When the first edition of this textbook was published in 1996, the World Bank defined low-income country as one with per capita income of less than $501. In 2003, when the third edition of Global Marketing appeared, low income was defined as $785 or less in per capita income. As shown in Table 2-4 of this chapter, $1,045 is the current low-income threshold. The other stages of development have been revised upward in a similar manner. How do you explain the upward trend in the definition of income categories during the past 20 years?
Table 2-4
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