Which countries have the least wealth inequality?
The Gini Coefficient is the measure of a nation’s income inequality.Two of earth’s worst places to live—Haiti and the Central African Republic—are in the top ten for the worst income inequality. Because third world countries generally have some rich people, and their antisocial economic behavior is usually why everybody else is so poor. Hence extremely high inequality. And most of earth’s worst places to live follow this pattern. It characterizes most of Africa, Asia and South America.A few of the earth’s terrible places to live—for example, Albania, Kyrgyzstan and Iraq—do have extremely low inequality. But this is mostly because the places are so inhospitable that none of the rich people who are taking value out of the economy are actually residents of those countries.But the countries with the best Gini coefficients are exactly who you’d expect: the Nordic social democracies. Many of the former eastern bloc countries with decent liberal economies (specifically, Czech Republic, Hungary, Slovenia, etc) also rank high on the list because of the social morality that was ingrained over the past century. And those values are paying off for stable modern liberal economies.
Is India still considered a third world country? Why?
It is because, India is the 3rd world Country.In order to understand the importance of the 1st world, 2nd world, 3rd world countries, we should come out from our generalized thought process.It means, people often think that the 3rd world countries are economically poor countries. But, that’s wrong or you can call it as ignorance.I wanted to highlight the fact that there is no official representation of the worlds as everyone calls out.Whoever talks about this 3rd world countries as the economically poor countries, then ask them about ‘What is mean by 1st world and 2nd world countries mean?’Let me give you an explanation about this ranking scheme.Major changes in the world often happens after the historically important events. Post world war 2, countries have been aligned to 2 different sphere based on their views towards Government and Political Policies.So, here they were Classified as below.First World - American Influenced, Democratic-Industrial Countries.Second World - Eastern part of the Communist Socialist Industrial States.3. Third World - States who have not aligned with any of the above two spheres or simply called Non-aligned Countries.Being, the leader of the non-aligned movements, India always described as the ‘Third world country’. It never means, India is poor.By sharing the above information, I want to call out, being an economic giant “India should still be called as 3rd world country”.India had and will have so many gains, by maintaining this ‘Non-aligned Movement’. India will still be called as 3rd world country in years to come.Map : NationsonlineCredentials : First, Second, and Third World, World Wide Words: First, second and third worlds
Is the US now a third world country?
Totally.USA is so third world that I think the first two worlds are on Mars and Venus.Because, on this Planet Earth, where we are living now , US tops the charts in mostly everything that is not a statistics cooked by left wing economists.But even them cannot cook thisUS has by a wide margin the highest energy consumption per capitaAlso, US has the most millions of miles of roads in the worldAlso, for a third world country, US has this strange habit of spending the most money on research, by a good marginConsequently, the most Noble Prize winners are now from a third world countryWhat weirdos, they starve in misery but they are obstinate in studyingAlso, as I said, the first and second world must be on some other planets, cause last time I checked US has the highest income per household inside OECD membersAgain, a strange inclination towards buying cars ( maybe used ones from somewhere else?) for this third world citizens. Where they find the money from?Also, poor people in this third world country, they live in this crammed, small homes, of “only” 971 square feet PER PERSON( around 2300 per house!!!)Another strange, third world habit of this nation is to spend money on swimming pools. Why would they need that, while starving?As I said, I am curious to see how other first and second world countries look like, because on this planet I traveled a lot and I can say without a doubt that this is a top drawer country in most metrics ( I am not denying that there are problems).Closing with my view, today, smart phone picture, from the patio of the resort where I am relaxing. Damn third world countries!
Which is the best country to live in?
