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Is inequality bad for economic development? There has been a lively debate on this issue. Some economists argue that inequality is necessary for economic growth, while others are against it.
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Wages and productivity levels differ across countries. For instance, in 2011 the average yearly income in the US was about $53 000, whilst the same indicator was $250 in Madagascar.
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In 1905, Max Weber, in his masterpiece, “The Protestant Ethics and Spirit of Capitalism”, proposed an interesting hypothesis which claimed that Protestantism, Calvinism, and Puritan ethics influenced the development of capitalism.
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Below are Google Maps images of two rural communities (A and B) in Georgia. Please click the image to enlarge it.
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Poverty and income inequality are two of the top concerns for the newly elected Georgian government. Indeed, despite impressive growth performance (annual growth rates have averaged more than 6% since 2005), Georgia remains a poor country.