Stockholm, Sweden (AP) -- Vanderbilt-educated economist Muhammad Yunus accepted the Nobel Peace Prize Sunday for his breakthrough program to lift the poor through tiny loans.
The 66-year-old Yunus lived in Tennessee while attending Vanderbilt University in Nashville where he earned his doctorate in 1971. He also taught economics classes at Middle Tennessee State University in Murfreesboro from 1969 to 1972.
Yunus shared the prize with his Grameen Bank, which for more than two decades has helped impoverished people start businesses by providing small, usually unsecured loans known as microcredit.
Yunus told hundreds of guests at city hall in Oslo, Norway that putting resources into improving the lives of poor people would help address the root causes of terrorism and is a better strategy than spending it on guns.
Copyright 2006 by the Associated Press. All rights reserved.
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