By: Christine Nguyen
For the full infographic, click here.
5 REASONS WHY THE WEALTH GAP BETWEEN THE US AND VIETNAM REMAINS
The idea that Third World countries could reach the potential of economic wealth and development as First World countries do is failing because of the different social, political, and initial economic positions countries are in. The underlying reasons for the failure of the development project is reiterated with the Third World countries dependence on the trade market, specifically Vietnam in my infographic, the power of the global elite, the value of time and the ability to innovate quickly and efficiently, the misconception of power parity purchasing, and the different country regulations. It is difficult for countries like Vietnam to reach the standard of US living and create new production and advance in technology because the wealth in their country is at a different position, where business growth and economic growth is heavily influenced by social factors and even geographically. Vietnam’s depends on the trade between the US and other major countries in order to make profit and economic growth which reflect a difficulty of moving up in the world. In some aspects, it seems that the economy is egocentric, with having First World countries in the center controlling other countries that do not have the same power and privilege.
Some reasons as to why the wealth gap exist between the US and Vietnam is the different dependence on trade markets.
Here is a breakdown of rates of exports of goods and services and imports of goods and service quantified in terms of percent of GDP.
The time for innovation dictates the ability for the US to improve their economy versus third world countries like Vietnam.
A breakdown of government regulations for the US and Vietnam are evaluated showing that the US has more economic freedom than Vietnam.