The Vicious Circle of Poverty

Infrastructure is a necessity for development but may not be a condition for advancement. Skilled labor, moral and social outlook, political situation and historical narratives all play critical roles in economic development. Indeed, the store of technical knowledge is not at par with economic resources available at a given point in time, while corruption remains a major impediment to development. Various conditions determine the inducement to invest, but in most cases, developing countries rely on a make-believe and cosmetic approach. Unfortunately, this has not been successful. The potential to develop is guided by the ability and willingness to save. Sadly, the capacity to save in developing countries is low due to low real income, which in turn is as a result of low productivity and the visible absence of the enablers of development. Some countries remain in the vicious circle of poverty not because of the lack of natural resources and a conducive environment, but because of corruption, greed and self-centeredness among those-in-authority. However, redundancy and ignorance are challenges for the workforce in focus.