Poverty Between Rich And Poor Countries - 1536 Words

Countries of the world can clearly be divided into rich and poor. These rich and established countries already having a developed education system, health care system, and strong central government where as these poor and developing countries are struggling with all of the above. Poor countries also suffering from terrible diseases, crime, and corruption on all fronts, including government; something that these rich and powerful countries know not much about. However, when the question comes up, â€Å"Do these rich nations owe poor nations?† The answer should and always be no. Rich countries are not responsible for the huge amounts of debts that these developing countries are in, they are not responsible for the misuse of grants and loans giving to these developing countries, and they are certainly not responsible for all of the corruptions in government and commerce that take place in most of these developing countries. With that being said, these rich countries do not owe th ese poor developing countries anything, but should aid in their development. With the gap widening between rich and poor nations, this cycle will continue until the gap is too wide to be fixed. These established countries must take more responsibility into assisting these developing countries and bridging the gap between rich and poor. Wealthy countries have an obligation to maintain and grow their own wealth in order to keep a stable economy. The economic term â€Å"pareto optimal† is the idea that one cannotShow MoreRelatedPoverty : A Economic Disparity Between The Rich And Poor1361 Words   |  6 Pageseconomic disparity between the rich and the poor. Adam Smith reflects on the income gap in his quote: â€Å"No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.† Due to Saudi Arabia’s vast oil wealth, there is a large amount of the population who live well and fruitful, but more than 20 percent of the population lives in crippling poverty (Baker, 2013). Poverty is usually defined in either absolute or relative terms. Absolute poverty refers to theRead MoreRich And Poor Countries : The Economic Conditions Of The World1245 Words   |  5 PagesBecause of this, many countries quickly prospered thanks to the industrial revolution and technological advances, while other countries stagnated in poverty. These actions defined the current socio-economic conditions of the world. Today, there is a considerable difference between rich and poor countries. That is, developed countries do a very good job in providing the basic necessities for their populations such as food, education, healthcare and more. Meanwhile poor countries lack of these resourcesRead MoreAssessed Essay Question:. ‘The Problem Of Poverty Is A1179 Words   |  5 PagesAssessed Essay Question: ‘The problem of poverty is a problem of riches’. Analyse with reference to recent trends in global economic inequality. Essay Number: 30923 Word Count: S_37/20 114/22 555/23 666 989/24 1612 2127/25 3107/26 3851/27 1 Introduction In the context of globalization, the unbalanced economic development as the basic rule of global economy and nations’ economic development has been widely accepted by the public around the world. However, people are not subjectively willing to faceRead MoreEconomists Estimate Wealth And Poverty1736 Words   |  7 PagesBrian Curtis English Comp 2 April 23, 2016 Wealth and Poverty Economists estimate wealth and poverty in many ways. The most three common measures are income, possessions (accumulated wealth in the form of money, securities, and real estate), and socioeconomic metrics. Actions in the last category go beyond financial data to account for health, food, infant mortality, sanitation, and other phases of human well-being. Usually, wealth and poverty measured regarding income. Information on income is readilyRead More Poverty in Nigeria Essay983 Words   |  4 PagesPoverty in Nigeria Nigeria is one of the leading oil producing countries in the world. It makes billions of dollars annually, yet the majority of the population lives in poverty. With around 70% of its people living with this problem it is also one of the poorest countries in the world ( Nigeria s economy dominated by oil ). One of the major contributors to this problem is government. Because the country is well known for its lack of leadership the money made through oil trade is kept by richRead MoreImpact Of Globalization On The Social Consciousness Of The Late 20th Century Essay1667 Words   |  7 Pagesassert, when developed countries enter global markets, economic inequality is significantly diminished. However, according to Hogan (2012), the ability of developing nations to compete with developed ones is severely reduced in a globalized market due to inequality of skills. Pologeorgis (2010) also mentions that free trade has increased production and labor costs. Considering these divisive outcome s, does globalization help or hinder wealth creation in developing countries? This paper will argueRead MorePoverty in Third World Countries1654 Words   |  7 PagesHelping poor people is ethical behavior and everyone should do it in order to continue our lives. Every year, there are millions of people at risk of going hungry. There are ways people can end poverty all around the world. People can eliminate poverty if we work together to fight it and avoid selfishness. Rich countries often give financial aid to poor countries, but it does not solve poverty. People always say they feel sorry for poor people and the rich love them, but they never do their partRead MoreReasons that Can Cause Poverty Essay1052 Words   |  5 Pages Poverty is the lack of the basic needs of life, including food, shelter, clothing and safe drinking water. For a person to live normally, it is important to meet a certain level of physical, social, and emotional needs. People who live in poverty have di fficult time to achieve those as they are not welcomed in many places. Because of their low incomes, they have troubles in maintaining their health, hunger, education. Poverty has become a large issue around the world. It is something that manyRead MoreA Theoretical Review Of Global Stratification913 Words   |  4 Pagessocial inequality throughout the world. It is an unequal distribution of wealth and poverty, of resources and opportunities. Global stratification is much greater than social stratification in the United States or in any single nation and continues to increase. The poorest people in the United States have a much higher quality of life than most other people in the world. As a result of this global inequality, countries are classified into three categories, high-income, middle-income, and low-incomeRead MoreProsperity and Poverty in the UK1607 Words   |  7 PagesProsperity and Poverty in the UK In recent years growth of the UK economy has been dramatic as even minute increases in a countrys growth rate can result in remarkable changes in living standards over just one generation. The average family can now expect, cars, technologically advanced entertainment, further education for its children and a longer life than ever. Has the less fortunate been left behind as the rest of society has prospered. Recent economic research