The end of poverty Economic possibilities for our time Essay Example

The end of poverty: Economic possibilities for our time Essay The end of poverty: Economic possibilities for our time Name: Institution: Lecturer: We will write a custom essay sample on The end of poverty: Economic possibilities for our time specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The end of poverty: Economic possibilities for our time specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The end of poverty: Economic possibilities for our time specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Course: Date: The end of poverty: Economic possibilities for our time The end of poverty: Economic possibilities for our time, is a book that was written by Jeffrey Sachs, an American economist in 2005. Sachs’ book draws tremendous poverty experience of the world’s economy as well as the various groupings into which nations can be classified. The book is an impulse towards commercial success in today’s economic world. The author employs intelligent narratives together with insightful research through drawing a theoretical map of the global economy, which explains the reasons poverty and wealth have diverged across the globe. In addition, Sachs provides the causes of poverty as well as the different reasons of analyzing the way poorest countries are unable to escape poverty. He provides diverse problems many countries such as Poland, China, Russia and many others experience, in an effort to suppress poverty. I agree with Sach’s arguments because ending extreme poverty in the present is fundamental because the future generatio ns would not be affected. Ending extreme poverty in the present is fundamental because it help the future generations to live a happy life. In fact, Sachs’s justification of eradicating poverty in the present is vital. This is because if citizens want to help the future generation, they can try to end up poverty in the present. The fact is that the future is being determined by the present. Moreover, there is no way poverty can be ended by the future generation if in the present, no steps that have been taken to end it. Thus, Sachs’ book is one of the books that shed light on critical issues facing the planet. Thus, it is quite clear that determination as well as efforts made in the present about ending poverty is essential. This is because it will deliver the future generation from consequences of poverty. It is clear that many developing nations fail to eradicate poverty because of unclear policies. If the developing countries could formulate vital and clear policies, the issues of poverty could not have been a problem. I agree with the way Sachs provides varied blueprint arguments for poverty eradication. This is because of the way he presents the issue as a failure for underdeveloped countries to start at the lowest levels of the financially able nations (Sachs 2005). This is true that if the developing nations use clear policies in eradicating poverty, the future generations would not encounter problems. The only way developing nations can achieve success is true integrating their economies and working extremely hard towards achieving success. In addition, poverty eradication is a viable and a realistic objective. This lies behind people and the government’s responsibilities towards eliminating poverty especially in developing countries. It is true that poverty cannot be eradicated in developing countries if the government does not work together with people. Thus, there is need fro cooperation between the government and citizens in order to strive towards eradicating poverty. Although, poverty eradication is not an easy task, people and the government should dedicate themselves towards attaining economic success. It is the moral duty of the government and citizens to make sure, that the future generation should not be affected. Thus, in order to create change in an economy, the government should set policies effective for creating change thus eradicating poverty. In case developing nations would follow Sachs’s ideas of poverty eradication, I believe that change would occur in the developing nations. This is because his ideas are reasonable especially focusing on technology development in the developing nations. In fact, what is driving the developing nations behind is insufficient technological development and technological skills. These are the main reasons contributing to poverty issues in developing countries. Even though there are some people in developed nations living under poverty, the number in developing nations is much higher than that of developed nations. Therefore, developing nations should advance in technology as well train many people on technology use that rather depending on expatriates. Nevertheless, ending poverty in developing nations is a difficult task because of the vicious circle of poverty. The greatest problem especially in African nations is the issue of the vicious poverty circle that is difficult to break. Despite the advances that have been made from the past, poverty is still rampant in the developing regions of the world. Although Sachs argues that ending poverty is the economic possibility of the time, it is difficult to end it unless the vicious circle of poverty has been broken. Additionally, breaking the consumption pattern and encouraging people to save will somehow reduce the poverty rate thus improving economic development. The actual process towards poverty alleviation is still slow, and measures of improving livelihoods of the underprivileged are unaffordable. Thus, ending poverty especially in the poor countries cannot be achieved easily because of the ever-increasing conflicts, famine and natural disasters. Actually, it is true that the environmental, economic, social and political influences hold the society back. This is because social, environmental, economic and political influences are the principal factors that contribute to poverty in the society today. For instance, environmental issues have been the leading problems of poverty in many developing nations. This is because of poor management and pressure exerted on the ecological areas thus exposing the environment to risks. Additionally, social and economic factors such as wealth disparity as well as social inequality