Globalization and Trade and Poverty: Crash Course Economics #16
CrashCourse・8 minutes read
The United Nations set out to eradicate extreme poverty with the Millennium Development Goals, defining it as living on less than $1.25 a day and aiming to halve the number of people in extreme poverty. Progress has been made since the 1990s, with factors like education, aid, and globalization playing a role in reducing extreme poverty and creating opportunities for economic growth.
Insights
- The United Nations aimed to eradicate extreme poverty and hunger by setting 8 Millennium Development Goals, with the first goal focusing on reducing the number of people living on less than $1.25 a day by half.
- Globalization, through factors like better education access, humanitarian aid, and trade, has played a significant role in reducing extreme poverty by interconnecting economies, creating opportunities for growth in developing nations, and enabling participation in the global marketplace, exemplified by initiatives like microcredit programs led by Muhammad Yunus.
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Recent questions
What are the Millennium Development Goals?
The Millennium Development Goals were established by the United Nations in the 1990s, with the first goal aimed at eradicating extreme poverty and hunger.
How is extreme poverty defined?
Extreme poverty is defined by the U.N. as living on less than $1.25 a day, with the goal to reduce the number of people in extreme poverty by half.
How many people still live in extreme poverty?
In 2015, the U.N. reported that 836 million people still live in extreme poverty, down from 1.9 billion, showing progress in poverty reduction efforts.
What factors contribute to reducing extreme poverty?
Factors contributing to the reduction of extreme poverty include better access to education, humanitarian aid, and globalization through trade.
What is microcredit and how does it help?
Microcredit, exemplified by Muhammad Yunus' work, provides small loans to low-income individuals to start businesses, showcasing how enabling participation in the economy can uplift those in extreme poverty.
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Summary
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"Global Efforts Combat Extreme Poverty Worldwide"
- The United Nations established 8 Millennium Development Goals in the 1990s, with the first goal being to eradicate extreme poverty and hunger.
- Extreme poverty is defined by the U.N. as living on less than $1.25 a day, with the goal to reduce the number of people in extreme poverty by half.
- In 2015, the U.N. reported that 836 million people still live in extreme poverty, down from 1.9 billion, showing progress.
- Factors contributing to the reduction of extreme poverty include better access to education, humanitarian aid, and globalization through trade.
- Globalization has interconnected economies, driving growth in developing countries and providing opportunities for labor and product sales in a global marketplace.
- Globalization has created winners and losers, with corporations benefiting from cheaper production costs, while high-wage workers may lose jobs.
- Microcredit, exemplified by Muhammad Yunus' work, provides small loans to low-income individuals to start businesses, showcasing how enabling participation in the economy can uplift those in extreme poverty.
