The Insufficiency of the Term "North-South Gap"
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This paper discusses the obsolete definitions of "First World", "Second World", and "Third World" countries since the fall of communism, and presents the term that emerged later to replace them, the "North-South Gap". Developed countries in favor of capitalism were labeled "North", while countries with developing economies were labeled "South". The paper challenges the validity of this term, by bringing several detailed examples of countries that prove the definition inadequate. The paper concludes that the "North-South Gap" is losing its meaning due to a rise in global markets and economies.
From the Paper:"A major factor that comes into play when studying a country's economic status is the Gross National Product, also known as the Gross Domestic Product (GDP). This is the annual value of all goods and services "produced" by a nation. According to the World Bank, the 2005 GDP values for the United States, United Kingdom, Austria,
Russia, Singapore, Thailand, Brazil, and India (in millions of USD) are $12,455,068, $2,192,553, $304,527, $763,720, $116,764, $176,602, $794,098 and $785,468, respectively. These figures show that, currently, India and Brazil have a higher GDP than that of Russia or Austria1. Thailand and Singapore are not too far behind with a combined GDP that falls just short of Austria's."
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Cite this Research Paper:
The Insufficiency of the Term "North-South Gap" (2008, March 04) Retrieved May 25, 2020, from https://www.academon.com/research-paper/the-insufficiency-of-the-term-north-south-gap-101858/
"The Insufficiency of the Term "North-South Gap"" 04 March 2008. Web. 25 May. 2020. <https://www.academon.com/research-paper/the-insufficiency-of-the-term-north-south-gap-101858/>