Explain vicious circle of poverty? What measures have to be taken to control poverty in the developing countries?
vicious circle of poverty indicates that in underdeveloped countries, productivity is so low that it is not enough for capital formation. According to Samuelson, “The backward nations cannot get their heads above water because their production is so low that they can spare nothing for capital formation by which their standard of living could be raised.”the cycle of poverty is the “Set of factors or events by which poverty, once started, is likely to continue ________ ___ _______ _______ ____ __________ _________ _____ __________ _________ _________.
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