poverty trap
A poverty trap is "any self-reinforcing mechanism which causes poverty to persist." If it persists from generation to generation, the trap begins to reinforce itself if steps are not taken to break the cycle. In the developing world, many factors can contribute to a poverty trap, including: limited access to credit and capital markets, extreme environmental degradation (which depletes agricultural production potential), corrupt governance, capital flight, poor education systems, disease ecology, lack of public health care, war and poor infrastructure.
- Part of Speech: noun
- Industry/Domain: Sociology
- Category: General sociology
0
Other terms in this blossary
Creator
- Silentchapel
- 100% positive feedback