Growing Disparity Between the Global North and South
The growing disparity
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Running Head: THE GROWING DIPARITY BETWEEN GLOBAL NORTH AND SOUTH
The Growing Disparity Between Global North and South is a Direct Consequence of Trade Malpractice. Anum Mahmood Lahore University of Management Sciences
The growing disparity
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INTRODUCTION: North-South system describes relations among the market economies of the western world (mainly located in the northern hemisphere), and the third world economies of Africa, Asia, and Latin America. As has already been noted, the terms North and South are used to designate the two major economic spheres in the world economy: a wealthy North made up of Economically Developed Countries, (EDCs), and a less wealthy South composed of Less Developed Countries (LDCs). The two geographical designations result from the fact that most EDCs lie to the north i.e. North America and Europe, while most LDCs are further to the south, in Africa, Asia, and central and South America. The North/South divide is not absolute in a geographical sense. The economic factor is the most objective distinction between North and South. Unlike the Western system, which is composed of relatively similar and equal state actors, the North-South sub-system is one of disparity and inequality between the North and South in terms of gross national product per capital (GNP). The countries of the North tend to have more diverse economic bases; they rely for their income on the production of a wide variety of manufactured products and the provision of diverse and sophisticated services. Southern countries, on the other-hand, depend on fewer products mainly agricultural produce and other raw materials for their income. The Global South is sometimes described as ‘the zone of turmoil’ in large measures because, in contrast with peaceful and democratic North, most of the people in the South face chronic diseases, tyranny and anarchy. In most of the countries of the South where conditions of dictatorship and dismal financial
1
Running Head: THE GROWING DIPARITY BETWEEN GLOBAL NORTH AND SOUTH
The Growing Disparity Between Global North and South is a Direct Consequence of Trade Malpractice. Anum Mahmood Lahore University of Management Sciences
The growing disparity
2
INTRODUCTION: North-South system describes relations among the market economies of the western world (mainly located in the northern hemisphere), and the third world economies of Africa, Asia, and Latin America. As has already been noted, the terms North and South are used to designate the two major economic spheres in the world economy: a wealthy North made up of Economically Developed Countries, (EDCs), and a less wealthy South composed of Less Developed Countries (LDCs). The two geographical designations result from the fact that most EDCs lie to the north i.e. North America and Europe, while most LDCs are further to the south, in Africa, Asia, and central and South America. The North/South divide is not absolute in a geographical sense. The economic factor is the most objective distinction between North and South. Unlike the Western system, which is composed of relatively similar and equal state actors, the North-South sub-system is one of disparity and inequality between the North and South in terms of gross national product per capital (GNP). The countries of the North tend to have more diverse economic bases; they rely for their income on the production of a wide variety of manufactured products and the provision of diverse and sophisticated services. Southern countries, on the other-hand, depend on fewer products mainly agricultural produce and other raw materials for their income. The Global South is sometimes described as ‘the zone of turmoil’ in large measures because, in contrast with peaceful and democratic North, most of the people in the South face chronic diseases, tyranny and anarchy. In most of the countries of the South where conditions of dictatorship and dismal financial