Table of ContentsSummaryIntroductionInequality in IndiaInequality in South KoreaInequality in GuyanaHelpman's Main Arguments and Influence on Economic PerformanceSummarySummaryThe economies of countries around the world vary widely in terms growth and equality. Economic disparities will be explored in three different countries. These countries include India, Korea and Guyana. The effects of inequality in growth and economic performance extend to the most distant citizens of each of the countries mentioned. The effectiveness of economic performance for citizens is determined by the reform channels employed by the governments of each of these countries. Elhanan Helpman's economic theories and findings will be examined and their implications for these countries examined, using the data to describe the economic findings. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayIntroductionEconomic inequality harms the development of growing and established countries across the world. A country's economic performance will impact growth and inequality for each country's businesses, government and citizens. These performances not only impact the success and survival of each country, but also the economic situation of performance in the global financial environment. When there is less wealth in fewer hands, inequality is inherent to the economic stability of the country. The impact on the overall economy extends to everyone in the state or country, and even the entire world. In the situation of an underdeveloped or unequal economy, the financial situation of a country is described by the low per capita income of the citizens. The poor distribution of income and wealth in a country will make the problem of poverty and economic disparities a major obstacle to the economic balance and growth of a country. Economic inequality is closely linked to reduced economic growth since the increasing concentration of people's income is part of a smaller portion of the world's population. It is the necessary responsibility of economic and political theorists and activists to examine the issues. linked to financial success and disappearance in all countries. After a thorough review of the economic situation, institutions must create and implement theories and methods to bring about improvements at all levels of financial classes. And finally, the implemented theories must be reviewed and modified as necessary to continue to meet the needs of the public and private sectors of the economic industries. Problem-solving methods begin by questioning the current state of successful and failed financial planning. The institutions of each country must start by assessing the country's population and work their way to the top. This assessment process will allow economists to formulate questions to better understand and create change and progress in the financial security of their country. Therefore, the questions that need to be answered are: what is the effect of inequality in growth and economic performance on each country? How does the economic development of each country affect the living conditions of its citizens? What are the economic channels used by governments? to ensure growth and equality within the country and in global economic systems? How did Helpman's theories influence economic growth and improved status forcreate equality for countries around the world? These research questions have been explored and continue to influence the development of economics. status across the world. The results will show progress and implications for the countries of India, Korea and Guyana. The economic implications will be explored by demonstrating the empirical evidence showing the correlation between successful and desperate conditions of inequality and growth for countries. Next, possible explanations will be explored when reviewing the evidence for each country. Finally, Helpman's theories of economic performance will be explored in the link on the status of economic reforms implemented in these countries. Data, descriptions and explanations will be used to explain and demonstrate the results of these research questions.Inequalities in IndiaAs the world's seventh largest economy, India has achieved economic success through the export of various products and agricultural products to countries around the world. . However, the status of its population was a different experience from that observed from the outside. India has the third largest purchasing power in the world. India is classified as a newly industrialized country and a leading G20 economy, with a growth rate of around 7% over the last 20 years (International Monetary Fund (IMF), 2014, 1). These growth rates are observed in many states across the country. In Mahashtra city, the GDP has been estimated at $250 billion. In Tamil Nadu, the GDP averaged $150 billion. Finally, the city of Uttar Pradesh had a GDP of $130 billion in 2015 (DailyNewsAnalysis, 2015, 1). These growth rates surpassed the superpower economic growth status of the People's Republic of China in 2014. According to the IMF (2014), the Indian economy has developed the potential to become one of the two largest economies in the world by mid-century. -21st century (2). The implications of this economic development for India can lead to an improvement in global trade rankings – agriculture (17%), automobile industry (29.7%) and growing e-commerce markets (45%) (CIA, 2016, p.1). . The long-term growth prospects of this economy have been developing positively, thanks in large part to this growing country's younger generation. Young people have experienced low dependency rates, healthy savings and investment rates, and increasing integration into the global economy (CIA, 2). The economic trends and problems faced in India do not match the growth and progress seen on paper around the world. network. The influence of the financial reality of Indian citizens is not as positive or glamorous as it seems. The reality of the ordinary Indian citizen is filled with despair, poverty and sorrow while those in the upper stratum of society continue to prosper. The reforms that have contributed to the growth and development of the Indian economy over the past 20 years have also had an impact on this country's poorest citizens. Income inequality has doubled during this period. Since 1991, the country's persistent liberalism has shifted the Indian economy towards a market economy (Gargan, 1992, 1). Financial policies were influenced by the combination of protectionism, import substitution, Fabian socialism, and social democratic government policies (Gargan, 2). After these economic influences took hold, India began to experience a serious decline in the equality of its economic stability among the weaker demographic sections of its society. Garan notes in1992 that the Indian economy was characterized by several descriptions offering a gloomy vision of development