KNOXVILLE, Tennessee — There are minor changes a business can make to assist with ending global poverty. Businesses are expanding more in the fields of international business to improve conditions in developing countries. Corporations have made ending world poverty a major priority by investing in local efforts and bringing more opportunities to developing economies. The changes are only minor, but they make a difference by setting an example for other businesses to adopt the same ideas and views.
One idea is that businesses bring innovation through investing in communities. An example of this is done by Paul Polak, author of “The Business Solution to Poverty: Designing Products and Services for Three Billion New Customers,” which talks about his first innovative project located in Somalia. Polak’s project redesigned donkey carts for refugees to produce an all-around better engineered cart for the donkey and driver. The revenue from these new carts brought a regular income to the community and helped alleviate economic struggles in that area. The link between globalization and ending poverty is critical.
Another way businesses can help with ending poverty is by supporting access to an economic market in which developing nations can participate. Creating agriculture subsidies to assist in training and education helps to increase successful farming. This method also forms strong and long lasting international relationships with local farmers and companies. Strengthening a developing economic system generates new revenue through the increase in customers interested in those businesses.
International trade and investment has increased due to globalization, and has reduced poverty. Coca-Cola has aimed at increasing the incomes of small local farmers in areas like East Africa. The project increases farmer’s productivity through the use of their fruit and sugarcane in Coca-Cola products, which helps those developing economies continue to stabilize.
The primary goal is to identify business opportunities by assisting entrepreneurs and local business owners in developing areas to participate in the economic system. The emerging markets in these countries deliver a great number of new business opportunities similar to the small farmer’s relationship with Coca-Cola, which has helped alleviate poverty. This arrangement can help create new international business relationships and set an example for other businesses to follow.
These areas in extreme poverty remain excluded from the global economic system and continue to suffer from a lack of access. International businesses can help alleviate poverty by creating relationships with locals and providing access to necessary means of improvement. The link between globalization and ending poverty is critical. Businesses working toward ending poverty will improve the lives of billions of people through globalization.