subject: How business can Help Global Poverty Be Eradicated [print this page] How business can Help Global Poverty Be Eradicated
People are well aware of the levels of poverty that afflict other people around the world but there is not too much that individuals can do. Making charitable donations and changing their shopping habits away from firms that take advantage of global property are good ways for people to react but the responsibility mainly lies with businesses. Consumers can place greater pressure on companies to behave better with global poverty in mind but the final decisions are always left to the organisation. Thankfully, there are a number of ways that a business can help fight global poverty.
The action for fair trade has been running for many years and this has helped raise the standard of living for many people around the world. If a company is deemed to be a fair trade company, it has signed up to pay a fair amount for the products or services they buy from these developing nations.
Although the price is probably less than what the firm would pay for the same product or services if they were made in the Western World, paying a fair wage is still at a higher level than what some firms will pay these workers. Too many firms and workers in developing nations are forced into accepting low payment from companies in order to have some money coming in.
This lower level of payment prevents people from eating properly or from enjoying their life and it stalls the level of progress and industrialisation that can occur in these nations. With profit margins being squeezed so tightly, many people and companies were receiving enough money to survive but there was no chance to develop and prosper. Companies also try and do their best for global poverty by sponsoring and aiding charities, this also shows their corporate social responsibility which is great in the eyes of the customer.
The fair trade agreement has provided a greater source of income which allows for development and education to take place in these countries, which should aid growth. Businesses that agree to the fair trade principles are doing a great deal to eradicate global poverty but more can always be done.
One of the biggest drivers of growth is technology and a great way for businesses to help fight global poverty is to donate their old industrial products to developing countries. The technological revolution remains the greatest driver for progress that mankind has ever known and machinery, even though it may be old for the donating company, can make a massive difference to the companies and workforce in developing nations. Rather than scrapping old machinery, a firm could donate it to companies in the developing nations to help them improve their technological standing.
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