SOSC 2800 Midterm: SOSC 2800 First semester midterm exam review
11 May 2017
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Readings: characteristics of the income gap between countries (development and underdevelopment, a development policy for canada (mcleod group policy brief number 1) Characteristics of the income gap between countries (development and underdevelopment) reading by: World economic trends are presented in four sections that review global rate of growth, the absolute gap, the relative gap, and country mobility. Early analysis of economic trends indicted that although the whole world had experienced relatively rapid growth, the gap between the high income and the poor countries had widened. Over the 51 year time period of 1960-2010, the average percentage growth rate for world income has increased by 1. 64%, high income 2. 22%, upper middle income 2. 07%, lower middle income 2. 18%, and poor income 1. 64% Table 2. 1 (pg. 12): the growth pattern indicated in table 2. 1 contradicts the predictions by convergence theorist such as william baumol, who asserted that the income gap between the rich and poor will disappear in the long run.
