Why declining capitalism cannot lift poor nations out of poverty

Dollar sack

In its modern-day implementation, capitalism has precipitated inequalities, perpetuated poverty among developing nations, fueled competition and conflict and impeded poverty eradication efforts.

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What you need to know:

  • In 2020, the pandemic raised global extreme poverty for the first time in over 20 years.
  • More than 40 percent of the people in Sub-Saharan Africa (more than 430 million) are living in extreme poverty.

The world celebrated the 2021 International Day for Poverty Eradication on October 17 under the shadow of the Covid-19 pandemic. When the pandemic is finally over, it will leave the world poorer. In 2020, the pandemic raised global extreme poverty for the first time in over 20 years. As a result, an estimated 100 million more people are living in abject poverty. Sharing knowledge, good practices and lessons learned is central to eradicating poverty.

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