Question

Do you agree with the argument that the rich nations are getting richer and the poor nations are getting poorer? Is this an oversimplification? Explain.

Answer 1

There can be two ways to approach this situation, one cannot be rich in short time, it requires long term investments,planning and vision and wealth in the first place so there can be truth to the aphorism rich gets richer but there is a case in which realising a country's economic capability is a government away or a single reform away. When there is a huge scope of investment that has not been tapered into in the past, a poor country can go richer for example in the contemporary world China , India and Singapore are exemplifying out of charts economic growth in the recent decades. So the aphorism richer countries gets richer and poor countries getting poorer may be a over simplification.