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TOWARDS A THEORY OF WORLD INEQUALITY
THANK YOU!
THE ECONOMIST SAYS
That at the heart of the book "Why Nations Fail" is the importance of political and economic institutions for the development.
Introduction
ROBINSON
ACEMOGLU
The Great Divergence
The “Great Divergence” is ascribed by scholars to many interrelated factors involving:
- Culture.
- Biology.
- Geography.
Similarly the Theory of World Inequality discusses how economic and political institutions of a country determine
its success.
FROM THE EXCERPTS
- That we read
We can conclude
The Great Divergence was not simply caused by European culture. Rather, it emerged because a business-friendly, open and innovative economy was created—mostly by accident.
Presentation
QUIZ: Academic Group 7
Vasu Sahi
Diya Dixit
Dhruvin Deora
Mohit Santani
Saumya Singh
Aakansha Patodia
Akhauri Adhit Sinha
CASE STUDIES
CASE
STUDY
We live in a world full of inequalities, may they be in terms of average income, living standards, political freedom or in general. Let's take an example from two continents.
AFRICA and ASIA.
Where we compare their average income and try and determine the reasons for the same.
THE DRC
ONE OF THE POOREST COUNTRIES IN THE WORLD
DEMOCRATIC REPUBLIC OF CONGO
THE VALUE OF
HUMAN DEVELOPMENT INDEX: 0.457
AVERAGE INCOME
ECONOMIC CONDITION
The average income for:
- The Democratic Republic of Congo (2018) - 561.8 USD
- Sub Saharan Africa - 1573.9 USD
- The World - 11,296.78 USD.
WHY IS THAT?
REASONS
The reasons for that are:
- The continent lacks established economic and political institutions supporting development.
- Colonialism for the control of copper reserves.
- Slavery, civil wars, cross border conflicts, authoritarian regimes and corruption did not lead to establishment of good political institutions and rule of law.
- Prey to the Natural Resource Curse.
- Leaders like Joseph Mobutu got involved in corruption which led to further weakening of the government institutions.
SOUTH KOREA
One of the Four "ASIAN TIGERS"
SOUTH KOREA
Human Development Index Value: 0.903
AVERAGE INCOME
SOUTH KOREA - 4th LARGEST ECONOMY IN ASIA
ECONOMIC CONDITION
The average income for
- SOUTH KOREA - 31,362.758 USD
- EAST ASIA - 11,132.23 USD
- THE WORLD - 11,296.78 USD
WAS THIS FOREVER?
HISTORY
It wasn’t a large economy back in the 1950s.
It was devastated in the KOREAN WAR, and it became one of the poorest countries in the world with per capita GDP falling to just $70, which was lower than some Sub - Saharan countries.
Thus South Korea was not a flourishing economy from the beginning.
What CHANGED?
REASONS
There was a total change in the economic policies of the country which included:
- The development of export-oriented industries.
- The abundance of highly skilled and educated labour
- Strong government support.
- A policy of rapid industrialization under Park Chung Hee was adopted involving improved infrastructure and harnessed entrepreneurial skills. Chung Hee focused on electronics, shipbuilding, steel and chemicals. All this paved way for South Korea to become leading exporter of automobiles and electronics.
COMPARATIVE GRAPH
GRAPH
SOURCES
https://data.worldbank.org
http://oxford.re.com/
https://www.britannica.com/
https://www.bbc.com/
https://urlzs.com/ofwTL : UNDP
https://www.weforum.org/