PSCI150 Lecture Notes - Lecture 1: Chrystia Freeland, Gross Domestic Product, Gini Coefficient
Document Summary
Takes all the people in a country (poorest to the richest) and it says how much income they have. United states has the most millionaires and billionaires in the world, china following. In china, the average age of a millionaire is 35. Latin america as a key exception, but still very unequal. The rise of the new global rich and the fall of everyone else chrystia. Historical parallels: a second gilded age: international inequality: between countries. Geographical dimensions of inequality: gross domestic product (gdp) per capita. It was not always this way: average income in richest vs. poorest countries over time. The richest country in the world had four times the wealth of the poorest country (19th century) british empire vs. sri lanka. 1850: 4x 1913: 10x 2010: over 100x. Has an enormous impact on your degree of wealth. When countries became wealthy on the account of other countries we see the transformations.