the poor man's burden presentation
TRANSCRIPT
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7/30/2019 The Poor Man's Burden Presentation
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The
Poor
Mans
Burden
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Matt Minese, Chika Okoro, Anthony Monteiro
Presented by
Article 8
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Worlds Advancements as of 2008Worlds population living in poverty(>$1 a day) in 2008 was 1/5 of that of
1960.Income of the average citizen of theworld was nearly 3x higher than 1960.
Financial Crisis of 2008 has placed injeopardy the future of many poorcountries from Asia to Latin America.
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Consequences of the Crisis
Political and Economic Freedoms of manyexperimenting countries such as Bolivia.
Revolutions from within: poor people takinginitiative without government or experts tellingthem what to do.
Kenyan grocer becoming a super market
giantNigerian women rich from tie-dyed garments
Chinese teacher becoming millionaire fromexporting socks.
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Effects of Financial Crisis 2008
Losing individual freedom is far more dangerousthan the direct damage to poor from recession,falling commodity prices, or shrinking capital.
The capitalist models in place are not a goodsolution for humanity because they are based oninjustice and inequality.- Bolivian President EvoMorales
Positive: recession and financial crisis is achance to gain support for the goals of reducingpoverty, achieving gender equality, andimproving state of planet
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A Depressing History
There are striking similarities betweenthe crashes of 1929 and 2008
Shift from individual economicindependence towards protectionismand government intervention
Development Economics a field ofeconomics based on bizarremisconceptions and dangerousassumptions
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Consequences of DevelopmentalEconomics
Crediting the poor with zero production andgranting extensive powers to thegovernment
Loss of faith in bottom-up economicdevelopment
More emphasis on the volume of
investment instead of the efficiency of usingresources
Loss of faith in international trade as an
engine of growth
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Realizations
Top-Down Development was NOT working
Failure of state led plans fueled by
developmental economics
Debt Crisis
East Asias rise to power in the global
market
Counterrevolution in development thinking
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A 5(0)-Year Plan
Principles to avoid returning to Depression
We must not fall into protectionism trap
Cause further and deeper spread ofrecession
Dont strangle the financial system
altogetherPrevents a Revolution from Below
Bailouts could be bitter medicine
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A 5(0)-Year Plan
Keep slashing away at the enormous red tapeleftover from state direction of the economy
Dismal track record
Private entrepreneurs more successfulpicking winning industries in global economy
Dont rely on economists to create
development strategies
Harmful or a waste of time
Experts couldnt figure it out 50 years after the
Great Depression
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Driving the Right Way
The Chungs of the world will end poverty
Chung Ju-Yung
Left school at 14 to support familyJobs: railway construction, dock worker,bookkeeper, rice shop delivery man
Began manufacturing cars undercompany named Hyundai
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QuestionsWhat impact might the 2008-2009 global
financial crisis have on developing
countries?Do you think advancements in
decreasing poverty rates have been lost
or compromised after 2008?Is it realistic to rely heavily on people like
Chung to end poverty?