Politicians and pundits like to remind us that we live in an age of unprecedented prosperity, Japan's "lost decade" and the trillions of dollars of paper wealth that has vanished as a result of the current downturn in global stock markets notwithstanding. But for more than 600 million people -- one-tenth of the world's population -- life today is just as it was generations ago. Worse, despite repeated promises of aid and assistance, the number of the world's poorest inhabitants continues to grow. The time has come to end the pious assurances and take real action.

Last week, the United Nations convened its Third Conference on Least Developed Countries. Sadly, there are 49 countries spread across the globe that warrant the label. Together they claim less than 1 percent of the world's revenue; most of their citizens live on the equivalent of about $2 a day. More alarming still, despite decades of global economic growth, aid and assistance, the number of "least developed" countries has almost doubled since 1971, when there were only 25.

This alarming development has not gone unnoticed: We have three U.N.-sponsored conferences to prove that. Each of the first two meetings ended with pledges by wealthy nations to devote 0.7 percent of their gross national product to development aid. Yet, as the rich have gotten richer, most foreign-aid budgets have been slashed. Aid to the poorest countries has declined by 45 percent over the last decade. According to the U.N. Conference on Trade and Development, LDCs received $11.6 billion in development assistance in 1999, down from $16.7 billion in 1990. The most damning indictment is the fact that only one country -- Botswana -- has graduated from the class.

There is one bright spot in this sorry picture: Foreign direct investment in the LDCs increased nearly 10 times during that same decade. Unfortunately, that hefty increase was relatively easy given the abysmal base. In 1990, there was only $600 million in FDI; it climbed to $5.2 billion by 1999. Still, that sum represents only 0.5 percent of worldwide direct investment.

There are a number of reasons for the resilience of poverty. The first is the perception that these countries' ills are incapable of being fixed. While the image of Africa -- where 34 of the LDCs are found -- is a grim one, only four decades ago Asia was seen in a similar light. Then, Africa, by virtue of its vast resources and proximity to world markets, was considered the better bet. But hard work, clean government and a commitment to improving the lot of all citizens yielded a renaissance in Asia. The first task, then, is changing mind-sets.

The second task is helping those nations develop the tools that will help them develop. They need infrastructure -- in the widest possible meaning of the term.

Basic human needs must be met. Even such essential items as clean water are unavailable. According to Mr. John Brandon, assistant director of the Asia Foundation, "Each day, a child somewhere in the world is dying every eight seconds from drinking contaminated water." The hundreds of millions of citizens of LDCs need clean water, education and rudimentary health care. When those basic needs are met, attention must turn to the more conventional forms of infrastructure -- electricity, roads, ports, harbors.

There is a place for all nations in the development process. Of course, money is needed, and governments are once again pledging funds. That alone will not suffice, however. There must be follow-through to see that funds are well spent, that they do not end up in some government official's bank account.

Debt forgiveness is another critical component of any aid package. According to Jubilee 2000, a coalition of voluntary groups that campaigns for debt relief, the unpayable debts of 52 heavily indebted countries has reached $375 billion. Servicing a debt that most governments and banks admit is largely unpayable is breaking the backs of the LDCs. At last week's conference, EU Commission President Romano Prodi said that the European Union will forgive all outstanding debts incurred by the LDCs as a result of trade accords with the union.

Infrastructure also includes a legal order that allows countries to develop. Developed nations have pushed for trade liberalization in ways that benefit their interests while denying developing countries the market access that will assist them. That double standard must end. A new world trade round should commence and it must strive to respond to LDC interest. Mr. Prodi also said the EU had decided to grant duty-free and quota-free access to all products from LDCs except arms.

The entire package is a huge commitment. Worse, all the parts are interconnected. Individually they are not enough; only in combination will they make a difference. And even then, it will take time. That means there is no time to lose.