The planet of the slums

A majority of the world’s population now lives in cities. That brings opportunity. But it spells misery for millions too, says Eoin Gleeson.

Why is 2007 a watershed year?

This year, for the first time, the number of people living in cities outnumbers the rural population. That demographic balance is going to continue to shift in favour of urban dwellers as the cities in emerging markets swell with those seeking the gains of explosive economic growth. The scale of this industrialisation utterly dwarfs that of the Victorian age, says Mike Davis in his book Planet of Slums. London in 1910 was seven times larger than it had been in 1800. But today, Dhaka in Bangladesh, Kinshasa in the Congo, and Lagos in Nigeria, are each approximately 40 times larger than they were in 1950. By 2030, an estimated five billion of the world's 8.1 billion people will live in cities.

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Eoin came to MoneyWeek in 2006 having graduated with a MLitt in economics from Trinity College, Dublin. He taught economic history for two years at Trinity, while researching a thesis on how herd behaviour destroys financial markets.