Is It Crazy to Think We Can Eradicate Poverty?

from The New York Times..

April 20, 2013, By 

At a news conference during the spring meetings of the International Monetary Fund and the World Bank in late April, Jim Yong Kim held up a piece of paper with the year “2030” scribbled on it in pen. “This is it,” said Kim, the genial American physician who took over as president of the World Bank last summer. “This is the global target to end poverty.”

It sounds like the sort of airy, ambitious goal that is greeted by standing ovations but is ultimately unlikely to ever materialize. Development experts don’t see it that way, though. The end of extreme poverty might very well be within reach. “It’s not by any means pie-in-the-sky,” says Scott Morris, who formerly managed the Obama administration’s relations with development institutions. When I asked Jeffrey Sachs, the development economist, if the target seemed feasible, he said, “I absolutely believe so.” And Nancy Birdsall, president of the Center for Global Development, the powerful Washington policy group, told me, “In many ways, it’s a very modest goal.”

In part, this is because the bar is set very low. The World Bank aims to raise just about everyone on Earth above the $1.25-a-day income threshold. In Zambia, an average person living in such dire poverty might be able to afford, on a given day, two or three plates of cornmeal porridge, a tomato, a mango, a spoonful each of oil and sugar, a bit of chicken or fish, maybe a handful of nuts. But he would have just pocket change to spend on transportation, housing, education and everything else. The 1.2 billion people living in such extreme poverty, according to researchers at the Massachusetts Institute of Technology, might own land, but they are not very likely to own durable goods or productive assets — things like bicycles — that might help them raise themselves out of poverty. In such families, about half or three-quarters of income goes toward food….

Link to the entire article:  http://www.nytimes.com/2013/05/05/magazine/is-it-crazy-to-think-we-can-eradicate-poverty.html?pagewanted=all&goback=%2Egde_3785327_member_238182794&_r=0

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