Majority of the world population lives in those regions where the markets and financial institutions have failed to play their role in the welfare of the people and the development of various basic facilities in the region. These regions of the world despite being very rich in resources, which include mineral wealth and large agricultural and irrigational basis, have failed to achieve economic progress, and as a result the target of eradication of poverty is far from being realized…
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Consensus is there regarding the mission plan of these strategies for the eradication of poverty however the various different actors in the scenario do not agree on the framework and the methodologies in which these strategies have to be implemented for achieving the goal. According to Kanbur the reason behind this trend is the fact that the people who are at the forefront of this cause are themselves not sincere to it and are more concerned about their own interests (1093). There exists an evident difference of opinion between the two parties involved in the process of eradication of poverty in various regions of the world. The various institutions involved in the process of eradicating poverty have been divided into two groups by Kanbur, one who control the policies and play the decision making part in the process include the IFI’s, banks and financial ministries. ...
itely the most pivotal in the whole scenario and must be addressed if a consensus has to be developed, so Kanbur’s analysis can be utilized to find out the root cause of the whole situation. Milanovic however argues that the ideology behind the whole process has been shaped by the IFI’s and the banks and there is nothing wrong with the whole idea of eradicating poverty but the only issue is the correct implementation of this idea which is not being done at present. Milanovic has very effectively pointed out the deficiencies of the current approach with the help of facts and figures which show that despite the continued involvement of IMF and other International Financial Institutions the results are not very encouraging. Not a single African country has managed to increase its GDP while working under the IMF and other international bodies, while some of the countries have hit new lows in their history since 1960’s. Milanovic has also mentioned the other factors which are responsible for the poverty of various communities living in rich economies. Europe made economic progress when it managed to attain roughly a uniform culture in all the countries and that’s why we cannot find the native culture of various regions anywhere. But the various communities like the Chinese and the Muslims who migrated to the European countries were never accepted by the native communities and were not allowed to prosper well (669). With the popularity of the concept of globalization, the international financial organizations (IFOs) are increasingly involved in determining the economic policies of countries. The International Monetary Fund, World Bank and other bodies of the United Nations (UNDP etc.) have their own poverty reduction plans for different countries according to the
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(“Globalization and Poverty Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
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(Globalization and Poverty Essay Example | Topics and Well Written Essays - 1000 Words)
“Globalization and Poverty Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/anthropology/1428407-globalization-and-poverty.
Its enabling capacity that drives its benefits also drives the negative impacts such as the manner by which it aggravates corruption and undermines governance, the rule of law, democratic processes and transparency especially in states that have weaker institutions.
Poverty is a painful reality for hundreds of millions of people worldwide. The link between globalization and poverty has been debated among policy makers and economists for decades. There is a continuous discourse on the fight against the poverty of international financial organizations and there are political elements in this debate, as well.
The resources – labour, land, enterprise and capital - to be shared between these nations are limited and scarce and as a result trade between them arises. For a nation to maximize benefits of trade for its citizens, a host of policies that govern and or manage its resources have to be drawn where governments make huge decisions regarding policies that determine the extent of its involvement, as well as the details of its trade with other countries.
However, over the period of time, Globalisation has also resulted into widespread changes in the culture as well as other socio-economic variables also. Globalisation is essentially focused upon trade as well as capital flows and suggests that an open economy can benefit from the improved trade as well as capital flows as other countries try to improve their global trade.
Globalization has been defined as the collapse of time and space, but more detailed explanations distinguish between "interdependence of markets and production in different countries;" "(perception of) living and working in a world-wide context;" and a "process that affects every aspect in the life of a person, community or nation.
The bickering among the capitalist nation-states is still largely in the economic realm. In the medium-term, it is still doubtful whether their contradictions would erupt on to the military level. The economic gap between North-South divide, however, keeps on widening.
n reality, this is not exactly the correct present day scenario, and for the last two decades we actually find that inequality is on the rise in almost all the countries worldwide, while poverty has shown only a slight decline. Though it is true that globalisation did not play a
rty and inequalities decrease the economic gap among the people in those countries, and could only be achieved when rules of the “game” favors the less developed countries. Therefore, the essay presents ways, in which rules of the Trade and Foreign Direct Investment (FDI)
is expected that globalization would bring a lasting solution to problems of poverty, illiteracy, inequality or health problems that beset the developing world. In contrast to the mainstream view, globalization is currently seen as a malignant force that result into increased
6 Pages(1500 words)Essay
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