Free Trial Lesson – Advanced: Society and Economic Development

1. meaning
2. meaning
3. meaning

The world has become a better place–that is according to the World Bank’s data of 2013. It is estimated that there are 4 billion non-poor and there is a steady decline of the impoverished population down to roughly 1 billion. In fact, there is only about 10% of the world’s population who remained in destitute conditions; a far cry from 30 years ago when they are at 42%, thanks to the rapid and aggressive globalization of recent years.
 
Globalization promises faster economic growth and new economic opportunities, higher living standards, and accelerated innovation to name a few. However, it seems that highly developed economies reap the greater benefits of globalization. Areas like sustainable development, environmental preservation, and poverty alleviation have been rather neglected. Globalization, thus far, increased less developed nations’ vulnerability to international economic conditions. These underlying and worsening issues make the aforementioned statics much more difficult to take at face value.