Global wealth inequality is a huge issue facing the world today. Data shows that the wealthy in rich countries keep getting richer even as the populations of developing countries continue to struggle in poverty.
But this isn’t an unsolvable problem. It’s an issue that can be addressed when the right amount of attention and thought is given to it. In fact, there are many different ways in which we can begin to break the cycle of poverty in economically needy nations.
If you’re interested in learning more about the things that can help with poverty eradication then you need to read this article. See below for four proposed methods to decrease poverty in developing nations.
- Childhood Education
It’s a sad but true fact that childhood education isn’t a priority in many developing countries. When families have to worry about constant hunger, civil war, and housing insecurity, this isn’t much of a surprise. But making the decision to educate children is one way to break the cycle of poverty.
Did you know that no country in history has achieved continuous and rapid economic growth without first achieving a minimum literacy rate of 40%? As well as this, years spent in education directly correlate to wages earned later in life.
- Basic Health Care
In the least developed countries in the world, the life expectancy for an average male is 64 years. It’s been well over 70 years since it was this low in the US.
When people are malnourished, exposed to dangerous diseases, and dying young it’s unrealistic to assume that they’ll be able to focus on building a better life. Creating a more healthy country is one of the key steps to allowing that country to flourish economically.
- Enacting Environmental Programs
Climate change affects people living in poverty a disproportionate amount compared to rich countries. Most people in developing countries rely on agriculture for work and food.
Events such as hurricanes and storms can wipe out entire villages of people along with their ability to earn money and feed their families. Focusing on instituting environmental programs can help keep these people safe and can also create new jobs.
- Changing How We Trade
It’s been posited by people such as Nobel Laureate Joseph Stiglitz that one of the ways we can work to promote economic development in poorer countries is through a more free approach to global trade.
The theory goes that members of the WTO should open markets to poorer and smaller countries. This, in turn, will stimulate the economies of these countries and set in motion a trend of growth and prosperity.
Taking the Issue of Poverty Eradication Seriously
If you want to see meaningful steps toward poverty eradication in developing countries in our lifetime the number one thing we can do is begin to take the issue seriously.
We need to stop shying away from what should be a shared responsibility and begin to help our poorer neighbors to achieve economic growth in whatever way we can.
For more economic theories and financial musings, see the rest of our site now.