WHY SOME COUNTRIES ARE POOR AND SOME ARE RICH.

Author : Abel Oberaifoh                  +234813 005 4668                  Oberaifohabel12538@gmail.com WHY SOME COUNTRIES ARE PO...


Author : Abel Oberaifoh
                 +234813 005 4668
                 Oberaifohabel12538@gmail.com

WHY SOME COUNTRIES ARE POOR AND SOME ARE RICH

  The world is asymmetrically divided into many blocks, this include the western block(capitalism); Eastern block(socialism) e.t. c.
 This variation or division is  also visible in the nature of wealth of this countries;that is some counties are relatively rich,while others are chronically poor.
     In a way of digging deep into the subject matter of my article ,it is very imperative to know the nature or characteristics of rich and poor nations.


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   A rich country is a country that is experiencing rapid economic  development, that is infrastructural and industrial development that are qualitative in nature.
The  basic characteristics of a rich country include the following:-
  -Low level of unemployment
-Technological advancement.
  -Increased life expectancy.
 -Low death rate.
 -High human development index
 -Good health and high literacy rate.,e.t.c.
  In a nutshell a rich country is a country that is experiencing what Ragnar and Nurkse(1953); called the vicious circle of prosperity or affluence.

 Poor country is  a country that is experiencing low economic development ,and have the following the characteristics: - high level of unemployment, low level of affluent, low rate of education,high birth and death rate.
 A poor country is that which is experiencing what Ragnar and Nurkse(1953) called the vicious circle of poverty.

Before the  industrial revolution there were only very small difference in countries prosperity , with this revolution, it was mainly European countries that saw massive increases in their production output. Today this European countries are away ahead of certain other counties in the world.

The measurement of how rich or poor a country is includes  Gross domestic product (GDP) and other social indicator.
Some countries are  better - off because they can convert their GDP, which is the   value of all  final goods and services measure in dollars, produce in a country, usually in a year, into per - capita Income, which is the amount accrue to an individual when GDP is divided with the population of the country, to improve the standard of living. But the poor countries on the other hand countries may  have high GDP yet standard of living will still be relatively low. Remember growth (monetary terms) does not mean development.
   According to kofi Annan, former united nations secretary General, He noted that the "Open market offer the only realistic hope of pulling billions of people in developing nations out of abject poverty, while sustaining prosperity in the industrialized world . He also  wrote that "a developed nation is one that allows all it citizens to enjoy a free and healthy life in a safe environment.

Each time the term 'poor countries' is being said, the continent that easily comes to our mind is Africa ,Latin America,and some part of Asia.
 To me the most chronically poor continent is Africa.
 The question now is why is Africa poor?
 We are not poor because we lack  natural resources or human resources .We are poor because if one key word CORRUPTION, it has become a virus,an epidemic,and it even worst than the most dreadful disease called EBOLA.

Some Africa countries like Nigeria have high returns from international trade that is  from sales of petroleum but this high returns is not visible in the life of her citizens because of high embezzlement of public fund, the case of Nigeria is applicable to other poor Africa Country. Other reasons why small countries are poor is because of lack of natural and human resources, geographical location or topography of the country.
Frequent natural disaster or epidemic.

The rich countries on the other hand are rich because there is equitable distribution of income,equity, justice,reduction of corruption,high standard of living.

I once wrote that economic development is psychological in nations which means development of a country is a function of the country's mindset. I also wrote that an Average African mindset does not favour development. In poor  nations one man can have up to Ten(10) mansion,while his neighbour can not even afford a Hut.
   The above are some of the reasons why some countries are poor and their counterpart are relatively  rich.

REFERENCES
Globalist."kofi Annan"on global future.
  World bank " poverty and shared prosperity".
  Journal of economic perspective spring(1996).




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