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than 225 cities in Africa, 903 in Asia, and 225 in Latin America More than 368 cities in the developing world will have more than one million people in each, and at least 23 of these will have more than 10 million residents Collectively, these cities will account for about 15 to 2 billion people About 35 to 40 percent of these urban concentrations will comprise BOP consumers The density of these settlements approximately 15,000 people per hectare will allow for relatively easy market penetration57 BOP businesses have the potential to shift attitudes of many poor, showing them the capitalist light at the end of the tunnel Dejected and disenfranchised, the poor don t have a reason to believe in globalization and commerce until they can physically touch it and see it When someone in the neighborhood has a car, cell phone, and maybe even a laptop, the results seem more tangible But until then, despair is pervasive for people stuck in the poverty trap The BOP strategy that has perhaps received the most attention lately is microcredit Microcredit is an umbrella term for all programs extending small loans (micro nance lending often as little as $25) and other nancial services such as savings accounts, to very poor people for self-employment projects that generate income and a source of support for their families58 Virtually unheard of before the 1970s, microlending has become a global phenomenon as businesses and people realize its ef cacy in ghting poverty and inequality Micro nance develops a culture of trust and teaches basic concepts of having to pay back and understanding asset and liability matches or mismatches The Microcredit Summit s latest report notes that small loans to the poor rose to 133 million people up from 13 million people in 199859 As of 2007, 3,316 microcredit institutions reported reaching 133,030,913 clients, 92,922,574 of whom were among the poorest when they took their rst loan Of these poorest clients, 851 percent are women60 Increasingly, banks and philanthropies are realizing that microlending provides an excellent way to both alleviate poverty and instill a sense of economic power including savings and ambition for the future In the past, banks in the developing world rarely lent to the poor, instead the poor had to go to moneylenders who often charged exorbitant interest rates This trapped farmers and other low-income earners in a cycle of poverty and deprived developing country economies.



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Community Type Transactions Description Facilitates buying and selling (e.g., aus sh.com.au). Combines information portal with infrastructure for trading. Members are buyers, sellers, intermediaries, etc. Focused on a speci c commercial area (e.g., shing). No trading, just exchange of information on a topic of mutual interest. Examples: Investors consult The Motley Fool (fool.com) for investment advice; music lovers go to mp3.com URL; Geocities.yahoo.com is a collection of several areas of interest in one place. Members are organized around certain life experiences. For example ivillage.com caters to women. Professional communities also belong to this category for examples isworld.org for information systems faculty, students, and professionals. Members share imaginary environments. Examples: sport fantasy teams at espn.com; Geocities members can pretend to be medieval barons at geocities.com/timessquare/4076.

r j ( )

= j

r = D (R)| ;





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of small businesses Grameen Bank of Bangladesh and its founder Muhammad Yunus, Nobel Peace Prize winners for their work using microcredit loans to lift millions of women out of poverty, have shown how poor borrowers can be as reliable as the rich, and that trust can motivate repayment as well as collateral Yunus pioneered social collateral, where he would give loans to a group of women who were then responsible for each other s repayment This kind of peer pressure turned out to be remarkably effective Think of this in contrast to securitization and credit ratings discussed in 2 Indeed, in Bangladesh today, Grameen s loan recovery rate is an astonishing 985 percent, as compared to 40 to 50 percent at conventional banks that offer loans to af uent families in Bangladesh61 Grameen s success lends support to a growing recognition that capitalism can be harnessed to curb poverty just as, if not more effectively than aid programs (See Table 82) Other organizations besides Grameen Bank are increasingly recognizing the value of micro nance lending, both for their own economic well-being as well as that of their clients Similar programs have popped up all over the globe, from Mexico to Indonesia Making loans and expecting investment returns encourages a greater degree of accountability than simply making a grant For the recipients, meanwhile, there are bene ts apart from the capital received, including the opportunity to demonstrate their creditworthiness and scal responsibility A loan from a foundation can serve as a credit history, key to obtaining more

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(682)

Hence, we get the (standard) covariance property of the sigma-spin coherent state: D j (R)|R 1 ; = | ; r r (683)

From this relation and (677) we derive the SU (2) theoretical content of the sigmaspin coherent states as the element of the orbit of the state | j under the action of the representation D j of SO(3) (or rather SU (2) in the case of half-integer j): | ; = D j (R )| j r r (684)

In early versions of the EJB specification, the on-the-wire protocol was not mandated and vendors were free to use a range of different implementations, including Java RMI and CORBA. Now, as you can imagine, the problem with this was that interoperability between different vendor implementations was extremely hard to set up. For this reason, and because of other interoperability issues that we ll cover later in this chapter, the latest version of the EJB specification now mandates that the protocol be based on CORBA IIOP. This does not mean that your application suddenly has to know about CORBA, an ORB, or the Interface Definition Language (IDL), which CORBA uses: It is only the on-the-wire protocol format that is required to be CORBA IIOP (version 1.2). CORBA is discussed in the following section.

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