There are lots of reason for a country being poor. Such as governance, overpopulation, Nepotism, illiteracy, etc. Among all of these, there are three main reasons for a country being poor.
1. Institution: Every rich country has a good institution. Institution, poverty, and crime are connected. When there is poverty, there is a crime. Moreover, when there is a crime, the government cannot collect enough tax to invest in institution to make good, educated citizen. The higher authority also does Nepotism. So a qualified candidate does not get the standard position and unskilled person get the chair and do corruption.
2. Culture: Every country developed based on culture. A countries mindset, belief, effort are affected by their culture. Research showed that religion control people much in developing countries. They believe too much in religion. However, for the rich country, religion is not so important except the USA. Why developing countries affected by belief?
Every religion built in a hundred thousand years ago. Its theory, rules, instructions are based on that time. You cannot change it on your own. People in developing countries practice religions without thinking or understanding the main context. They face a problem and go to God to help them. The see natural disaster, instead of thinking about to solve it, they ask God for help. That kind of prejudice detains them to progress.
3. Geography: Poor countries are overwhelmingly located in tropical regions. Life is so tough there. Because of the hot weather, they face the agricultural problem too. Climate is disadvantageous for the photosynthesis; the soil is not fertile too. Humidity helps bugs to grow, whose are attack domestic animal and makes them inactive.
On those areas, people are affected by several diseases. In low-income countries, people are affected by at least five diseases simultaneously.
Then come natural resources. Lots of developing countries have natural resources like oil, coal, gas, diamond, etc. Because of the lousy institution, those resources get sold illegally. Congo is one of the most mineral-rich countries. However, the wealthier elite sells those without co-operating with society. Weak labor, gun, power makes it easy to do illegal business there. So ultimately certain peoples only get benefited from those resources.
Above all of these, the institution is most important. The right institution can solve half of the problems. A lot of single persons mindset to think innovatively, sympathy for people can make a country prosperous.
You must have heard the word fintech (financial technology) if you are someone planning to build up a career in finance or already working there. Gene...
During the radical economic transformation taking place over the last decades, which is characterized by the decline of the West, Turkey has emerged a...
September 15, 2008, Lehman Brothers, one of the largest investment banks in the United States filed for bankruptcy. What was behind the collapse of a ...