Is globalization good or bad? A few things I learned from the Global Income Inequality paper by the World Bank:
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The biggest loser is the poorest 5% of people globally. They mostly live in conflict or recently post-conflict countries and their income hasn’t changed in the past 20 years. They are still fighting to survive.
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One of the most interesting findings is that 2/3 of inequality is due to location. The poorest people in Denmark are considerably richer than the richest people in Uganda. Working hard is great, but in terms of income, it’s nothing compared to being born in a rich country.
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What does this mean? Either poor countries get richer or the global poor will migrate to rich countries. This trend will be exacerbated by internet adoption in poor countries, which makes global inequality even more obvious to anyone who reads world news or uses social media.
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