It means that if you are in a "first world" economy, your living standards will drastically decline, while if you are in a "third world" or perpetually undeveloped or "developing" country, your living standards will rise modestly only, if at all.
1.5 billion * 10 sol + 5.5 billion * 2 sol = 26 billion sol
26 billion sol / 7 billion = 3.7 sol
So first world reduced from 10 down to 3.7
Third world raised from 2 up to 3.7
(sol = relative standard of living estimate)
Note 1: This is just a "back of the envelope" estimate, but if you paid attention to algebra back in middle school, you should understand what I wrote.
Note 2: As population increases and resources are depleted, all sol will decline.
Note 3: Your rulers, even in the "third world" or perpetually undeveloped or "developing" countries, will still have their palaces, mansions, air-conditioned limos, etc., while encouraging you to sacrifice and "live green".
In a global economy as in any economy, all the parts are somewhat interdepent and interactive. If things go sour, it tends to have that same effect on a broad basis and vice versa. Then you get into the varying levels of regulation from the different governments involved and the argument soon surfaces that it is not possible for a true global economy to exist until the world comes under a global governing body. Hopefully that will never happen but there are those who would argue for it, they are normally referred to as socialist. WB
The global economy 2010 is one that is going through a lot of changes financially that will affect consumerism. People are spending less money and trying to find assets to invest their income so as to get a higher return. Lost of jobs makes is easier for people to downsize and live in smaller dwelling spaces as well as the use of public transportation. the biggest impact on the global economy will be the small businesses that are created to help with providing products and services at a lower cost.
Global economy and system under single roof is romantic idea and country to country different political system and governance will make it more complicated.
Human greed and racial differences are here to stay. We wait till next millennium
by Grace Marguerite Williams4 years ago
believe would have made a more efficient president? Why?
by ThunderKeys6 years ago
Is there anyone reading who can explain the global economic crisis simply and objectively in just a few paragraphs? When I try to find information to understand what's going on with the Euro and with the US economy,...
by Suzette Walker5 years ago
With the euro dollar close to demise, with Spain and Greece on the brink of default, with more and more interdependence of nations on this global economy is the entire world on the way to a world depression? The...
by dashingscorpio23 months ago
Is having a "global economy" a good thing for America?Voters in the United Kingdom chose to Brexit from the European Union and the world markets are reacting. Essentially down plummeted affecting 401ks and IRA...
by andrew savage4 years ago
What does it mean to live in End Times?
by StayPos7 years ago
Are changes necessary in order for our students to compete in a global economy?What makes you have this opinion?
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.