(23,2,12016 comment : also applies in depressed parts of Rich Nations...)
The Economic Reason
"One of the principal economic problems facing us and the rest of the world is achieving maximum production and continued prosperity. The loss of a huge, potential market for goods is a direct result of the economic discrimination which is practiced against many of our minority groups. A sort of vicious circle is produced. Discrimination depresses the wages and income of minority groups. As a result, their purchasing power is curtailed and markets are reduced. Reduced markets result in reduced production. This cuts down employment, which of course means lower wages and still fewer job opportunities. Rising fear, prejudice, and insecurity aggravate the very discrimination in employment which sets the vicious circle in motion.
Minority groups are not the sole victims of this economic waste; its impact is inevitably felt by the entire population.
These explanations of how segregation impacted the US economy apply equally to how resource drain from Developing (fka Third World) economies impacts the world economy. This is the chief ECONOMIC reason that we need Fair Trade and equal exchange laws. All the world suffers when part of the world is denied equality, via policy or path dependent history, as the case may be, we urgently need to cooperate and share with the entire world our technologies and our resources because unless we do so, we are all limited.
Read, Write, Dream, Teach !
23 February, 12016 HE