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Describe the Trend in Global Inequality Over the Course of the Last

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Essay

Describe the trend in global inequality over the course of the last century, especially since 1970.Based on where we have been and where we are now, predict where the world may be a century from now.What prediction would modernization theory support? What about dependency theory? How accurate do you think each prediction is? Why?


Definitions:

Preferences

Individual likings or choices among various options or alternatives.

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome, often referred to as the "I knew it all along" phenomenon.

Representativeness Heuristic

A cognitive shortcut where the likelihood of an object belonging to a category is judged based on how typical the object appears to be of that category.

Phases of Decision Making

Describes the sequence of steps from identifying a problem or opportunity, through to the final choice and its implementation.

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