Developing the Third World Essay

Developing the Third World Essay

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Promoting the development of the ‘Third World’ is a constant goal of the United Nations and other enterprises aiming to promote equality amongst humankind. However to promote development, the issue of mass poverty must first be addressed. Poverty is a constant problem, which exists in various levels and forms within our society and the world. At the current poverty threshold of $1.25 a day, the Word Bank estimates that around 25%, of the population in developing nations, live below the poverty line (United Nations, 2009). Therefore it can be suggested that 1-3 billion people live in poverty or about 20% of the global population (the World Bank Group). Poverty is an issue as the poor are deprived of their basic needs and resources needed in order to survive, such as lack of food, shelter, clothing, and clean drinking water as well as access to health care, education and employment. It is important to address these problems in order to improve the lives of this majority. The creation of credit markets in poor countries is a crucial factor for their development. Therefore poverty management strategies, such as Microfinance, have been put in place to address the issue of poverty and promote development.
Despite criticism, Microfinance has proven to be an effective tool towards promoting development in ‘third world’ countries. Microfinance is the provision of a broad range of financial services such as, deposits, loans, payment services, money transfers and insurance, to poor and low-income households and their microenterprises. It also shares the concept that low-income individuals are capable of lifting themselves out of poverty by being granted the opportunity to sell their products, pay a fair interest rate and use the extra mone...


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... goals: a reader’s guide to the millennium project reports and other UN documents. Retrieved January 17, 2010, from http://www.yearofmicrocredit.org/docs/mdgdoc_MN.pdf
Imboden, K. (2005, Spring). Building inclusive financial sectors: the road to growth and poverty reduction. Journal of International Affairs, 58(2), 65-86. Retrieved from Academic Search Premier, EBSCO.

Swain, R. B., & Wallentin, F. Y. (2009). Does microfinance empower women? Evidence from self‐help groups in India. International Review of Applied Economics, 23(5), 541–556.

Khan, R. E. A., & Noreen, S. (2012). Microfinance and women empowerment: A case study of District Bahawalpur (Pakistan). African Journal of Business Management, 6(12), 4514–4521.

Mosley, P., & Hulme, D. (1998). Microenterprise finance: Is there a conflict between growth and poverty alleviation? World Development, 26(5), 783–790.

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Developing the Third World Essay

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