Suddenly, we are confronted with the statistic that 40 million Nigerians are unemployed. It is indeed worrisome for a country with a population figure of 140 million (as indicated in the 2006 census report) to have 40 million unemployed (NPC, 2006). Nigeria, since the attainment of political independence in 1960, has undergone various fundamental structural changes. These domestic structural shifts have however not resulted in any significant and sustainable economic growth and development. The outrageous profits from the oil boom encouraged wasteful expenditures in the public sector and also distorted the revenue bases for policy planning.
For example, major regions in Latin America, which are labeled as being underdeveloped today, provided the life blood of mercantile and industrial capitalist development to the world metropolis. These regions became a typical structure of underdevelopment of a capitalist export economy. Ultimately, when the market for sugar and mines disappeared, the metropolis abandoned them. Thus, these regions were left to themselves and degenerated into an ultra-underdevelopment. For example, Mexico has been attributed as a depression to the economy because it was facing a major decline in mining and a shortage in labor during the time when urban population and demand were growing.
The critical problems in the late 1920’s, threatening american economy was the older industries such as textiles, steel, and railroads, which were basic to the fundamental well-being of the economy, were barely profitable. Crop prices dropped, americans thought the nation would continue to prosper under Republican leadership. The bottom fell out of the market and the nation's confidence, and half of the banks failed. The causes of the stock market crashed and the Great Depression made the collapse of the economy occur more quickly and the depression worse than it could have been. Many were out of a job, and others experienced pay cuts and reduced hours.
Ultimately, the failure of the Delta to diversify has caused people to find themselves trapped in a never-ending turmoil between poor education and indigence. Poverty and education share a relationship with one another and in order to fix the problems associated with poverty the problems with education must first be addressed. Another way that economical factors play a role in education is the cost of college. Due to the high expenses that come with college, many families cannot afford to send their children to universities. This means students have to apply for loans, which can take years to pay off.
Secondly, there were uneven incomes across America which underlined the growing gap between the rich and the poor as wages failed to keep up with the rising price of products. In my view it was due to the fact that the majority of the population was living in poverty that makes this a key underlying factor in explaining the US financial crisis at the time. The third cause, and the most publicised, was the collapse of the US stock market, commonly known as the Wall Street Crash in 1929. Fourthly, there were too many small banks in America that were unable to manage the huge numbers of people looking to withdraw their money when the Depression hit. A fifth cause was the US Government’s demand that the European nations repaid loans owed to the US as a result of the First World War along with the knock-on effect this had in escalating the European recession.
During the 19th century, diseases, lack of food, and emigration, mainly caused depopulation. A long-term depopulation is typically as a result of infertility among the people in the society and additionally net immigration rate that does not compensate the increasing death rates. Population aging characterizes this long-term decline in population, and it leads to a rise in the ratio of the retired citizens to workers and the young (Chand et al. 2014). The results of depopulation have a direct impact on the economy of the country that has borrowed too much for repayment by the young generation.
The pest has also shown a rising bias the past couple accounting for the nations low development indicators and its ranking alongside the poorest nation in the world (united nation, 2001 and OXFAM, 2003). The question is why are Nigerians poor despite the formable of government? Edoh (2003:71) summary the answer by identifies the cause of poverty in Nigeria which is corruption and embezzlement, poor leadership, lack of basic infrastructure and rapid population growth The Way Forward and Recommendation for Nigeria
Now lets put a light on the disadvantages of Globalisation. The main reason for the downside of globalisation is that it distinguishes between social class ans status. This leads to political and social uneasiness and financial unreliability that will restrain growth. Many of the world’s poorest people do not have access to basic technologies and public goods. They are eliminated from the benefits.
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.
Mass unemployment continues to deny Kenya the opportunity to put its growing labor force to productive use, thereby “denying the economy the demographic dividend from majority young population”, a World Bank report said. World Bank economists said the problem is mainly compounded by the fact that Kenya’s ability to create new jobs has lagged behind population growth, resulting in narrow formal opportunities, especially for entry-level workers fresh from college. Which fall on structural