Poverty In The Developing Economies Essay

1966 words - 8 pages

The main causes of poverty in developing countries and policy measures to reduce such poverty.

1.0 Introduction

Poverty has been described as the worst enemy of the human race but then, it is still very much existing in the developing economies in chronic and dire measures. According to IFAD (2001) nearly 1 billion people are impoverished and are denied access to basic needs of life. Therefore, there is need for urgent and combined action to fight poverty. In spite of this fact, poverty has continued to threaten the human race in the developing economies by encouraging diseases, malnutrition including health problems. For this reason, it is imperative to understand what the underlying factors that contribute to poverty in the developing economies are. With this in mind, this essay is divided into two sections following the present section. The first one explores and discusses the causes of poverty in the developing economies while the second proposes policy actions and measures that can be adopted by policy makers in the developing economies. The last section concludes this essay based on the highlights and main ideas of the ideas explored in section 2.

2.0 The Underlying Causes of Poverty in Developing Economies

There are prominent scores of empirical research on the causes and consequences of poverty in the developing economies but surprisingly only a small number agree on its main causes. Some past researchers have identified the causes of poverty as those incessant wars and conflicts which characterises many developing economies as in Asia, Africa and Latin America. Others have used the socialistic and political nature of third world countries to justify its root and cause of poverty. Several other researchers have explained the political manoeuvrings of the west as the root causes of poverty in the developing economies in what they describe as "marginalization by the west". The proponents of this idea suggests that the west have manipulated the south for several decades in terms of policies and other economic delusions which has often being forwarded through the international institutions like the IMF and the World bank. They suggest for example that the past policies of IMF like the (Structural Adjustment programme) have increased the depth of poverty in the developing economies (E.g. See Drazen, at al, 1994; Eichengreen, 1989). By the same token, poverty has been considered by some as an inherited cycle that describes generational level of opportunity denial and privilege. However, given the trend of the modern world, some contemporary researchers have described poverty as one brewed by the advancement of globalisation. Mander and Barker (2002) for example argue that as presently conceived; globalization has been more of a means for prosperous nations to sustain their elitist...

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