We all know which country claims to be the best in the world: the United States of America. But is really? They did bring us to the moon, do a lot of awesome science and are policing the world at their own expense. The US gets a lot of criticism for the latter one, but honestly, somebody has to do it, and I would rather it be them than China or Russia. But does the power or relevance of your country really matter if your looking for the 'best' country in the world to live in? I would say, hardly. What I think matters most is very simple: the happiness of it's citizens. So what country wins? Denmark. Here are the results from the World Happiness Report, an annual measure of happiness per country published by the United Nations. The results are mainly gathered by surveys. This might seem as a sketchy way to measure happiness, but as Nobel prize winner Daniel Kahneman showed; reported happiness strongly correlates with actual happiness.World Happiness ReportBut this isn't the only measure of country 'bestness'. Let's look at some other country ranking lists to get a more clear idea.The Human Development IndexHuman Development IndexThe good country indexA measure what each country on earth contributes to the common good of humanity, and what it takes away.The Good Country IndexGross domestic product per capita (PPP)This is the list of countries ranked by how wealthy the average citizen is. This is the income divided over the living expense. So Norway for example has a GDP per capita of $100,318 but because it's also very expensive to live there they would have the equivalent purchase power of an American with an income of $54,947.The corruption perception indexHow corrupt is your country?So if your looking for a place to move, happiness might be a bit to simplistic a factor. If you like money and nature, Norway is the place to go. You want a warm climate and keep speaking English? Go to Australia. Do you like city life, hanging out on a terrace and discussing international politics? Go to the Netherlands. Skying? Switzerland. Sex? Brazil. Weird stuff? Japan. Big cars and spaceships? USA.Anyways, I would like to finish with the Mercers Quality of Living rating. Because who cares what country is the best, you really want to live in the best city. And according to Mercer Quality of Living Survey apparently that's Vienna, Austria. Though Monocle says Copenhagen, Denmark. And the Economist says Melbourne, Australia. Happy travels!
What is the median income of Planet Earth? ?
The closest thing that would probably be accurate is the GDP per capita. This is essentially the amount of money produced or earned a year, per person in a nation. It was roughly $10,100 in 2011, as estimated by the World Bank, IMF, and CIA. http://en.wikipedia.org/wiki/List_of_cou... The BBC did a report answering the same question, and accounted for children in addition who don't work. That equates to roughly $18,000 a year. http://www.bbc.co.uk/news/magazine-17512... It certainly does not cover every person, nation, or scenario. There are child workers, retirees, and self-employed farmers who never see a corporation, or even electricity. You might ask how 2/3 of the planet survives on less than $2 a day, if the average wage is $18,000. Take into account the purchasing power disparity. These numbers are adjusted for income and cost of living differences, as well as currency differences, so they are not the raw numbers you'd expect. $1 on this scale, would buy you a Dollar Cheeseburger in the US. That means a pound of wheat in a third world nation, based on the income of their citizens, could cost tens or hundreds of these adjusted dollars. While $18k is half the average American's income, twice the Bulgarian, 12x someone from Ghana, and nearly 70x that of a person from the DR Congo, it shows the major income disparities that you would expect to see. Less than a fifth of the world live in countries earning at least $18,000 on average, yet they pull the average for countries like the DR Congo, where $216 a year is the average income; that's 59 cents a day.
There are two basic answers to why America has the greatest income inequality in the European world, systemic enforcement of inequality and lack of a homogeneous population. Can anyone name a third?
Not sure I agree with some of the statements in your question. America is not part of Europe and while our roots are based mostly in European ancestors, our economic and political models are different. Other answers have pointed out the differences.There is no ‘systemic enforcement of inequality’ for one. Stating systemic enforcement means that greater powers are deliberately keeping the poor, poor. That’s just not true. Millions of people since the founding of the country have started small businesses and become successful or became doctors, lawyer, financial gurus or professional athletes, many of which are well-paying occupations.The capitalist economy is structured such that anyone can presumably become successful with effort, vision, and desire. Are there exceptions? Certainly. There are areas where gangs, drugs and subpar education limits opportunity or makes wealth harder to achieve. Even then, there are examples of some that came out of dirt poor backgrounds and became successful.The United Sates is no longer homogeneous, but it has never been completely homogeneous anyway. In times past, the Irish and Italians certainly didn’t regard the other group as the same or equal in many respects. The bigger question in my mind is what happens when no demographic is the majority. This will happen no later than 2045 and will stir the melting pot, a lot.The question really should remove some erroneous assumptions. A capitalist economy is going to have economic differences and in some cases, extreme differences. That’s a simple outcome of capitalism.“Under capitalism, prices and wages are determined by the forces of supply and demand.Members of a capitalist economy are driven to obtain the maximum amount of utility ("benefit" or "profit") at the least cost. Privately owned industry caters to a consumer sector that wants goods and services of the highest value for the lowest price. Competition forces companies to keep prices low to attract consumers. The role of government in a capitalist society is to protect the legal rights of actors in the economy, not to regulate the free marketsystem.” (source: Definition of CAPITALISM).The definition has no mention of ‘systemic enforcement of inequality’ or ‘homogenous society’.