The world economy is not based on equitable distribution of wealth. Some countries are economically poor whereas others such as the USA are very rich and prosperous. There are some nations which are in the developing process, but have a long way to reach the level of development that developed economies enjoy.
The tussle between the two sections of the world economy that is the developed and developing or underdeveloped economy continues. It is much evident and the poorer nations are constantly asserting for their social and economic rights vis-a-vis the rich nations.
How can the differences between the poorer nations and the rich nations be resolved amicably?
How to narrow the gap between the rich countries and the poor countries?
- Focus of the world bodies such as the UNESCO and the United Nations as well as the World Bank should be more inclined towards ensuring equitable distribution of the world’s natural resources. The international community should sympathize and appreciate the problems of the poorer nations and try to solve them.
- The sharing of technology and information should continue at rapid pace so that the poorer nations can make avail of modern techniques of operations that are available in the more developed countries.
- The developed nations should also accept the poorer nations on par with them and appreciate their independent status. Too much interference by developed nations in the affairs of backward nations is not good. This affects the progress of that particular country.
- Social and communication barriers need to be reduced so that there is a more friendly interaction between the two sections of the countries.
- An air of superiority among the developed nations and the belief that poorer nations are ethnically also backward must not be there. Racial superiority can affect the growth of the nation which is discriminated against. In South Africa, apartheid only indicates the white superiority. Great Britain ruled over the world and felt racially superior to many South- East Asian countries.
The world is now going through a major recession crisis. Even the developed countries have received a jolt. Their economies have been affected very badly and many of their citizens are finding it difficult to meet both ends. This is a lesson to be learnt by the developed nations- that how difficult it is to struggle economically, which the poorer nations are always battling against.