The Creation of World Poverty by Teresa Hayter

By Teresa Hayter

An evaluation of the "economic reduction" applications of Western countries and the ongoing poverty of 3rd international international locations. Hayter records the historical past of exploitation, aiming to show the iniquities of the capitalist financial system.

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The emergence of similar trends in other developing regions could create the possibility that poor countries will be able to attain high growth rates independent­ ly of the economic performance by the rich countries. In fact, the world may even be moving in a direction in which growth in the industrialized countries comes to depend increasingly on expansion in the erstwhile transitional and developing countries. But rapid growth alone cannot suffice to make a significant dent in the developing and transitional countries' unemployment and poverty problems.

Likewise, the rapid expansion of the media-the press, radio, television, and videos-has made a great contribution to globalization in the social, cul­ tural, and political domains. Enormous growth in communications, travel, and tourism has been critical in advancing globalization along all fronts. Unfortunately, the coincidence of globalization with economic crises and stagnation has meant that the efficiency gains from globalization's improved resource allocation ap­ pear also to have accentuated the existing problems of poverty, unemployment, and in­ equality.

23 Present volume. 36 PART 1 / D EVELOPMENT T H I NKING A N D PRACTICE would lead up to it. Thus, the link between democratic choice and the development process should be dear. Democratic political and social choice is essential for moving to­ ward a view of development that celebrates the expansion of human freedom and capa­ bilities. Democratic economic choice is essential in order to introduce development from below, to get more cooks into the kitchen, and thus to produce a bigger pie together.

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