Wealth Creation And Poverty Reduction Breakthroughs In Research And Practice

This book takes a unique approach to the topic of poverty reduction, primarily employing an international business framework as opposed to the usual economic or political lens. Some of the key ideas explored in the book include: poverty is primarily the lack of choices, not the lack of material possessions; attacking inequality of opportunity might be a more effective means to reduce poverty than attaching inequality of wealth; political systems matter, but individuals and for-profit firms also have a vital and indispensable role in helping to create the wealth needed to reduce poverty; and an effective corporate social responsibility strategy to help reduce poverty may include finding innovative and creative ways to operate profitably in areas of the world where poverty is currently robbing too many people of the opportunity to live their version of the good life. Building on such ideas, the book advocates for private companies to expand operations into the least developed regions of the world as part of their corporate social responsibility programs and to reframe the debates away from ones focused on exploitation and economic nationalism to one of creating opportunities across political borders.

One of the major tools of attaining proper development all around the world is creating wealth and economic inclusion, such that all classes of people can secure their lifestyles through access to financial services from formal sectors. Expanding access to resources and increasing self-employment opportunities help reduce poverty and improve social development. Wealth Creation and Poverty Reduction: Breakthroughs in Research and Practice examines trends, challenges, issues, and strategies related to the creation of livelihood options through the redistribution of resources, foreign aid, private sector activities, and other methods. Highlighting a range of topics such as microfinance, poverty alleviation, and socio-economic development, this publication is an ideal reference source for government officials, policymakers, executives, economists, analysts, researchers, academicians, professionals, and students interested in wealth creation in areas of extreme poverty.

The private sector is a vital factor in creating the wealth and economic growth needed to reduce poverty in a significant and sustainable manner. However, there are many obstacles preventing private sector firms from engaging in business where poverty is widespread. Examining the Private Sector’s Role in Wealth Creation and Poverty Reduction explores poverty alleviation in developing economies through the creation of livelihood options developed by private sector activities. Examining relevant topics such as corporate social responsibility (CSR) frameworks, multinational enterprises, and responsible tourism, this publication is an ideal resource for private sector firms, researchers, academicians, professionals, and students interested in wealth creation in areas of extreme poverty.

Fundamentally, poverty reduction is about bringing growth processes to poor areas. Because poor areas can benefit from technical and organizational innovations made elsewhere in the world, it is possible today to create productive jobs faster and in greater quantity than ever before. The puzzle is what helps spread such "best practices." Saving, investment, education, resources, and new technology are all needed-and fairly easy to obtain. What is hard to obtain are the institutions that allow these factors of production to be combined and translated into productive job creation. Firms are the key vehicles that spread best practices and productive jobs to areas where poor people live. Because we can never be sure which firm will be successful, it is necessary that new firms can enter markets, that substandard firms are allowed to fail, and that good firms face few barriers to growth. This is the definition of competition, and competition is what selects good firms and thus drives the spread of best practice and productive jobs. Governments need to provide the framework in which capable firms can emerge. Yet, the right mix of state activity and how it best interacts with firms are not fully understood. Some selection mechanism, which allows for policy experiments and selects successful ones, is valuable for national, provincial, and local governments. Thus competition among jurisdictions and firms is an integral part of dynamic social systems that hold promise for creating wealth and ending poverty.

African countries are pursuing a number of development agendas toward achieving economic growth that is inclusive, pro-poor, and sustainable, particularly the type that can unleash the potential of women and booming youthful populations. However, available evidence shows that many African countries have experienced economic hardships and have performed more poorly than other developing and emerging countries in the global south. The Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa is an essential research publication that provides comprehensive research on the processes of building viable institutions in Africa that will serve as the fulcrum for utilizing and managing resources as well as promoting economic growth that is inclusive and sustainable. Featuring topics such as climate change, financial development, and poverty, this book is ideal for researchers, policymakers, developers, economic professionals, academicians, government officials, business professionals, and students.