The Reasons for Global Inequality

Topics: Poverty, Economics, Africa Pages: 4 (1437 words) Published: April 18, 2014
Global Inequality
Global Inequality has been and will remain to be an ever pressing issue of concern across many subjects and specifically that of economics. The industrial revolution and globalization are great catalysts to why some nations are so rich and others so poor as they allowed for competition and specialization. There are many other factors as to why certain nations are poor and others rich, arguably historical reasons, structural reasons, abundance of resources and fops, lack of diversification, political issues and systems, geographical issues and topology and the controversy of culturally related poverty due to social factors such as work ethics. Through the analysis of numerous factors, this essay will attempt to stem out the reasons of contemporary Global Inequality. Looking at a Nation's history can be the simplest indicator of whether it is a Rich or Poor country. It is only natural for a nation that has industrialized early to be in a relatively wealthy situation compared to nations that have industrialized later on or are still industrializing. Not only did that state have the advantage of time on their side, but due to their early industrialization they would have been able to resist resource depleting colonial activity and the issues of economic dependence that are associated with Imperialism. This is illustrated today with the wealth of the West who have embarked on colonialism and have benefitted economically from it as they monopolized markets that allowed them to sell their surplus produce to the colonies without the issues related to competition while simultaneously having access to another Nation's resources. On the other hand, Sub-Saharan Africa today is in extreme poverty as they were arguably the biggest victims of the Imperial Era and the ‘Scramble for Africa’. Many African nations have lost plenty of valuable resources due to Historical reasons that have arguably crippled their economies, moreover, most African nations are...
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