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Factors to Evaluate a Poor or Rich Nation - Essay Example

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The essay "Factors to Evaluate a Poor or Rich Nation" focuses on the main factors taken into consideration when assessing whether the nation is poor or rich. Poverty has many meanings; different countries will find that they need to select poverty indicators according to their individual circumstances…
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Factors to Evaluate a Poor or Rich Nation
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Download file to see previous pages Access to basic needs such as sanitation, electricity, water, and children’s school attendance can be used to determine the levels of poverty. Other factors, such as the incidences of crime and violence, or discrimination against a specific group in society, can indicate the levels of poverty (Hentschel & Seshagiri, 2000).
Per capita income or consumption of a household is normally used to measure the level of poverty in any country. Such an assessment aims at finding whether households are able to buy basic needs, for instance, a basket of goods at a given point in time. There are several ways of defining the contents of the basket but in most cases, it is assumed that the basket should contain a minimum of goods essential for the survival of the household. Such goods should include food with their correct nutritional values, housing, water, clothing, and transport among other goods. The worth of this basic basket is in most cases referred to as the “poverty line”. It normally helps to differentiate the part of a population that is capable of affording basic needs or that part of a population that has an income level from the part of a population that does not (Hentschel & Seshagiri, 2000).
According to Buchman (2004), economic globalization is claimed by its supporters for it benefits every country that each country ultimately grows rich. However, anti-globalization movements argue that it is the rich nations that benefit. The general economic globalization does seem to have only helped the rich nations in achieving their high revenue base. From the days of the industrial revolution, rich countries have benefited from economic globalization than the poor nations. In the recent past, some poor nations have become significantly poor due to economic globalization. It is worth noting that the structure and the politics of economic globalization currently favor the rich nations. If let in the current state, the rich will get richer while the poor will get poorer. ...Download file to see next pagesRead More
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