Divisions and distinctions are the main components of human civilization. Based on human prosperity or poverty level, the world is divided into two economic spheres .i.e. South Pole and North Pole. The North Pole represents the rich countries consisting of North America, Europe and Australia. On the other hand, the South Pole comprises Asia, Latin or South America and Africa, thereby falling in the ambit of poor countries. This division of continents is less based on their geographical location and more on their economic strength.
It has always been in the minds of political scientists, economists and as well as common people that why countries in South Pole are poor. There are certain structural and human shortcomings that push the South Pole countries into poverty. Firstly, there are no adequate financial institutions in South Pole countries due to which people are discouraged to savings who have excess money. As a result, people who have expertise and want to invest cannot find capital from the banks granting loan. There cannot be investment which results into unproductivity and unemployment. Hence, people are caught in a vicious cycle of poverty.
In addition, the poor quality of education cannot be ignored for the fate of the people of South Pole. Asia, Africa and Latin America have always been lagging behind in education as compared to the North Pole. In this as well as preceding centuries educational standards were never encouraging in South. These countries that have the highest school dropout levels find the reason as directly proportional to illiteracy, non-productivity and violence. Poor educational standards cannot add to invention, innovation, research and development. These countries rely on aids and loans of the rich countries and the international financial institutions under the latter’s supervision. This situation further adds to their economic miseries and the poor countries are driven in a quagmire of debts and loans.
Furthermore, political stability and the rule of law also determine the economic condition of any country. Most of the North Pole countries are democratic regimes with strong state institutions. Unlike the South Pole where countries are either authoritarian or semi-democratic countries with less regard for the rule of law. In democratic societies people enjoy the fundamental human rights which are awarded. Talent and hard work are also rewarded on merit. Unfortunately, in South Pole countries people are awarded with positions based on their political affiliation, ethnic or linguistic status and nepotism. A society cannot prosper where there is lack of equality of opportunity.
To cut the long story short, it is not the fate or some divine principle that has deprived the people of poor countries of economic progress. Rather, these are man-made follies which have hampered development in the South Pole. These can be fixed by diametrically making changes in the financial system of these countries. Education will place them on the track of peace, prosperity, happiness and development. For this to happen, the South Pole countries should have democratic governments in which there is room for merit and rule of law.
The writer is an M.S scholar, pursuing his degree in Economics from University of Balochistan. He can be reached at email@example.com
DISCLAIMER: The views expressed in the article are that of the authors’ own and do not reflect the policy of Bolan Tribune.