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Globalization and Poverty - Essay Example

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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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Globalization and Poverty
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Globalization and Poverty

Download file to see previous pages... 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 ...Download file to see next pagesRead More
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