Global wealth disparities is getting wider between the rich and poor, due to economic development and demographics

• Greater flexibility in labour markets to improve employment has increased inequality
  • As technology advances, there are more opportunities for jobs, and poor countries cannot afford these technologies
  • More people working in low skilled jobs
• Policies must be redesigned to benefit all; to ensure fairness and efficiency
  • Education, taxing
  • Policy in one area can have an impact in another
• To solve the global wealth disparity, developed countries must solve the problem

1960 (3 billion people)

• 1 billion people in industrialized world
  • Aspiration was to have a car
• 2 billion people in developing world
  • Aspiration was to have a pair of shoes

2010 (7 billion people)

• People in the developing world become people in the emerging world
  • Smaller family sizes, these countries are catching up to the developed world
  • The bottom 1 billion still exists, only way to improve is to increase child survival rates
• No longer any gap between the very rich and the very poor
  • Strong emergence of the middle class

2050 (9 billion people)

• If we invest in the right technology to avoid climate change and so energy can be relatively cheap, the emerging economy will move up to become developed
• In the poorest counties, population will grow, and progress to become emerging economies

<aside> 📌 Disparity gap can be stopped by increasing child survival, investing in environmentally friendly technology, and invest in organizations to improve conditions in developing countries

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Bottom billion

• From a national level, mostly sub-saharan Africa, Bangladesh, Haiti
• In terms of individuals, the bottom billion is spread out everywhere

Multidimensional poverty index: measure of acute multidimensional poverty