Introduction
Economic and social developments are policies which improve living standards of people through numerous developments and promote social equalities. It is a desire for every country to improve and develop economically. Globally, economic change and development has necessitated more countries to work harder. This is however not the case because while some countries prosper, there are others who continue to suffer economically. The objective of this paper is to discuss the comparison and contrast between Latin America and Europe.
Comparison and Contrast
There are countries which measure their wealth by Gross National Income (GNI).The GNI is not effective as it can only be used during particular times. Gross national income varies from one country to another and can not be similar. Narrowing down to a country like Brazil in Latin America, the economic growth rate is low unlike most developing countries in Europe (Landes 1998). In Latin America High-Tech manufacturing companies are the major industries. The industries manufacture pharmaceuticals, machineries and aircraft. On the other hand, Europe deals with manufacturing of automotives, biotechnologies and aerospace which are the major industries. Trade is a major activity in both Latin America and Europe as they import and export manufactured goods. Countries like Argentina, Colombia in Latin America are well known for import of the high tech goods.In Europe, Denmark is one of the countries which import and export goods. Universally, poverty levels continue to rise especially in developing countries where people live on less than $ 1 in a day. This is as a result of tough economic times that are gradually reducing population levels in many countries. Comparing Latin America and Europe, there is a low poverty rate in both places. Indigenous groups in Latin America like Guatemala and Bolivia are the most affected by poverty. Countries in Europe which are most affected by poverty include Slovakia and Slovenia (Landes 541).
According to United Nations statistics, gender equality is a contribution to economic development as more women are given opportunity to venture into the economic world. Today, most countries recognize women as people who have potential just like men. In Europe and Latin America, women are continuously given opportunities in the job market. Aspects of gender equality are realized in places like European schools where girls are given opportunities like the boys. The same applies to Latin America where women are given opportunities to join economical world. Cases of women discrimination is minimum although there are indigenous places in Latin America where women are not recognized (Landes 544).
Conclusion
Fundamentally, socio- economic development of a country is a key to success as it improves living standards of individuals. Socially, people need to realize that no-one is more special than the other. An economy is for the better of everyone and so it is ideal for people to work hard towards prosperity. Poverty levels must be eradicated although it may require effective strategies to achieve this goal. Elevating from this predicament can be impossible considering the current globalization crisis.
Works Cited
Landes, David. The Wealth and Poverty of Nations: Why Are Some So Rich and Others So Poor? New York: W.W. Norton, 1998. Print.