Can poverty be eradicated? Poverty is lack of money to the point that the individual cannot afford their basic needs. There are two types of poverty, which are absolute and relative. Absolute poverty is lack of basic needs for a long period of time that puts your life in danger, which opposes with relative poverty, which covers the vital and biological needs like food, clean water, and basic housing. (poverties.org, 2011) In my opinion, I think poverty can not be eradicated because there are forty percent of people who are at poverty level, which means 2.8 billion people.
One of them is Ranger Nurkse. In his“Problems of Capital Formation in Underdeveloped Countries”, he wrote that: “Vicious circle of poverty is the basic cause of under-development of poor countries”. It was explained briefly by: “a country is poor because it is poor” or “Because it is poor, the country does not develop; because it does not develop, it remains poor”. That means the poor countries can not escape from the “poverty trap". Is the theory of “vicious circle of poverty” applicable to the present day economic reality of any post-socialist country?
Chronic Poverty is a state of extreme poverty which makes it impossible for people to escape, given their lack of resources and assets. It is absolute poverty experienced for an extended period of time or even over a life course and is unable to satisfy his minimum requirement of food clothing or shelter(CPRC,2004). Chronic poverty is associated with greater vulnerability and harsher consequences because of the continuous depletion and erosion of assets and resources with longer time in poverty (Barrintoes,2007). The Chronic poverty reports, according to CPRC, suggest that close to 40% people in chronic poverty are in developing nations (CPRC2005). Therefore, chronically poor are those who are not able to meet their minimum subsistence needs, lack access to the hey productive assets and are highly dependent on public and/or private transfers(Devereux,2003).
Who is to be blamed for this situation? My country India is second in world population and the poverty rate is also very high.. “According to World Bank the head count of poverty ratio in India is the people living on less than $1.25 a day is almost 32.7% in 2010.” It could be due the negligence of the Government departments in promoting farming or small scale industries which provide people with a job to earn for their lives. Educational backwardness (in certain regions of India) is also a reason for increase in informal jobs in which there is no fixed wage and also there can be days many may have to stay back home due to climatic conditions and political disorders which is very common in a multiparty democracy like
All the poor countries are facing serious effects of poverty which need to be solved. The effects of poverty can be mainly categorized as unemployment, illiteracy, food security, psychological well-being, increased crime rate, child health, homelessness etc. All these effects of poverty are correlated with each other as one effects acts as a precursor for other. Major effect of poverty is unemployment to those without land or dependable wage labor. Poor people can rarely find permanent, salaried job in the village or even in the city.
POVERTY Name: DUA USMANI Registration Number: 58617 Instructor: QURATULAIN QAZMI Date Of Submit: 8TH DECEMBER TABLE OF CONTENTS: EXECUTIVE SUMMARY The poverty refers to not having the basic requirements of human life or a person cannot afford the basic wants of life. Basic wants are the food, shelter, clothes, money and clean water. Poverty is having few income and less resources within the country. Poverty is the foremost problems which Pakistan is facing. This is the leading and sensitive issue not only for Pakistan but for the world.
Brunei has one of the highest rates of unemployment in the Asian region with about 11,546 people according to data shown in May 2014 by the Department of Economic Planning and Development (JPKE) courtesy of Borneo Bulletin (2015). As Brunei lacked both skilled and non-skilled workers, the countries has to depend largely on hiring foreign labour to execute the jobs that locals are not qualified to do. However, there are many concerns resulting from the high dependency of imported labour as it made an impact to the Brunei’s economy and society. Such issues are the outflow of money from Brunei to other countries, local workforces being replaced by foreign labour and lastly, the impact on society if the related authorizes were to prioritize the
Almost 22% of the Indian population contributes to world poverty while India makes up for only about 18% of the world’s population. Urbanization has been identified as one of the major causes of poverty in the country along with other social, economical and political constraints. Alienation of the rural communities and lack of importance to the agro industry has also contributed to the growth of poverty. Lack of growth in the industrial sector in some areas and the lack of growth in infrastructural facilities have led to increase in poverty. The lack of a structured education system and its unavailability in areas has led to illiteracy which in turn has contributed to poverty.
The increasing inflation rate has very bad effects on people. The prices of goods and services are so high that everyone cannot afford it. In addition to it taxes on daily routine items and services increases their prices further. The employee’s wages are not increased in accordance with the inflation and their expenditures are increasing every day. In fact many of the poor people are deprived of basic needs like food, shelter and cloths.
Microfinance institutions are giving the opportunity to low people with low resources to show their creativity, innovation and idea and they will finance to become successful. SBP and government of Pakistan are also working to generate more funds for the microfinance institution as the poverty is main economic indicator and government also knows that they cannot achieve the low unemployment by just only public enterprise and large public and private company, there is need of huge small business to decreases the unemployment rate which result in increased consumption and then economic growth . So entrepreneurs are important for every economy and without entrepreneurs country cannot achieve high growth rate and especially in Pakistan country where business community fear to invest in their own country so the SBP need to provide good schemes by microfinance to the poor people so they can become entrepreneur and contribute for the