3.5 Causes of inequality in the global economy
A Coggle Diagram about Q: How has globalisation contribute to global inequality?
, Issue of inequality
(Such issues are the domain of development economics, which attempts to identify the conditions in economies that are required to achieve economic growth & development
, The severe and widening extent of global inequalities between economies raises 2 fundamental questions
- Why is the level of inequality so great that $1 billion people in the world living in high-income countries enjoy living standards up to 100 times greater than those who live in the poorest regions of the developing world?
- Why have some economies succeeded in achieving rapid industrlisation and economic development while others have achieved little or no progress in reducing poverty?
and The focus of development economics on national factors that inhibit development can easily become a stale analysis, since countries can seemingly be caught in a cycle of underdevelopment and institutional problems.
), Global factors
, Expanding regional trading blocs
and although globalisation creates opportunities for economic growth and development some aspects of the global economy appear to be entrench rather than alleviating global inequalities
) and Domestic factors