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

question 106

Essay

Describe the trend in global inequality over the course of the last century and, 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? What do you think will happen? Why?

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Definitions:

Guaranteed Payment

Payments made to partners in a partnership regardless of the partnership's income, often for services rendered or for the use of capital.

Separately Stated Item

Items on a partnership or S corporation tax return that are listed separately to ensure proper tax treatment at the individual level.

Ordinary Expense

In tax terminology, ordinary expense refers to any expense common and accepted in your trade or business operation.

Income Recognition

The accounting principle stating that income should be recognized in the accounting period in which it is earned, regardless of when the cash is received.