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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?