MGEC32H3 Chapter Notes - Chapter 1: The Bottom Billion, Jeffrey Sachs
16 Apr 2016
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Ch 1 : falling behind & falling apart: the bottom. In the past : rich world of 1 billion ppl facing a poor world of 5 billion. 80% of the 5 billion live in countries that are developing at great speed. Real challenge: there is a group of countries at the bottom that are falling behind & often falling apart. The countries at the bottom co-exist with the 21st century but their reality is the 19th century : o o o o. Incomes in this group declined by 5% during the golden decade of the 1990s. One billion ppl struck at the bottom while the 5 billion are already prosperous or on track to be. This problem matters to us b/c the 21st century of material comfort, global travel and economic interdependence will become vulnerable to these large islands of chaos o. As the bottom billion diverges from an increasingly sophisticated wold economy, integration will get harder.
