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Global Stratification - The three richest people on Earth...

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Global Stratification • There is a huge inequality gap worldwide. Consider: - In 1900, people in the ten richest nations earned nine times as much per capita as did people in the ten poorest nations. This gap increased to thirty to one in 1960 and to seventy-two to one in 2001. - The top fifth of nations possess 86 percent of the world’s gross domestic product, 68 percent of direct foreign investment, and 74 percent of the world’s telephone lines. - The richest 20 percent of the world’s people receive at least 150 times more income than the poorest 20 percent. - The top 20 percent consume 86 percent of the world’s goods and services, while the poorest fifth consumes only 1 percent.
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Unformatted text preview: - The three richest people on Earth have wealth that exceeds the combined economic output of the 47 least-developed countries. The richest 200 people have more money than the combined income of the lowest 40 percent of the world’s population, or about 2.4 billion people. - About half of the world’s people live on less than $2 a day, the World Bank’s definition of poverty. • Absolute poverty refers to a condition of life that is so degraded by disease, illiteracy, malnutrition, and squalor as to deny its victims the basic necessities of life. • Relative poverty refers to a standard of living below that of most others in society, but not necessarily threatening to life or health....
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