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Standard of Living

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Submitted By YLIN4
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Globalization and Standard of Living
Globalization is generally described as the integration of each region of the world through the means of communication, transportation, and trade. It has becomes a symbol of the development of the world as well as a process of taking people’s lives to a new era. In various fields, globalization has brought positive changes to the world, such as in finance, medical knowledge, cultural exchange, and technology. These improvements have enlarged the human scope of knowledge, and in turn increased people’s living standard. People’s ability to satisfy themselves in their lifetime is defined as the standard of living. The measurement of it depends on human beings’ income growth, educational standard, life expectancy and some other aspects. As time goes by, globalization has embedded itself deeply into various communities and played an important role in affecting the quality of their lives. Concepts such as the growth of GDP, income per person, mortality rate, and higher education are all connected to globalization and life satisfaction. Therefore, with the onset of globalization, it is proven that the standard of living has consistently been improved in the majority of countries in this world through economic, biological, and educational means.
The question then becomes: “how does one measure standard of living?” According to McGillivray and Noorbakhsh, “empirical research has proposed a number of composite indexes intended to measure multi-dimensional well-being”, and that “the best known, and that which has received the most attention, is the UNDP’s Human Development Index, (HDI)” (McGillivray, 113). In order to provide a more comprehensive view of living standards, the United Nations Development Programme has developed this particular index to summarize “achievements in basic human development in one simple composite index and...

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