The Importance of Inequality in the World

Before modern production and value-adding industries, the wealth of nations was mainly determined by how productive their farmland was. The only real way to own wealth in these times is to own land, which could be used to grow food. Modern industry and technology like railroads, steam engines, production lines and later electricity created a large divide between countries that were utilising these technologies and those that weren't. Today, agriculture is only a minor component of the global economy and an even smaller part of most advanced economies. And with international investment and globalisation, it's much easier for countries to industrialise now than it was 50 years ago.