Market Based Solutions For Global Poverty Essays

Market Based Solutions For Global Poverty Essays

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Market-based solutions to solving global poverty are inspired by the interrelated concepts of capitalism and neoliberalism. Such solutions are the dominant discourse in approaching global poverty, being endorsed by significant international actors including the World Bank and the International Monetary Fund. Theoretically, market-based solutions could potentially solve global poverty through their core aim of boosting a State’s productivity and overall wealth. However in practice, market-based solutions are not plausible solutions to global poverty because such solutions are inherently flawed for three reasons. Firstly, neoliberalism in particular is more of a political ploy aimed to assert the dominance of the West and the wealthy, rather than a policy designed around the poor. Secondly, market-based solutions make assumptions about the poor as rational actors without considering the circumstances and pressures that the poor face which the wealthy do not. Thirdly, market-based solutions are hegemonic in that they do not consider the causes of poverty and the contexts in which such solutions are implemented. The inherent problems with market-based solutions can be specifically illustrated in Sub-Saharan Africa.

Initially, theoretically, market-based solutions do appear to present a plausible solution to global poverty. As mentioned, market-based solutions include capitalism and neoliberalism which are concepts that are interrelated. Capitalism is an economic system which aims to accumulate surplus through increased productivity (Scholte 2000, p. 137; Bernstein 1990, p. 6). Under a capitalist system, there are two classes of people being the bourgeoisie who own the means of production and employ labour, and the proletariat who ha...


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...l to consider the impact of family and kinship networks on entrepreneurship in that a person may feel obliged to employ their kin who may not have experience in the field that the person is engaging in and this can be a drain on the entrepreneur’s resources (Buckley 1997, p. 1089). Also, women may not be expected to engage in certain enterprises and the manner in which wealth is managed may depend on social appearances and supernatural superstition (Buckley 1997, p. 1090). There are also environmental conditions to consider such as the uncertainty of rainfall for agricultural projects (Bernstein 1990, p. 14). Therefore, non-financial considerations including culture and the structural causes of poverty play a significant role in affecting the success of microcredit programs to alleviate poverty and need to be considered if market-based solutions are to be effective.

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