From the days of industrial revolution, rch countries have benefited from economic globalization than the poor nations. I the recent past, sme poor nations have become significantly poor due to economic globalization. I is worth noting that the structure and the politics of economic globalization currently favor the rich nations. I let in the current state; te rich will get richer while the poor will get poorer. Te gab between the poor and the richer has always grown wider and wider, tis has been evident since the start industrial revolution.
Acording to the United Nations Development Program (UNDP), te gap between the richest five nations and the poorest nation’s 3: 1per capita income. B 1913, te gap had increased to 11: 1 Further, b 1950, te gap had reached 35: 1 and in 1973 44: 1 However, b 1992, UDP reported that the per capita difference between the richest and poor nations had reached its highest, a 72: 1(Mishkin, 2008). Walth and income are the defining factors in determining whether a given nation is rich or poor.
the measures in evaluating the performance of economic globalization. Fr several years now, walth, fnance and trade have all become much more concentrated around industrialized nations of west Europe, Est Asia and North America. Frther, i is argued that 1. 2billion people in the world live below US$1 per day. Tis shows number of very poor human beings in the world. Frther, aout 2. 8billion in the world live on $2 or less per day (Schott, 2001). Sveral factors determine the level of poverty in any country. I poor oe such evident factor is the inadequate access to wealth.
Aart from inadequate access to wealth, por nations also lack access to other essentials in life. Tese include inadequate access to water, mdicines and good nutrition. I addition, mst people who live in poor countries rely on subsistence farming (Schott, 2001). I reference to the distribution of wealth creating technology, por nations lag behind. I most rich countries, cose to half of the population have access to internet. Por countries such as India, oly 1 percent of population has access to the internet.
Frther, Arica has got few internet connections than New York City. O telephone connectivity, tere is a telephone for every two people, bt in poor countries, tere is one for every 200 people (Picciotto & Weaving, 2004). I many. ..
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