Archive for the ‘Mar 8/Economic Globalization’ Category

“Incensed About Inequality” Blog Posting #1

Monday, March 7th, 2011

Although I have spent the last four years of my college career studying Ancient Roman history, reading about the global economy is almost equivalent to learning a new language. Martin Wolf discusses the economic growth in countries that are most often considered the poorest. I can imagine Marin Wolf as a young economist just starting out in the rough streets of India declaring how poverty stricken this beautiful country is. Despite it’s filthy streets and how much of the population is poor, what I believe is more important is the beautiful culture that fills the countless numbers of cities that make up the country. Before shifting gears into culture and tradition, I suppose I can spend some time on the ever increasing income on households not only in India but other countries as well. Between 1980- 2000, two of the worlds biggest populations would witness an increase in GDP per head and would slowly fall out of one of the biggest issues we face in the world: poverty.

Martin Wolf describes a number of statistics that seem endless. One point he makes that I would like to discuss is the idea that although China and India have been considered the poorest countries with the biggest populations, there are still countries with a much smaller population that seems to be suffering from poverty. Perhaps China and India have proved economists wrong due to the increase in GDP. The point I believe he is trying to make is that is has become more apparent that smaller countries are suffering far worse then bigger ones.Perhaps this is because these countries that are suffering go unnoticed, as long as the countries with the larger population are doing better in the economic world, smaller countries like Sierra Leone is now one of the poorest countries.

It is apparent that the rise in equality has been overthrown by economic growth of countries throughout Asia, and Europe.¬† Regardless of how well a country might be doing on an economic stand point, what truly matters is the welfare of the people. Wolf discusses an increase in life expectancy amongst a number of countries. According to Wolf, ” improvements¬† in life expectancy have meant a decline in global inequality”, might be something to debate about. Although it is great that people are living longer, inequalities will never go away.