Meahgan Hayes
9/23/2011
Over the past few years, the global economy has gotten weaker, meaning that there is a growing gap of inequality between the more established countries and the less established countries. This phenomena goes to prove the existing theories of the downfalls of a globalized economy.
With that in mind, the article that I chose for this week’s blog might seem extremely contradictory. The article discusses another recent article that was published in the IMF’s (International Monetary Fund) Finance and Development magazine that states that though the entire global economy is facing a recession, the countries of India and China have moved past their previous income levels. By doing so, they are helping to level out the global inequality rate. The IMF says that this interesting development is a result of an increase in income levels and an ever increasing standard of living that is becoming common in several other countries as well. The IMF has recently put together a list of the top twenty five countries for their systematic trading centers, saw that countries like China, India, Brazil, Russia and Turkey had moved up on the list, while countries like France, Canada, and Switzerland
have actually moved down on the list.
The fact that these countries are now seeming to become important to the overall global economy is wonderful because there is a good chance that if they continue at the rate that they are currently going, they will also continue to help even out global inequality even more, which in turn could benefit us all.
http://articles.economictimes.indiatimes.com/2011-09-12/news/30145379_1_global-inequality-india-and-china-economies
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