Global Journal of Management and Business Research: B Economics and Commerce Volume 14 Issue 6 Version 1.0 Year 2014 Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Inc. (USA) Online ISSN: 2249-4588 & Print ISSN: 0975-5853 Jeffrey Sachs, (2005). The End of Poverty: Economic Possibilities for our Time. New York: The Penguin Press. (Book Summary and Book Review) By Dr. Kazi Abdur Rouf Noble International University, USA Abstract- This paper is a book review of the book ‘The End of Poverty: Economic possibilities for our time’ written by Nobel Laureate Jeffrey Sacks (2005), an American renounced economist and director of the Earth Institute, Columbia University. In the book, Sachs talks about global poverty issues and their miseries in poor countries. Moreover, he provides statistics with examples of the many problems related to economic, educational, population, cultural, health and environmental issues. He narrates in detail the poverty of Malawi, Bangladesh, Kenya, India and Bolivia. The book compares and contrasts the economic histories of China, Russia and India. The book also narrates the current Chinese and Indian economic booms in the global context. The book contains economic histories of many countries; it has many suggestions for economic policy reforms and cooperation among rich and poor countries. It contains suggestions for improving donor funding plans, and strategies for ending poverty in poor countries. Keywords or phrases: clinical economics, corruption, donors funding, international funding policies, economic development, economic policy reforms, information technology (it), millennium development goals (mgds), poverty, poverty trap. GJMBR-B Classification: JEL Code: P46, I39 JeffreySachs,2005TheEndofPovertyEconomicPossibilitiesforourTimeNewYorkThePenguinPressBookSummaryandBookReview Strictly as per th e compliance and regulations of: © 2014. Dr. Kazi Abdur Rouf. This is a research/review paper, distributed under the terms of the Creative Commons Attribution- Noncommercial 3.0 Unported License http://creativecommons.org/licenses/by-nc/3.0/), permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited. Jeffrey Sachs, (2005). The End of Poverty: Economic Possibilities for our Time. New York: The Penguin Press. (Book Summary and Book Review) Dr. Kazi Abdur Rouf Abstract- This paper is a book review of the book ‘The End of However, to fulfill Millennium Development Goals 2014 Poverty: Economic possibilities for our time’ written by Nobel (MDGs), it is urgently necessary that rich countries donate the ear Laureate Jeffrey Sacks (2005), an American renounced 0.7% Gross National per Capita (GNP) to poor countries that Y economist and director of the Earth Institute, Columbia they committed to at the 1949 and other UN Conventions. University. In the book, Sachs talks about global poverty Poverty exists in both poor and rich countries; therefore, it is 67 issues and their miseries in poor countries. Moreover, he necessary to challenge globalization with acts for pro- provides statistics with examples of the many problems related globalization (good things) and initiate green social economic to economic, educational, population, cultural, health and projects and services in rich as well as poor countries for the environmental issues. He narrates in detail the poverty of sake of ending their poverty. Malawi, Bangladesh, Kenya, India and Bolivia. The book Keywords or phrases: clinical economics; corruption; compares and contrasts the economic histories of China, donors funding; international funding policies; economic Russia and India. The book also narrates the current Chinese development; economic policy reforms; information and Indian economic booms in the global context. technology (it); millennium development goals (mgds); The book contains economic histories of many poverty; poverty trap. countries; it has many suggestions for economic policy reforms and cooperation among rich and poor countries. It I. Introduction contains suggestions for improving donor funding plans, and strategies for ending poverty in poor countries. Jeffrey Sachs effrey Sachs (2005), the Nobel Laureate and describes World Bank and International Monetary Fund (IMF) Director of the Earth Institute, Columbia University, ) B activities and their wrong, stereotypical funding policies and in his book “The End of Poverty: Economic J ( strategies for different countries, particularly those in Africa. He possibilities for our time” provides global poverty identifies information technology (IT) flow, different statistics and describes many countries’ poverty technological innovations, technological change and its situations with examples. The book narrates the role of development (invention of the steam engine, use of coal, international institutions like the World Bank and the invention of the rail engine and railway, electrification of International Monetary Fund (IMF) in increasing poverty industry) and their contributions to world development. Poor in developing countries. Jeffrey Sachs raises many countries are using less IT and technology; however. as a result, they get fewer benefits from them than rich countries. issues of social, economic, and cultural nature, such as Hence there are needs for use of more IT in poor countries. public health, HIV Aids, child mortality, maternal The book suggests simultaneous trade investments mortality, population problems, malaria, polio etc. in the in and aid to poor countries for their socio-economic book. He articulates environmental problems like development, in addition to technology and energy support to environmental pollution and climate change, and their them. Moreover, at the end of the book, Jeffrey Sachs devastations that destroy our Mother Earth in different provides nine tips / actions / steps for ending poverty around countries and exacerbate global poverty, particularly in the world: 1) adopt a plan of action; 2) raise the voice of the the developing countries. The book describes how the poor; 3) redeem the role of the United States in the World; 4) poverty trap works globally at the expense of the human rescue the IMF and the World Bank (they have been misused face. It narrates the ups and downs of the economic as creditors; 5) run agencies, rather than international development histories of different countries like India, institutions, that represent all of the 182 member governments; 6) strengthen the United Nations; 7) harness global science; 8) China, Russia, U.S.A. and Japan. Moreover, the book compares and contrasts the economic histories of promote sustainable development; 9) make a personal Global Journal of Management and Business Research Volume XIV Issue VI Version I commitment. China, Russia and India. The book mainly focuses on global poverty and its miseries in the poor countries. Jeffrey Sachs provides Author: Visiting Professor, Chittagong University, Bangladesh. Visiting many suggestions in the book about how to end poverty Scholar, Faculty of Environmental Studies, York University, Canada. in the poor countries. He narrates with examples how Associate Professor, Noble International University, USA. different countries have started their economic ©2014 Global Journals Inc. (US) Jeffrey Sachs, (2005). The End of Poverty: Economic Possibilities for Our Time. New York: The Penguin Press. (Book Summary and Book Review) development processes. The book tells about employment in Malawi, whereas in the United States, technological change, the flow of technological they account for 75 percent (Sachs, 2005: p. 18). In innovations and their development (invention of the Malawi many whole villages are with few able-bodied steam engine, use of coal, invention of the rail engine women and men because of the AIDS epidemic. The and railway, electrification of industry), IT information country’s HIV AIDS organizations submitted a proposal flow and their contributions in society. The book also to its donors for a new system of drug delivery, but it argues the pros and cons of science and technology was not fully funded. This indicates donor funds are not and their contributions to economic progress and fully available for human crisis projects around the economic decline throughout the world. Moreover, the world. book touches upon the contribution of computers to Jeffrey Sacks (2005) finds in Bangladesh socio-economic development in society; however, there poverty is decreasing because this country has several are problems that exist in using computers and IT in the steps up the ladder of development by implementing developing countries. Therefore it is important to identify many community development projects like green 2014 how developing countries can overcome problems in revolution, blue revolution, micro-credit, community using computers and in developing IT industries. forestry, community nutrition education and adult ear Y education across etc. Bangladesh. Bangladesh II. Significance of the Book Review demonstrates there are ways forward if the right 68 strategies and combinations of investments are applied. This book creates new knowledge, thoughts, He mentions that Grameen Bank micro-financing and policies and strategies that might inspire poor countries Bangladesh Rural Advancement Committee (BRAC) to organize them against poverty and to develop activities contribute to Bangladesh poverty eradication. partnerships among international agencies and rich The book mentions