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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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A Worldwide Market?

The degree and extent of poverty in the world holds many implications. In 2005, the World Bank revised the manner in which it calculates the extreme poverty threshold. Rather than the old $1 a day (which was actually $1.08 a day), it revised it to $1.25 a day. Further, the World Bank estimated that about 1.4 billion people were living in this extreme poverty.
When 1.4 billion people are living on $1.25 a day, and one-fifth of the world garners 80 percent of its income, the situation can only be described as income inequality. The degree and extent of poverty in the world holds many implications. But rather than dwell on the moral aspects, which are as controversial as they are obvious, I want to point out the implications ...

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