contribute to extreme poverty. Disproportionately centralized political powers contribute to this problem too. Political competition and poor governmental policies are also causes of poverty. Therefore, the government should emphasize on sustainable development that accomplishes the requirements of the current generation without adversely influencing the needs of the future generation. Those countries suffering from poverty problems are just like patients who need medical attention. Countries experiencing poverty problems require differential diagnosis about their economic problems. This is quite reasonable because many poor countries face diverse economic problems thus they need economic analysis. This can be analyzed by the economists in order to determine the consequences of poor development levels in poor nations. This is essential because it will enable the economists to provide clear descriptions of what is necessary in helping these countries to develop. Moreover, there are varied facts that will make a country not to join into the global market. Factors such as poor infrastructure, social disparities and unstable political climate hinder the economic development. Thus, it is agreeable that Sachs’ presentation on the utilization of clinical financial systems is necessary. This is because it scrutinizes and appraises programs for improved economic succ ess. Indeed, economic disparities are the major problems affecting the globe thus a contributing factor of poverty. Some countries are rich while others are poor because of economic inequalities. That is why many rich countries have developed and are able to reduce poverty because than the poor nations. In reality, corruption and embezzlement of funds contributes to economic disparities thus a cause for poverty. Sometimes the government can allocate resources to major areas but due to corruption, some areas of major development are left lagging behind. Moreover, some countries endure harsh conditions or they are economically affected by some factors such as political instability or natural disasters. Sachs’ ideas are quite logical because economic development varies from one region to another depending on different factors. It is true that the Gross Domestic Product and the utilization technology systems in production, determine a country’s wellbeing based on its financial a dvancement. In case developing nations want to achieve economic success, they can involve in successive market economies. Successful market alone cannot eradicate poverty. Therefore, there is a need to employ some of the market driven approaches vital for creating successful markets across the globe. Companies in developing nations should go into global for successive business performance. For instance, employing approaches such as neoliberalism is vital. This is because the theory emphasizes the effectiveness of private enterprises, liberal trade and fairly open markets for successful market economies. Moreover, the government needs to remove trade barriers and allow other companies especially those in developing countries to participate in global markets. Sachs believes that it is through successive market economies whereby some areas in need of help can be able to climb the ladder of development (Sachs, 2005). I agree that millennium development goals (MDGs) are the fundamental steps toward sustainable development. Through the development goals where poverty eradication is one of the major goals, United Nations can uplift the standards of people in developing and underdeveloped nations. This is a sound and valid argument because it will benefit many people living in poverty. However, the problem is that MDGs face diverse challenges in achieving or accomplishing these goals. This is because more than half of the funds towards debt relief are owned by poor nations. The remaining aid is allocated towards natural disaster relief as well as the military and thus it does not help in the development of the nation. Even when the United Nations tries to achieve MDGs, it is quite challenging because of the aid moving from the wealth to their adjoining allies. Sachs presents his case in that the industrialized nations have the ability to come up with funds that can remove underdeveloped nations from poverty. However, this is not accurate as even poor nations have a role to play in their development. Lastly, it is necessary to increase involvement in international trade as well as developing nations joining the multinational corporations to reduce poverty. This is crucial because it will create more employment and increase better performance of the economy. The idea about United Nations’ (UN) involvement in poverty eradiation is fundamental but eradicating poverty in the African countries is not an easy task. It is true that even the money that the US spends in Africa is not enough to solve the poverty problems. To date, not even a single country has been saved from financial deficiency by external donors (Sachs, 2005). Instead, they have developed through their own efforts with little from the developed world. Moreover, corruption and embezzlement of funds makes the poor countries lag far behind. In conclusion, Sachs’ book is an exceptional and comprehensive book on a critical subject. Therefore, it should be encouraged for reading by students as well as those participating in public policy formulation. This is because poverty is a serious problem facing many nations. Moreover, the book has various causes and solutions towards poverty rate. Although, these cannot eliminate poverty in the shortest time possible, they can create awareness amongst individuals as well as help them tackle the problems of poverty. The book is particularly revealing especially in the way it reveals the challenging problems in the developing nations. Sachs emphasizes on the challenges that nations face in a quest to achieve their MDGs. Additionally, ending poverty in developing nations is a difficult task because of the vicious circle of poverty. Thus, it is necessary to formulate and implement efficient financial market structures to enable in the assessment and supervision of the financial w oes of developing nations. Reference: Sachs, J. (2005). The end of poverty: Economic possibilities for our time. New York, NY: Penguin Press.