for financially distressed citizens. In the various communities of India, the government has proposed extensive regulation of its economic programs. With these regulations, the Indian government has hampered its people. Additionally, the government proposed protectionism and public ownership of large corporate monopolies throughout the country. Protectionism and public ownership have prevented the common man from participating in financial growth or capital gains, thus holding them back amidst poverty. India has also experienced widespread corruption within the various agencies of its government. The vested interests of the country's powerful and elites drive changing rules to support systems that have evolved to meet the needs of these growing interest groups. Social spending in India has spiraled out of control. This spending has led to virtual theft of the population, policy changes aimed at hindering the growth and expansion of low-income families, and ultimately redirecting the path to financial success for all residents of the India. Due to elitist systems, corruption has harmed the people of India, physically, socially and financially. Finally, India's economic trend saw a slow growth in the status of the people and governmental equality. With the economic management of institutions in India, it was inevitable that the economy would decline and eventually begin to fail. This economic failure was seen throughout the country and among the population. The market economy has now seen a growing budget deficit in percentage terms. In 2009, India's budget deficit stood at 5.9%. In 2010, the deficit reached a high rate of 6.5%. Like the budget deficit, the unemployment rate rose from 4.7% nationally in 2013, an increase from 3% observed in 2012 (Government of India, 2013, 6). The implications of these alarming statistics harm the people of India due to sharp and growing regional variations among states in poverty, infrastructure, housing and socio-economic availability. These variations have a daily impact on people's health, death and living conditions, leaving the population with little hope of progress and improvement. According to the East Asia Forum (Koo, 2014), South Korea's President Park Geun-hye promised to rebuild the middle class and increase its size to 70% of society ( 1). The pledge was part of his 2012 campaign power pact to rebuild the struggling South Asian country. South Korea continued to experience major political discourse with economic polarization with a declining middle class (1). Koo (2014) notes that economic change began in the mid-1990s, amid the major turning point of the Asian financial crisis. This financial crisis arrived in South Korea in 1997 (p.2). The consequences of this financial crisis have been devastating for ordinary citizens of this small country. The government sacrificed the process of economic growth for the sake of social policy which South Korea implemented to gain the respect of the superior northern country, North Korea. Korea's once-earning middle class has begun to experience a sharp decline in its livelihoods relative to the labor force. Citizens began to experience economic and social difficulties in the face of the productivist regime. Among the consequences of the capitalist system is the dismissal or early retirement of South Korean workers. These two difficult situations havesignificantly increased the low-income and impoverished population. The next step down in a failing economy was corporate bankruptcy and downward mobility. These inequalities have begun to undermine the social and economic stability that more organized and democratic societies often enjoy (Koo, 2014, 2). The failing economic conditions of the large middle class have impacted infrastructure development among the middle and lower classes. the economic situation of the company. These deficits destroyed South Korea's poor population and led middle-class citizens to experience poverty. For some, it was the first time in their lives that they began to feel the pinch and pain of poverty. However, the consequences of the financial crisis have been uneven across the country (Koo, 2014, 2). As South Korea's working class suffered in all areas of their lives, financially stable citizens took advantage of markets where credit opportunities were scarce. This helped the rich become even richer than they were before. The consequences of the devastating decline in global trade markets and employment became increasingly visible during and after the economic crisis of the 1990s. The implications are seen in the following inequality measure. According to South Korea's average Gini coefficient, the financial coefficient produces the following statistics which demonstrate the decline of economic stability (Koo, 2014, 2). In the years 1990-1995, South Koreans experienced a decline in their economy of 25% over a five-year period. In 1999, the decline of the country's economy continued at a rate of 29% since 1995. In ten years, the rate of economic failure increased to an average of 32%. These increasing percentages confirm the economic decline that South Korean citizens have experienced over a twenty-year period. Koo (2014) models the decline in economic stability and the rise in inequality starting two years after the start of the financial crisis (3). As people felt the pain of halting economic decline, they also felt the difficulty of distributing income. This effect of economic failure adds to the economic instability of the wage rate of South Korea's population. The same trend can be observed in the distribution of income: the share held by the richest 10 percent of income holders divided by that of the poorest 10 percent increased from 3.30% to 4.9% in 1990 until 2010. By 2012, the income disparity increased to 16.6% between higher income structures and the population living in poverty (Koo, 2014, 3). The capitalist government generates indeterminate and unsustainable inequalities in the social and economic status of the country. The enormous increase in economic disparity over the past twenty years demonstrates how populations have become further separated by financial success and poverty. The differences found between these extreme socio-economic classes are reflected in the overall value of the country's financial wealth. In South Korea, as in most societies, wealth inequality is much greater than income inequality. In 2012, the richest 10 percent of the population owned 46 percent of the country's total wealth. The poorest 50 percent of society owned only 9.5 percent of the country's wealth (Koo, 2014, 5). The main sources of growing income inequality occur alongside the transformation of South Korea's neoliberal economy (Koo, 2014, 5). ). The reform of this labor market has produced a significant deficit of regular employees andworkers with varied employment. The working class has become divided and this