In the present day, why are some countries rich and other countries Essay

In the present day, why are some countries generative and other countries poor - Essay Examplemarkable victory of capitalist financial systems in North America, Western Europe and East Asia and by the miserable disruption of socialist schema in the eastern part of Europe and the former Soviet Union (Sachs, Mellinger and Gallup 2000).The ever-changing world system of economy aggravates discrimination and unlikeness in the third base World. Foreign ventures carry further wealth for the already highly-industrialised rich nations as manufacturing employments are lost to the underdeveloped nations. Hunger and poverty, being the some crucial dilemmas facing the Third World today will continue to prevail unless the gulf between the two nations is mended.This paper will explain the standpoints of the theories of Third World Dependency on the First World the Capitalism and Protectionism by the Rich Nations and Globalisation of markets. The uneven distribution of world income will likewis e be presented, as well as the debt crisis that worsens the economic conditions of the deprived civilisations. Moreover, it will attempt to explain the gap between the developed and underdeveloped countries, which when not quickly bridged may aggravate hunger and poverty in the Third World and may cause the economic collapse of both worlds.The greatest distinct gauge of a nations success is gross national product (GNP) per capita or gross domestic product (GDP) per capita the overall worth of a countrys economic production, divide by its population (Sachs, Mellinger and Gallup 2000). Figure 1 below shows the world distribution of GDP per capita obviously exposing the immense gap between the first and third worlds.The richest countries or the highly industrialised nations of the world include the United States, majority of Western Europe, Canada, Australia, New Zealand, and Japan. These countries have high per capita output and highly developed market economies establish on the hug e supply of capital goods, innovative technologies, and a highly-educated labour force. The