Questions and Answers
Wealth refers to the net worth of a country, taking into account all its assets minus the ______.
liabilities
Income is the new earnings that are constantly being added to the pile of a country's ______.
wealth
Access to technology also contributed to worldwide income ______.
inequality
Western capitalist countries were labeled as the 'First ______.'
Signup and view all the answers
The terms 'Global North' and 'Global South' emphasize the economic differences between the wealthy ______ and the poor Global South.
Signup and view all the answers
The Soviet Union and its allies were termed the 'Second ______.'
Signup and view all the answers
Commercial agriculture has replaced local provisioning, deeply altering North-South relations in ______.
Signup and view all the answers
In modernized economies, jobs are often more technology-based, generally requiring new ______.
Signup and view all the answers
The economic differences between the wealthy Global North and the poor Global South have always possessed a racial ______.
Signup and view all the answers
The term 'Global South' is a way for countries to stand for common ______ and causes.
Signup and view all the answers
Study Notes
Global Income Inequality
- Wealth is defined as the net worth of a country, including all assets (natural, physical, human) minus liabilities.
- Measurement of global economic inequality typically involves Gross Domestic Product (GDP).
- Income represents ongoing earnings that contribute to a country's total wealth.
- Access to technology plays a significant role in exacerbating global income inequality.
- Modernized economies focus on technology-based jobs that require specialized skills.
- Many low-skill manufacturing jobs have been outsourced to countries with lower labor costs.
The Third World and the Global South
- Terms originated during the Cold War, distinguishing between three political and economic blocs:
- "First World": Western capitalist countries
- "Second World": Soviet Union and its allies
- "Third World": all other countries
- Global North and Global South terminology reflects the development disparities and unites countries in the Global South around common issues.
- Economic differences have historically exhibited a racial dimension, impacting global relations.
Economic Indicators
- Gross Domestic Product (GDP) measures the total economic output of a nation.
- Gross National Income (GNI) considers the total income received by a country's residents, including foreign income.
The Global City
- Globalization has transformed North-South relations in agriculture, leading to significant shifts in local economies.
- Commercial agriculture has decreased reliance on local provisioning, resulting in changes in social production dynamics.
- Rural economies are experiencing heightened vulnerability due to low pricing and increased migration pressures.
Theories of Global Stratification
- Frameworks for understanding how global disparities arise, shaped by economic, political, and social factors on an international scale.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Explore the factors contributing to global income inequality, focusing on wealth measurement and the impact of technology. This quiz also discusses the historical context of the Global South and its relation to economic disparities. Test your understanding of economic terms and concepts related to these themes.
