Imagine the World in 2035: No “poor” countries

Imagine the World in 2035: No “poor” countries

February 5, 2014 Behavioral Finance
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(Last Updated On: January 18, 2017)

Bill and Melinda Gates think it is possible:

By 2035, there will be almost no poor countries left in the world.

Check out the Gates Foundation Annual Letter: http://billsletter.com/

Bill debunks 3 myths:

POOR COUNTRIES ARE DOOMED TO STAY POOR

The bottom line: Poor countries are not doomed to stay poor. Some of the so-called developing nations have already developed. Many more are on their way. The nations that are still finding their way are not trying to do something unprecedented. They have good examples to learn from.

FOREIGN AID IS A BIG WASTE

The bottom line: Health aid is a phenomenal investment. When I look at how many fewer children are dying than 30 years ago, and how many people are living longer and healthier lives, I get quite optimistic about the future. The foundation worked with a group of eminent economists and global health experts to look at what’s possible in the years ahead.

SAVING LIVES LEADS TO OVER–POPULATION

Saving lives doesn’t lead to overpopulation. In fact, it’s quite the opposite. Creating societies where people enjoy basic health, relative prosperity, fundamental equality, and access to contraceptives is the only way to secure a sustainable world. We will build a better future for everyone by giving people the freedom and the power to build a better future for themselves and their families.

Availability bias is potent and the amount of bad news coming out in the press is overwhelming. How can we see the forest through all the trees? Sometimes, the 40′ view helps and Gates provides one informed viewpoint. I found the implications of this letter for the future to be thought-provoking. Freedom and technology are steamrollers that have been destroying all naysayers for almost 200 years now. Sometimes the path zigs and zags, but over the long-haul, the path has been made clear.


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About the Author

Wesley R. Gray, Ph.D.

After serving as a Captain in the United States Marine Corps, Dr. Gray earned a PhD, and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management that delivers affordable active exposures for tax-sensitive investors. Dr. Gray has published four books and a number of academic articles. Wes is a regular contributor to multiple industry outlets, to include the following: Wall Street Journal, Forbes, ETF.com, and the CFA Institute. Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from The Wharton School of the University of Pennsylvania.