is reflected in South Korea's economic inequality. Inequality in Guyana Guyana's economy can be described as moderate at best. The main contributing factor to the growth rate of Guyana's economy is attributed to agriculture and extractive industries. According to Forbes magazine (2015), this small Latin American country relies heavily on the export of six raw materials for its economic security. These products include: sugar, gold, bauxite, shrimp, wood and rice. Exports of these products represent 60 percent of the country's GDP (1). Guyana's entry into the Caricom Single Market and Economy (CSME) in January 2006 expanded the country's export market, primarily in the raw materials sector (1). Unfortunately, weather conditions have a great influence on the success or failure of growing, producing and selling their limited resources. Since joining the CSME, Guyana has experienced positive growth every year for the past decade. This growth is observed in the amount of debt which has been considerably reduced since the early 1990s. In addition, inflation has been controlled in this small agricultural country. Despite the improvements and progress recorded in Guyana, they have experienced chronic problems which have contributed to the disappearance of their economic status on the global economic stage. The problems faced in Guyana that continue to influence the demise of economic growth include several factors (Forbes, 2015, 1). One of the factors affecting the economic development of this small Latin country has been the large foreign debt owed to other countries. The debt drained the minimum resources the population needed. Along with rising debt, the country urgently needed increased public investment. However, with the disappearance of economic status, opportunities for public investment were minimal at best. Since Guyana has had an agricultural-based economic structure, a skilled workforce has become a necessity for progress and growth. As the economy collapsed, the shortage of skilled labor led to continued economic failure in the production and sale of marketable agricultural products. In addition to the problems of growing debt and shortage of skilled labor, the lack of housing and infrastructure creates difficult conditions for poor citizens (Forbes, 2015, p.1). Declining living conditions have compounded growing health problems, particularly among young people and the elderly. These conditions are evident in the state of the country's GDP over time and its debt ratios relative to other countries. For example, in March 2007, the Inter-American Development Bank canceled Guyana's debt of $470 million, the equivalent of 21% of its GDP (Forbes, 2015, 3). This debt cancellation, combined with the debt cancellation of other heavily indebted poor countries, caused the debt-to-GDP ratio to fall from 183% in 2006 to 58% in 2014 (Forbes, 2015, 3). Guyana's heavy debt is due to the inward-looking, state-led development model pursued by the government in the 1970s and 1980s. In 2014, sugar production fell to its lowest level in 24 years, thus contributing to the disappearance of Guyana's financial difficulties (Forbes, 2015, 3). The final effect of economic decline on the people of Guyana has seeped into every aspect of society. their life. These ultimate implications for Guyana's economic status include the impact on the basic needs of its population (Thomas, 2014, 1). The place that belongs to needsfundamental rights have been deprived of the population due to inequality and poverty in health care, housing and nutrition. Furthermore, the limitations of GDP as an indicator of economic performance, well-being and trade unionism have impacted the government's ability to pay the growing debt and encourage economic growth in its own country. There were major theoretical foundations or laws of motion that directed production, extensive reproduction, and distribution below the measures that allowed the population living at the poverty line to survive. Finally, the global impact on Guyana's domestic inequality and poverty continued to grow at a rapid pace that remained unmanageable. These far-reaching implications have affected the stability of Guyana’s persistent financial woes and economic inequality. These inequalities are observed in Guyana’s economic performance and well-being over the past five years. This country's long-term GDP is in trouble. This can be seen in the thirty years of financial disparity. (Thomas, 2014, 2). In 1980, Guyana's GDP was -22 percent. In the 1990s, the country's GDP was 1.22 percent. Finally, during the years 2000-2013, GDP experienced a significant decline to 0.87 percent. Over the entire five-year period, this rate was less than 2 percent. Inequality and poverty have been given the opportunity to grow and prosper, while leading to the financial demise of many of its citizens. Helpman's main arguments and influence on economic performanceElhanan Helpman, professor of economics at Tel Aviv University, offers theories relevant to the development of economic growth which provides broad determinants of the development of financial equality in countries from all over the world. Government institutions must promote the adoption of services by the growing technological field of change. Innovation must come from the service sector to create opportunities for financial prosperity. Knowledge, education and technological advances can lead to production and great improvements in the standard of living of both rich and poor in every country. Helpman offers philosophies for understanding the disparity in GDP per capita between countries, the distribution of growth rates and economic development (Grossman, 2005, 1). It also gives the relative importance of the different factors contributing to growth ¬ factor; accumulation versus productivity growth and offers implications for the development of countries' financial stability. Helpman suggests theories that explain the success or demise of countries' financial situation. These philosophies include the study of per capita income, resource disparity, physical and human capital, and finally significant economic gaps (Grossman and Helpman, 2000, 1). Helpman offers economic analysts these theories to identify, analyze and modify current economic practices in order to improve the current and future status of their country. First, the constraints of the country's financial institutions must be respected in terms of consistency and productivity in the growth and equality of its population. Inequality is mainly attributed to low growth in economic spending, shorter growth periods, and a widening gap between the upper and lower classes of society. Additionally, the government should be closely monitored in analyzing financial investments. Scrutiny of leaders should include extortion of investments and efforts of their citizens working in blue-collar jobs. Helpman also recommends.