Poverty is a state or condition in which a person or community lacks the financial resources and essential for a minimum standard of living. Each nation may have its own criteria for determining how many of its people are living in poverty.
For certain class of economists 'poverty line' is a defining yardstick which differentiate population living below poverty line (BPL) and above poverty line (APL). However, there is no uniform method to measure poverty. Different parameters are practiced by researchers and institutions for measurement of poverty. Within the economic circle, the new concept of poverty has come up which considers poverty in terms of 'human capabilities' (those who experience the most severe hardship i.e. the most deprived.
In a post-globalized world order, humanity rests on imbricated systems of trade, economy, the environment and a massive, ever-expanding flow of ideas. In such a scenario, poverty threatens the very foundations of this fragile world. The countries with no poor people such as OECD enjoy better human well-being whereas developing and the under developed countries continue to suffer and are deprived of even the basic services and public goods like safe drinking water, electricity, heath facilities and primary education. The worst sufferers are women and girls as there exists gender discrimination in providing these goods and services. Thus poverty stands in the path as an obstacle for individual to tap their potential to the fullest, and undermines the overall prosperity of the population.
Small examples of the ruthless pirates of Somalia or even the common fact that urban crime is often located in areas of high poverty are all symptoms of the malady of poverty. Poverty not only creates wide-ranging economic difficulties, but it also fuels a social and political unrest, which is set off by the overpowering instinct for individuals to fulfill their basic needs or what the political thinker, Thomas Hobbes locates in man's inherent need for 'self-preservation.'
Karl Marx's famous evaluation of capitalist structures also has time and again highlighted how in perpetuating systems of inequality, capitalism ensures that some will always remain subservient to those who own capital or private property, which will be convinced to accept low wages. This condition creates the ground for revolution, as observed in the context of communism in Russia, an example of inevitable strife that results from an imbalance of power.
The current wave of globalization largely under the guidelines provided by the World Bank, IMF and WTO has opened up the debate about the widening gap between the rich and poor. It is often said globalization has benefited the rich at the cost of poor. The process of globalization and privatization are moving in and market forces are gaining upper hand while the role of state is diminishing. The withdrawal of state from public goods and services in the developing and less developed countries is causing serious concerns for the poor. There are efforts to evolve a paradigm whereby private sector or the market would take care of the 'deprived class' of the society, nevertheless so far there is no success and poor continue to suffer. This dichotomy calls for effective role of state in providing 'good governance'.
Poverty will not be limited within one's own country's border, rather one or other poverty led consequences will make their way into other smart fenced territorial borders and will damaged the hard earned prosperity. Thus, poverty should not be sidelined in our own mad race of individualistic prosperity gain.
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