Poverty is an economic condition in which people are beset with shortages of essential items such as money and material objects. As a result, poverty is a complex term that incorporates social, economic, and political elements.
Poverty is an economic state in which individuals are lacking in one or more commodities that are necessary for human existence, such as money and material objects. As a result, poverty encompasses social, economic, and political aspects.
The French term for “poor” is “poverté,” which derives from the Latin phrase “paupertas.”
Types Of Poverty
There are several methods to determine the type of poverty on a social, economic, and political level:
- Absolute poverty.
- Relative Poverty.
- Situational Poverty.
- Generational Poverty.
- Rural Poverty.
- Urban Poverty.
Now let us understand them one by one:
It is also called Extreme poverty, which is a condition in which individuals have insufficient food, clean water, health care, shelter, education, and information. Those who live in absolute poverty frequently struggle to survive and suffer from numerous child fatalities due to preventable diseases such as malaria, cholera, and water-borne illnesses. Extreme Poverty is unusual in developed countries.
The $1.90-a-day line was first established in 1990, when the poverty threshold was set according to the standards of developing countries’ poorest nations. In October 2015, the World Bank adjusted it to $1.90 a day after criticism that it had been too low for too long. This figure is a point of contention; therefore, each country sets its own minimum level for absolute poverty.
It is based on the social standard of living compared to economic standards of the population who live in a particular area. As a result, it is an indicator of income disparity. A family may be deemed poor if it can’t afford vacations, doesn’t have enough money to buy Christmas presents for its children, or can’t send its youngsters to college.
Relative poverty is usually defined as the proportion of a population whose income is less than a certain percentage of median income.
In wealthy developed countries, it is a common technique to assess poverty rates. The “relative poverty measure is the most prominent and most-quoted of the EU social inclusion indicators in the European Union.”
It is a circumstanced poverty that occurs when an undesirable event, such as an environmental calamity, job loss, or serious health problem, happens.
Even with a little help, people can overcome poverty if it is caused by an unforeseen circumstance.
The fate of a person’s life, and thus their soul, is handed down from one generation to the next. This is more difficult since there is no way out because people are trapped in the issue and unable to use the tools necessary to get out.
It affects small rural communities with fewer than 50,000 people. It is the location where there are fewer employment possibilities, services accessibility, aid for disabilities, and excellent education chances. People are generally confined to farming or other menial work available in the region.
The rural poverty rate has been on the rise every year since data collection began in the 1960s, and it has exceeded the urban rate every year. For the past 30 years, there’s been a 5% difference between country rates around 15–20 percent and city rates near 10–15%, with city rates at 10–15 percent and rural rates at 15–20 percent (Jolliffe, 2004).
It affects people in metropolitan areas with more than 50,000 residents. The following are some of the major problems faced by the Urban Poor:
- Access to health and education is restricted..
- Inadequate housing and services are available.
- Due to overcrowding, the environment is both violent and unhealthy.
- There is no social safety net in place.