Michael Meyer, "Benjamin Franklin's Last Bet"

In his will, Benjamin Franklin left 1000 pounds sterling each to the cities of Boston and Philadelphia. The money was to be loaned out, in small increments and at low-interest rates, to tradesmen who wanted to start their own businesses. Franklin estimated that even with a small rate of return, the trust fund would grow over the years and both cities would end up with large windfalls by the end of the twentieth century. University of Pittsburgh professor Michael Meyer, author of "Benjamin Franklin's Last Bet," discusses Franklin's micro-lending scheme and assesses its legacy.        Learn more about your ad choices. Visit megaphone.fm/adchoices