Showing posts with label Wealth Building. Show all posts
Showing posts with label Wealth Building. Show all posts

Friday, June 16, 2023

The Great Convergence: Global Equality and Its Discontents

    Friday, June 16, 2023   No comments

An article in the magazine "Foreign Affairs" talks about global income levels, within the next twenty to thirty years, and says that the number of Chinese who earn salaries equal to the salaries of middle-income Americans will be equal, which reduces American hegemony.

The current century has witnessed a significant decline in global income inequality, after falling to levels not seen in more than a century. This is the conclusion reached by Branko Milanovic, one of the world's foremost inequality researchers.


Milanovic said in an article published in the American magazine "Foreign Affairs", that "at a time when the population of the United States is only 4% of the world's population, increasing equality would be beneficial to the planet as a whole, but it heralds the end of American hegemony."


According to the author, inequality is measured using a Gini coefficient (a unit of measurement), which extends on a scale from 0 (perfect equality) to 100 (where one person gets all the income in the world).


On this measure, the inequality index fell from 69 in 2000 to 60 in 2018, and it is certainly lower today. In other words, the world is more equal now than at any time since 1875.


Recently, that number due to inequality within countries has risen slightly, and now stands at about 13, up from 7 in the 1990s. Conversely, the component decreased from a high of 63 in 1988 to only 47 in 2018 due to inequality between countries.


This is a complete reversal of what happened during most of the Cold War, when inequality between countries was increasing, but inequality within a single country was greatly reduced.


Milanovic notes in his article that "in the 1970s, India's share of global GDP was less than 3%, while the share of Germany, a major industrial power, was 7% by 2021, then these proportions reversed."


People who were poor by the standards of the United States, and other rich countries, were rich by global standards.


"People's incomes in Asia have reached unprecedented levels," adds Milanovic.


For every 100 middle-income Americans, 25 Chinese earned an equal amount.


Within the next 20 to 30 years, the number of Chinese earning salaries equal to that of middle-income Americans will be equal, and then rapidly exceed that proportion.


"This, in turn, reflects a broader shift in economic, technological and even cultural power in the world," says Milanovic.


For the global genetic coefficient (the unit of measure) to continue to decline, Africa will need to become significantly richer in the coming decades, "which is not likely to happen yet," according to Foreign Affairs.



Monday, June 12, 2023

Saudi Arabia seeks closer ties with China, defends criticism from the west, explains ties to China as "Cooperation for prosperity"

    Monday, June 12, 2023   No comments

 Saudi Arabia, one of the key partners of the United States in the region, seeks to develop cooperation with China, despite the concerns of Western countries. This was stated by the Minister of Energy of Saudi Arabia, Prince Abdul Aziz bin Salman Al Saud, speaking at the Tenth Conference of Arab and Chinese entrepreneurs in Riyadh.

"Today's reality is that China occupies, has occupied and will continue to occupy a leading position. We should not compete with China, we should cooperate with it," the minister said, whose speech was broadcast by Asharq TV channel. "Cooperation with China is advisable because they have taken the initiative to attract the right manufacturers."

When asked how the minister perceives the criticism that Western countries are subjecting Saudi Arabia to for expanding economic and political ties with China, he said that he "actually ignores it." "Like any business person, you will go where there are appropriate opportunities," he added.

The tenth Conference of Arab and Chinese entrepreneurs is being held on June 11-12 in Riyadh under the slogan "Cooperation for prosperity". The event, organized by the Ministry of Investment of Saudi Arabia, is aimed at strengthening economic cooperation between China and the countries of the Arab world. The conference is attended by more than 3 thousand people - high-ranking officials and representatives of large businesses.


According to the Saudi Press Agency, on the first day of the conference, its participants signed dozens of investment agreements worth more than $ 10 billion. Among them is a $533 million agreement between Amar Al-Oula and Zhonghuan International Group, which involves the construction of an iron ore processing plant in Saudi Arabia, as well as a $500 million agreement between ASK Group and the Chinese National Geological and Mining Company on the development of a copper mining project in the kingdom.


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