This week I wanted to write about economics. Last week we covered topics such as the Great Depression which hit not only America hard, but the world. The depression allowed us as a nation to see the immense impact that finance has in making our world function. Our textbook mentioned some very interesting information with regards to our global output. Our text mentioned that in about fifty years the global output increased from 7 trillion dollars to about 73 trillion dollars, that is an insane amount of money.
There would good and bad things that came with the increase in wealth. On the plus side, I think as a whole, people were seeing a greater progress in quality of life as there were declines in such things as infant mortality but an increase in such things as literacy. I was surprised to read that one of the positive outcomes was the reduction in poverty. I had to think about this, because I felt as it there are still large economic disparities in the world. Within our text there was a chart which outlined Global development and Inequality as of 2011. Obviously 2011 is now part of our history, yet this was not that long ago, these numbers are still relevant today. The column that caught my attention the most was the low income column which profiled countries like, Kenya, Ethiopia. As I looked back in our history I could not help to realize that the reason some of these nations find themselves to be in the low income category is due largely to the fact that for most of history Africa as a whole has been exploited. The nations that comprise Africa have often been exploited for the well being and financial gain of other nations. Countries , have taken their people as slaves, and taken their resources. Thankfully, slavery was eventually abolished, yet it still left these nations too far behind to catch up. Some of the numbers which are evidence of that are numbers that reflect technology use, years in education, and population growth. As I looked at this column I could not help but think that some of these items were a domino effect. I looked at the life expectancy number which was at most 60 years! Considering the longevity of life that is possible, this number is extremely low. As low as it may be I see it as a result of lack of education on our behalf, and education in health. I realized that life expectancy could also increase due to the type of employment one might have, yet how should people get great employment opportunities if they are not granted access to education. Another staggering number to me was the possession of cell phones. In our nation, cellphones are a daily commodity, and everyone needs one, yet in the low income nations, there was only a marginal amount of phones available. As we think about phones we think about technology, without technology, I do not think it is possible to carry out a strong economic populations. In the end, I could not help but think that wealthier nations, to a certain degree are responsible for the impoverished state of certain nations yet we do not take accountability. I just do not know what accountability would look like on our behalf.