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The article discusses various approaches to defining poverty as an economic category that affects the scale of poverty. The countries in which poverty is one of the most pronounced problems are also considered. These are the so-called "third world" or developing countries. The article also reflects the general economic problems of poor countries, traces the evolution of directions of economic thought related to increasing the level of welfare and reducing poverty in developing countries; the experience of economic policy implementation in relation to poverty reduction in countries of various socio-economic types is analyzed. The analysis made it possible to identify the correspondences and disagreements between theoretical models and real practice aimed at improving the standard and quality of life through the active involvement of the poor in economic processes. A typology of theoretical approaches to poverty reduction (elimination) was formed according to priority instruments of socio-economic policy and the time of their appearance. And various ways of overcoming this problem are proposed. [ABSTRACT FROM AUTHOR]