The rich creditor governments that “own and operate” the principal international financial institutions—such as the IMF, the World Bank, and the Paris Club—have failed to acknowledge the pervasive risks of poverty traps for very low-income countries.
|--JEFFREY SACHS, Resolving the Debt Crisis of Low-Income Countries (2002)|
The global economy sets up a number of traps that poor people cannot avoid without help.
India demonstrated that significant progress toward modernization runs into deep-seated traditions and obstacles that seem to be locked into the social system. It still remains the country with the largest number of hungry people in the world. India's difficulties typify those of other poor countries. Globalization ...