Custom Academic Paper: Promoting Economic Welfare
Promoting Economic Welfare
According to analysts, poverty is a substantial setback to the development of many nations in the world. Analysts argue that most of the world’s conflicts are fueled by increasing poverty index and the gap between the poor and the rich. The establishment of the World Bank and the IMF, with an aim of eradicating poverty and promoting the economic welfare of the member states among other development issues was a noble insight from global leaders.
There are three approaches that can be used to understand absolute and relative poverty in the context of the global scenario. According to researchers, absolute poverty refers to the situation in which a person lacks essential things that help to sustain human life. For instance, lack of basic human needs, such as food, shelter and clothing is absolute poverty. This form of poverty was common in developing in the mid-20th century; however, the global poverty indicators reveal a gradual improvement to this scenario.
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