Poverty Reduction Through Economic Development

I’ve summarized, in point form, a document that was produced by the World Bank. The document is entitled, Attacking Poverty: Opportunity, Empowerment, and Security, which is reproduced below in the box. I’ve specifically focused on the section about moving from strategy to action by maximizing opportunities.

In the second part of this article, I outline my vision for creating a media company that addresses the initiatives put forth by the World Bank.
Each initiative involves complementary actions by multiple stakeholders to create more opportunities for people living in poverty. The purpose of involving all stakeholders ensures that the initiative works for everyone and that there is shared responsibility and accountability for the success of the initiative.
The actions for poverty reduction through economic development include:

Encouraging effective private investment:

  • by reducing risk for investors
  • with special measures for micro-enterprise and small businesses
  • with complementary public investment in expanding infrastructure and communications
  • by upgrading the skills of the labour force
  • and increasing education.

Expanding into international markets

  • with attention to reduce the risk of high volatility in capital flows
  • by developing the technological mechanisms for international trade
  • with attention to the legalities of national and international intellectual property rights.

Building the assets of people living in poverty

  • by increasing public spending on people living in poverty to relax constraints on the demand side
  • with good quality service delivery through sound governance and multiple markets
  • with the participation of local communities in choosing the services and monitoring them to keep them accountable
  • by improving the natural environment to reduce health risks.

Addressing asset inequalities across gender, ethnic, racial and social divides

  • by using a mix of public spending, institutional change and participation.

Getting infrastructure and knowledge to poor areas, both rural and urban

  • including transport, telecommunications, schools, health services, and electricity
  • by expanding access to information for poor areas, to allow them to participate in markets and to monitor the local government.
By no means is this list exhaustive, but it summarizes a systemic approach to addressing poverty reduction. As well, this summary will also create the mechanisms for poverty prevention.

The Media Company

I have a keen interest in digital media and its applications for social change. I am envisioning a media company with the dual purpose of:
  • producing content that inspires and informs people on subjects of social change and progressive development
  • building the infrastructure for people living in poverty to access the opportunities for economic development through the production of digital media.
For the purpose of building the infrastructure, this media company will:
  • provide the technological tools of the creation of digital media content
  • provide access to markets that focus on knowledge transfer and microtransactions
  • support the deployment of technological tools to support the creation of digital media content through participatory NGOs and government programs
  • support the free-flow exchange of ideas, content, education, and cultural self-expression
  • provide monetary incentive for the creation of digital media content for low-income producers
  • provide access to capital-rich markets to support the creation and distribution of digital content from poor regions.

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