Solutions to Global Poverty
There are different solutions to Global Poverty nowadays. Foreign aid is considered one of the most effective because it helps in pioneering new ideas for development and solves the budgeting problem that might ruin even the brightest project. There is considerable scope for improving on the current level of foreign aid, around $120 billion per annum.
Another solution is tax recovery. Multinational corporations and wealthy elites minimize tax burdens so that poor countries are denied tax revenues from each of these sources exceeding in aggregate the current level of foreign aid. Besides this, investment in the rural economy always pays off. Rewards of economic growth are to be spent on payments for the poor and for immunisation. Of equal importance to local communities and individual households is greater power to control their own affairs. An infusion of accountability through democracy and individual rights creates the environment in which governments come under pressure to end wasteful practices and corruption. However the removal of agricultural subsidies that protect American and European farmers is needed to create a favorable atmosphere for the real business competition to take place. A fundamental reordering of priorities is the surest remedy for the poor, as indeed it may be for all of us in search of a sustainable future. Plenty of issues call for fundamental reform of global governance. Undoubtedly, some other sectors where developing countries struggle for treatment are trade, investment, intellectual property rights, climate change and energy. It’s a well-known fact that Brazil, China and Vietnam are countries with the greatest success in poverty reduction. Only their governments control key sectors of their economies and show little inclination to relax those restrictions on human rights and democratic freedom. That’s why we need to find another solution of this consequential issue.
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