Development of economics.

To discuss the theory and empirical evidence that the gap between rich and poor countries converges we should define what are poor and rich countries? What causes the gap between countries? What are the main factors that will lead to convergence? Is the gap between poor and rich countries really converging? Countries are classified on the bases of their degree of development and per capita income (total income added to the total output of a …

…are narrowing the per capita income gap. Some of the globalisers like India and Bangladesh were initially poor twenty years ago but their rapid growth has contributed to reducing income inequality between countries The integration of the world economy over the past twenty years has shown that it can have great benefit leading to rising incomes and falling poverty and enabling some of the poorest countries in the world catching up with the richer countries.