Word: roden
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Dates: during 1970-1979
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...while today transactions are on a more complex level, the classic mercantile relationship--finished goods traded by developed nations for natural resources supplied by developing nations--remains intact, and the worldwide gap between rich and poor widens. By 1970, says MIT economics professor Paul Rosenstein-Roden, the per capita income of the poorest countries was one-fortieth that of the rich countries. And Robert McNamara, president of the World Bank, predicts that by the year 2000 "masses of the poor (who by that time will total two and one quarter billion) will on average receive less than $200 per capita...