Advances in Economics, Management and Political Sciences
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Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 82 , 21 May 2024
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Helping Mongolia out of Poverty: Analyzing Social Challenges and Public Policy
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Abstract
Mongolia's challenging geography and historical development obstacles position it on the fringes of economic advancement. This paper presents a thorough analysis of its unique social, cultural, and economic hurdles, proposing visionary strategies for poverty alleviation and sustainable growth. The first section advocates a shift towards value-added industrialization, addressing the sparse population by exploring rural-to-urban migration and urging the dismantling of gender-based divisions while fostering rural entrepreneurship. The second part highlights leveraging indigenous cultural attributes and uplifting rural assembly industries to achieve balanced regional development. However, it cautions against unintended consequences like protectionism and urban-rural disparities. The third segment uncovers fundamental impediments rooted in Mongolia's self-sufficient, myopic nomadic culture, underscoring the need for education to reshape outdated mindsets. Moreover, the abrupt transition from nomadism to socialism and Western ideals has left a fragmented cultural identity, posing an identity challenge. This paper emphasizes the enduring influence of culture on socio-economic progress and underscores the significance of cultural preservation to steer Mongolia towards prosperity and global equity.
Keywords
Mongolia, industrialization, nomadic culture, poverty, public policy
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- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-429-3
- ISBN (Online)
- 978-1-83558-430-9
- Published Date
- 21 May 2024
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/82/20230948
- Copyright
- 21 May 2024
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited