HECOL441 Lecture Notes - Lecture 3: Least Developed Countries, World Trade Organization, Working Poor
2 Sep 2016
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Document Summary
The 21st century is witnessing a profound shift in global dynamics, driven by the fast- rising new powers of the developing world. We live in an unequal, unstable and unsustainable world - where 80% of the world"s population owns only 6% of the world"s wealth. The sources for instability may come from di erent sources, ranging from natural disasters to economic & nancial crisis to violet extremism. In coming years, shocks and vulnerabilities would be the norm, rather than the exception. The unstable nature of the coping capacity of our planet is being discussed widely. The wto commonly describes di erences b/w rich and poor countries. The world bank and un use the term least developed to describe the world"s poorest countries. Terms 1st world, 2nd world, 3rd world indicate levels of development. The text de nes countries" levels of well-being as least-developed, newly developing, developing and developed countries. Two main drivers of change are globalization and digital revolution.
