Current Economic Topic - Poverty In Industrialized Countries

Current Economic Topic - Poverty In Industrialized Countries

Introduction

Poverty is the global economic issue that is affecting the economies worldwide. Poverty has become the common element in many of the states and different nations. In currently developing countries, poverty is still there since the establishment of their countries however, the poverty in the industrialized countries is also becoming a serious issue. Though the poverty level in developed and industrialized countries is not at such level as it is in lower developed countries but the inequalities between high income people and lower income people in industrialized countries raises many significant issues.

The economies of the countries are greatly affected if there is high level of poor people in the country. The reason is the poor people cannot contribute their efforts for the development of economies. They don't have access to good health and they cannot take proper education that can change their lives and can make their living standards better in the societies. The poor people in the societies have small image or voice in public and political debates and this makes for them more typical and harder to escape poverty.

As poverty is the rising economic issue worldwide, many articles have been written and researches studies have been carried out that shows the typical economic issues related to poverty. This paper aim at discussing the economic article “poverty and inequality in the global economy” that is written by Michael D. Yates (2004).

Discussion

The studies have shown that the gap between rich and poor has increased in the developed countries since the past century. The poor people are getting poorer in today's economic situation and the level of poor people is increasing with the passage of time. The global economy is facing crisis situation and the poverty is continuously ...