What should be done to reduce global poverty?
Different people have very different views on what should be done to reduce global poverty. These differences come about because of differences in political and economic ideologies.
Some people believe that global poverty can be reduced by introducing free trade and reducing domestic regulations on business. They feel that this will allow free markets to exist both within countries and between countries. Free markets will, they argue, bring the greatest possible levels of prosperity.
Others believe that aid to poor countries will reduce poverty. They believe that institutions like the IMF should give aid and should put conditions on that aid so that poorer countries will reform themselves. These people believe that economic growth has to be directed from above rather than being left to the free market.
Finally, another group believes that poorer countries should close their economies to imports. They feel that the rich countries of the world exploit the poorer countries. By closing their economies to imports, the poorer countries would prevent this and would be able to strengthen their own economies.
No one knows for sure which of these methods or what combination of them would be the best way to reduce poverty.
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