jan
Steve Radelet to advise Hilary Clinton on Development 15 Jan
Obituary for Co-Author of ‘The Ugly American' 14 Jan
Peace Corps Establishes Program in Indonesia 11 Dec
What Happened to Obama's Promise? 3 Dec
George Packer writes: Obama's Troubles 24 Nov
PC Mourns Loss of Morocco PCV So-Youn Kim 17 Nov
Peace Corps volunteers return to Madagascar 16 Nov
PC to grow by several thousand over next 2 years 15 Nov
Former Hostage John Limbert named to Iran Bureau 11 Nov
Carrie Hessler Radelet named PC Deputy Director 9 Nov
Garamendi Sworn into Congress 9 Nov
Jesse Lonergan writes graphic novel "Joe and Azat" 4 Nov
David Macaray writes: Hearts and Minds in Afghanistan 29 Oct
Dustin Hogenson writes: Sauna in Kazakstan 26 Oct


Memo to Incoming Director Williams Date: August 24 2009 No: 1419 Memo to Incoming Director Williams
PCOL has asked five prominent RPCVs and Staff to write a memo on the most important issues facing the Peace Corps today. Issues raised include the independence of the Peace Corps, political appointments at the agency, revitalizing the five-year rule, lowering the ET rate, empowering volunteers, removing financial barriers to service, increasing the agency's budget, reducing costs, and making the Peace Corps bureaucracy more efficient and responsive. Latest: Greetings from Director Williams

Join Us Mr. President! Date: June 26 2009 No: 1380 Join Us Mr. President!
"We will double the size of the Peace Corps by its 50th anniversary in 2011. And we'll reach out to other nations to engage their young people in similar programs, so that we work side by side to take on the common challenges that confront all humanity," said Barack Obama during his campaign. Returned Volunteers rally and and march to the White House to support a bold new Peace Corps for a new age. Latest: Senator Dodd introduces Peace Corps Improvement and Expansion Act of 2009 .

Meet Aaron Williams - Our Next Director Date: July 30 2009 No: 1411 Meet Aaron Williams - Our Next Director
Senator Dodd's Senate Subcommittee held confirmation hearings for Aaron Williams to become the 18th Peace Corps Director. "It's exciting to have a nominee who served in the Peace Corps and also has experience in international development and management," said Dodd as he put Williams on the fast track to be confirmed by the full Senate before the August recess. Read our exclusive coverage of the hearings and our biography of Peace Corps Director Aaron Williams.



Read the stories and leave your comments.








Some postings on Peace Corps Online are provided to the individual members of this group without permission of the copyright owner for the non-profit purposes of criticism, comment, education, scholarship, and research under the "Fair Use" provisions of U.S. Government copyright laws and they may not be distributed further without permission of the copyright owner. Peace Corps Online does not vouch for the accuracy of the content of the postings, which is the sole responsibility of the copyright holder.

Story Source: University of Virginia

This story has been posted in the following forums: : Headlines; COS - Mali; University education

PCOL45463
72


Add a Message


This is a public posting area. Enter your username and password if you have an account. Otherwise, enter your full name as your username and leave the password blank. Your e-mail address is optional.
Username:  
Password:
E-mail: