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ss11 - There are now many global billionaires There are...

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There are now many global billionaires. There are also many billions of people earning less than the benchmark of the UK minimum wage. The same mechanisms that cause inequality in nations operate on a global scale. Global economic inequality is defined as the systematic inequalities that exist between countries, allowing for the simultaneous existence of inequalities within countries. There are many measures of a country’s wealth, including Gross Domestic Product (GDP) and Gross National Income (GNI) . The World Bank uses a typology of high- income, middle-income and low-income countries. The whole debate about inequality is an ongoing one: there are those who see globalization as ‘the great leveller’, while others see globalization as exacerbating existing patterns of inequality. Huge disparities still persist in terms of health, hunger and education. The newly industrializing countries (NICs) have achieved success over recent years. Some reasons are: the positive aspects of the colonial legacy; world economic
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