FYI: Up through the 1980s, the blessings of the Industrial Revolution seemed largely confined to a handful of countries in Western Europe, East Asia, the U.S., Australia and Canada. But in the past three decades, there has been a sea change, and developing countries have made great strides in catching up. Although inequality has risen within some nations, at the global level it’s going down.
Much of this catch-up is happening in countries that are still largely poor, such as India or Indonesia. To an economist -- or someone who cares about alleviating the suffering of the world’s poorest people – this still represents a miracle. But a skeptic of globalization might wonder whether it can really be called a success if broad middle-class living standards still remain the exclusive privilege of a handful of nations, many of them former colonial powers.
Recently, however, a number of nations outside the old developed core are proving the doubters wrong. These newly industrialized countries haven’t yet achieved developed-country living standards, but they’re getting there,
Regards,
Ted
https://www.fa-mag.com/news/globalization-is-narrowing-the-wealth-gap--one-nation-at-a-time-51816.html?print
