Economics Economy of Development This Term Paper

Unfortunately, there really are no immediate solutions that would reduce the technology division between first world and third world nations: unless of course there was a complete reengineering of the social segregation of the haves and have not's. In an economic sense, for the Third World, food and water should probably come first in their specific hierarchy of needs. "Progress in raising real incomes and alleviating poverty has been disappointingly slow in many developing countries, and the relative gap between the richest and poorest countries has continued to widen. In Africa, the level of real per capita income today is lower than it was 30 years ago. In developing countries in the Middle East and the Western Hemisphere, real incomes have risen, but at a slower pace than in industrial countries." (IMF, 2000)

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