Microenterprise, global poverty and social development/ Changyu Jung

Microenterprise and microfinance programs are known to contribute greatly to global poverty reduction. The article says that such perceptions overemphasize the contributions of these programs. Microenterprise and microfinance programs have certainly helped create small and medium-sized enterprises and strengthen existing small and medium-sized enterprises in low-income communities, but have not affected much in addressing poverty. These programs have raised the household income and living standards of community members, and have had a positive impact on the community as a whole. But this one strategy cannot solve poverty. The problem of modern poverty is not one way, but the intervention of individuals, communities and countries. What is needed now is to effectively combine economic growth with various social development interventions. There is a need to come up with various measures centered on Microenterprise owners and microfinance programs.

What was interesting was that the article did not focus on one way to solve poverty worldwide. Microfinance and Microenterprise programs certainly helped the community in some ways, but they also had great side effects. When the poor suffer such side effects, they suffer far greater damage than those who are not poor and the economic situation eventually worsens. This article is therefore encouraging us to set more goals and set more strategies away from our existing perspectives. It is not just time to stimulate consumption in the market, but to intervene in various social development.

Many governments and organizations are putting forward various strategies to address poverty. Some are considered to be successful, others to fail. Do you think there is a single solution to poverty? If so, what is the solution?

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