With all due respect to the reports published by United Nations and other similar global bodies, there are certain anomalies that nobody points out, at least publicly. These anomalies have been going on for years, if not decades, falling in line with Western interests. Even if we track global history in the post-World War II period, these irregularities are vivid and clear. For example, Japan was for long considered an emerging economy, rather than a fully developed one, despite its per capita income being higher than the many so-called developed nations. The same pattern still persists with other nations, like South Korea, which is even now considered an emerging country, although its per capita income (in PPP terms) is higher than Spain’s and at par with Italy’s (both Spain and Italy are recognized as developed nations). The G-7 club was formed on the basis of the seven biggest economies among developed nations coming together. Now, with South Korea’s GDP size in PPP terms becoming ...
Dr. Arindam Chaudhuri
(An IIPM Think Tank Blog)