Friday, July 17th, 2009 - No comments

It’s hard to be rich

Why the financial crisis is causing problems for poor

I just stumbled upon a very interesting debate on The Economix Blog, a blog by The New York Times.

In a time where global experts and scholars seem to disagree about the victims and the spoilers of the financial crisis, I find this piece very thought-provoking.

Behind the piece is Mr. Pedro Conceição who is director of the Office of Development Studies (O.D.S) at the United Nations Development Program, a leading United Nations agency in the fight against poverty.

Mr. Conceição’s explains why the financial crisis is causing problems for poor countries in the first place and asks:

“How did this happen? How is it possible that what started as a high-finance crisis in the world’s richest economies has come to hurt people in some of the poorest parts of the world?”

Luckily, Mr. Conceição’s has also agreed to answer reader questions about how the global recession is affecting the world’s poorest countries, and what can or should be done to help them. So far, many readers of the New York Times have joined the heated debate.

Too many people

According to reader “Judith Weller”, Mr. Conceição needs to pay more attention to population issues:

“Why isn’t there more emphasis on population reduction. Africa has increased its population but not its ability to feed and care for them. Instead of hand-outs wouldn’t it be better to insist on population control and limiting the number of children so that population can be brough into balance with natural resource and local food available?” argues Ms. Weller.

The blame game

Another reader named “Dan” argues that:

“Countries get into these situations like Zimbawee by their own undoing. They have internal political strife that rips their country appart at the seems and so, why should other nations be responsible for them financially?”

Don’t forget global warming

But what about global warming, asks another reader named “Caroline”:

“Strange that the man says nothing at all about global warming. It is a major factor in world poverty: drout, impossible to grow food, seasons not existing anymore, crops destroyed by storms, floods, hurricanes, tornadoes. No water at all in India, not even to drink”.

What do you think? Join the debate on The Economix Blog or write a comment below.

FLICKR-PHOTO WITH  CREATIVE COMMONS LISCENSE BY WM JAS. NAME: “WHY DOES POOR PEOPLE BE POOR”

The views expressed in this blog-post are solely those of the author.