The free market has resolved many problems, but it has also created new ones and left many challenges unsolved. It has given the world a framework for trade and manufacturing, provided an outlet for individual creativity, and ensured competition and economic growth. But it has also unleashed unfettered greed, caused environmental disasters, contributed to wars, and created inequitable societies. It has intensified economic problems of poverty, unemployment, and excluded the people at the bottom from everything.

The current form of capitalism leads to poverty as this wrongly defines human nature. In this interpretation, human beings engaged in business are portrayed as one-dimensional automatons whose only mission is to maximize profit. This is an extremely distorted picture of a human being. The essential fact about human beings is that they are multi-dimensional. Their happiness stems from many sources, not just from making money. But the traditional theory concludes that the optimal result for society will occur when each individual's search for selfish benefit is given free rein. This distorted view of human nature represents the fatal flaw that over time has helped to create the multiple crises we face today.

In the context of the global financial crisis, it is paramount that we redesign the way finance is handled globally. Even if we can overcome the problem of the financial crisis, we will still be left with some fundamental questions about the effectiveness of capitalism in tackling many other unresolved problems. In my view the theoretical framework of capitalism that is in practice today is a half-done structure.

I propose a different structure of the market itself - a second type of business to operate in the same market alongside the existing kind of profit maximizing business. I am not opposed to the current type of business model (although I call for many improvements in it like many others do). This new type of business I am calling "social business," because it is for the collective benefit of others - mostly for the poorest and most difficult to reach segment of our society.

The world today is witnessing capitalism at its worst. The system, after producing a global depression in the 1930s, and recovering from it to give the world the longest and most prosperous expansion in the history of mankind, is once again flirting with catastrophe that threatens to unravel the whole system. To anyone cognizant of economic history, it is an unseemly sight to see the world's most affluent societies beset with mounting public and private debt that are shaking the foundations of hitherto prosperous economies; to see unemployment in the double digits and youth unemployment even at 50% in some pockets of Europe. Laissez faire financial capitalism that took roots in the 21st century soon unravelled in the severest financial crisis from which world markets are yet to recover. In the wake of this crisis, trillions of dollars worth of equities and housing values vanished literally into thin air making millions of citizens across Europe and North America feel poorer and radically cut consumption, the engine that drove capitalist economies for decades. As affluent societies get a taste of humble living by cutting down on their spending habits, less affluent societies and those living in poverty could feel the pinch as the demand for their products and services fall off. In consequence, the global economy slows down or falters in its forward march.

Globalisation, an offshoot of the capitalist economic system, did unleash the forces of trade, growth and poverty reduction across the globe for a long period. But now it seems the day of reckoning is upon us. Or, is it? It was Joseph Schumpeter, writing about the capitalist system, who coined the expression "creative destruction". Is the present predicament simply a reflection of the destructive process within capitalism, to be followed eventually by more innovation? It comes after what was considered by Alan Greenspan, the former Chairman of the US Federal Reserve System, as "financial innovation", which was then allowed free reign from the trappings of prudential financial regulation. As a result, corporate "greed" ran amok on Wall Street and beyond. Much of the world today is getting a taste of the consequences of the financial collapse that ensued. But what is now certain is that far too many people around the globe are afflicted with the negative consequences of the destructive process inherent in capitalism and addressing their call for resuscitation has become a global imperative.

Dr. Ahmet Ertürk, senior Advisor to the President of Turkey, Former Minister of State HE Tayyibe Gülek, Former Minister of Turizim HE Bahattin Yücel, Member of the Turkish Parliament Dr. Alaattin Buyukkaya, Former Turkish parliamentarian and pioneer of the microcredit and the CEO of the Turkish Grameen Microcredit Program Prof. Dr. Aziz Akgul, Former Turkish parliamentarian and the Vice President of the Turkish Microcredit Program Mr. Nedim Ozturk and other dignitaries attended the MOU signing ceremony. Founder of Okan Univesity announced in the ceremony that he is donating US$2million to take care of the initial costs of the Center.

During the ceremony, the Turkish Prime Minister HE Recep Tayyip Erdoğan sent a message to Professor Yunus offering all the hospitalities to hold the 2012 Global Social Business Summit in Turkey.

After the ceremony, Professor Yunus addressed the students, faculty members, NGO leaders, and dignitaries and explained the potential of social business. The Ministers present also spoke at the ceremony after Professor Yunus addressed the gathering.Okan University, one of the youngest universities of Turkey, was founded in 1999. The Yunus Center at Okan University will provide an independent and open platform for addressing development challenges faced by poor people in Asia. The Center aims to contribute to poverty reduction and sustainable development by promoting, developing and implementing social business ideas and projects.

The Center will conduct applied research in Social Business and Microfinance, and it will engage in efforts to disseminate the research in the academic as well as practitioner communities, especially involving young students and people.The Centre will promote and disseminate Professor Yunus' philosophy with a special focus on social business. Each year Professor Yunus will give a lecture on social business at the Centre. This partnership with the Okan University is expected to be a hub of research and practical applications as well as hands-on training for academics and researchers.

The Japanese company will provide training and management skills to produce quality dishes at affordable prices. The objective of this social business joint venture is to create jobs, provide healthy food, promote local cuisine and training for food service professionals. The joint venture aims to spread the business in the rural parts of Bangladesh as well and also training schools for young people to become professional chefs for both domestic and international employment. As a social business, neither Watami Group nor Yunus Centre will be receiving any profit from this joint- venture.

Following the MOU signing, Yunus Centre inaugurated the first Distinguished Speaker Series, with Mr. Miki Watanabe on stage to discuss best practices and innovative ideas about social business and its application to solve social problems in Bangladesh. Professor Yunus in his closing remarks thanked Watanabe for having the courage to come to Bangladesh and start a social business.

The Yunus Centre is the global hub for all social businesses around the world, including microcredit, health care services and environment. Watami Group is the top food & beverage brand in Japan. The company has grown into 600 restaurants in Japan and 30 other outlets overseas in a short span of 25 years (website: www.watami.com.sg/).

Let me tell you a bit more about the man and his work. Muhammad Yunus was born in 1940 in a village close to the city of Chittagong, eastern Bengal, then part of British India. He mainly grew up in Chittagong and went to school there before enrolling in the Economics Department of Dhaka University, where he received his BA in 1960 and MA in 1961. In the same year, Professor Yunus was appointed to a Lectureship in Economics at Chittagong College. He stayed there until 1965 when a Fulbright Scholarship took him to Vanderbilt University in the United States for his doctorate in Economics. After a short teaching stint in the US, Professor Yunus returned to newly independent Bangladesh following the war of liberation in 1971.