Question

Suggest any two ways to reduce economic disparity between the poor and the rich countries at the global level.

Hint:

Name two ways with a line each: fair trade rules and reform of global bodies, and aid, debt relief and technology transfer.

Answer 1

Step 1: Understand the problem:
Rich countries of the North have most of the world income, technology and trade. Poor countries of the South have low incomes and weaker markets. Two ways to narrow this gap are given.

Step 2: Way 1: Fairer trade rules:
Rich countries should cut subsidies and import barriers. They should open their markets to goods from developing countries. The rules of the WTO should be changed to give them a fair deal.

Step 3: Way 2: Aid, debt relief and technology:
Rich countries and global agencies should give aid and cancel part of the debt of the poorest nations. They should also share technology and invest in health and education there.

Final Answer:
Two ways: (1) fair trade rules that open rich markets to poor countries, and (2) aid, debt relief and technology transfer.