POVERTY AN ECONOMIC PROBLEM

JULIET PORTILLO Is economic development the solution for poverty reduction? By accelerating development through space and time, globalization has aggravated problems facing poor people. Poverty can never be eradicated from a world that is ruled by powerful forces of globalisation. 'Poverty is a condition where some people in society experience long term scarcities of goods that satisfy basic needs such as food, shelter, health care and clothing' (Lakshman Yapa). Some governments are encouraging micro entrepreneurship and micro credit as a means of employment to help reduce poverty. Yet through globalisation and an increase in cultural exchange small businesses are still struggling to make a decent profit. Consumers are bombarded by so many foreign commodities that they refuse to 'buy local'. Foreign is better