The Global Economy
In This Chapter
• The international distribution of income
• Key developments in the global economy
• The perils of high global debt
• The role of multinational corporations
The term global economy covers a lot of ground. It includes the mansions of Beverly Hills and the favelas (shantytowns) in the hills of Rio de Janeiro. Its inhabitants range from billionaire oil sheiks to people so poor that they eat rats in order to survive. Its markets operate with all the sophistication of a trading floor in Hong Kong and all the simplicity of the barter society of the Huli tribe in Papau New Guinea.
It’s not going too far to say that it’s impossible to understand the world we live in without understanding its economics. ...