Term Paper: Curative Remedy to the Problem of Poverty

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Term Paper: Curative Remedy to the Problem of Poverty

Curative Remedy to the Problem of Poverty

In search for a curative remedy to the problem of poverty, in the last two decades the IMF and the World Bank prescribed some medicine for the troubled third world economies:

  • Governments were advised to reduce the money supply through increased internal interest rates as long as they managed to stabilize the value of the local currencies (Monetary austerity)
  • The World Bank urged governments to increase their tax collections and reduce government expenditure (Fiscal austerity).
  • Similarly, the governments were urged to lay off their stake in public enterprises to the private sector (Privatization).
  • Most importantly, governments were encouraged to remove regulation and restrictions on external investors (Financial Liberalization) to allow inflow and outflow of capital.
Actors in the global scene, (especially the 187 members of the World Bank and the IMF) believe that the dream of poverty eradication is a reality. Several discussions and debates have elicited concerns over the Bank’s and Fund’s poverty eradication policy.     

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