This a text rich in lexical items related to the topic of INEQUALITIES in wealth and poverty. Make sure you understand the ACRONYMS:
"Trade is dominated by the countries of North America, western Europe, and Asia. In recent times the economies of LICs and lower MICs have become more strongly linked with those of HICs. Theis has raised living standards in many LICs and lower MICs but has not benefited some unskilled workers who have lost jobs and had wage cuts. The overall volume of trade has grown with the exception of times of recession such as 2008-9."
Geography for Cambridge International AS & A Level. OUP, 2015