Wednesday, October 9, 2019
Bartering system SHOULD ALL THE COUNTRIES HAVE ONE GLOBAL ECONOMY? As we all are well aware that before the money was minted, people followed Ã¢â¬Å"BARTERING SYSTEMÃ¢â¬ . Slowly, it evolved into the principles of buying and selling with money. As time passed, the world faced Imperialism, where the countries started conquering other countries as their colonies and made them as a source for raw materials. After World War II the Imperialismcame to an end, and a new era of economies emerged. These economies are Capitalism, Socialism and Mixed Economy, and altogether these economies are known as Ã¢â¬Å"GLOBAL ECONOMIESÃ¢â¬ . Today all the countries of the world are slowly opting to have a global economy. Even though, many countries oppose to adopt one global economy because of its negative impacts on the developing and third world nations, it is obvious that it has shown clear positive effects shifting the economic activities into profitable situations. Besides several criticising allegations agains t having one global economy, yet it still has its good effects in the areas such as all round development of the nation, Unity among nations and increasing political awareness among the countries. The main claim of many countries is that global economy leads to financial exploitation of a country. This criticism is mainly based on the premise that adopting a global economy can destroy the regional economy by means of financial exploitation and financial inequalities. On the contrary, the country which adopts global economy will benefit from equal development and equal distribution of wealth among the countries. Most of the economists of the world agree that having a global economy, the countries will be developed equally. According to a webpage article from economy watch, (nd) states that, Ã¢â¬Å"global economy can have the increasing opportunities of the economies in large scale and by opening up of the economy, the industrial sector will be benefited by achieving cheap labour, c apital and technology.Ã¢â¬ For example: if one country is self sufficient with the financial resources, then that country can help another developing country in attaining financial resources and free from financial debts and hence there is less scope for financial exploitation. It increases the employment opportunities in large scale and small scale industries. Global economy also helps in transferring sophisticated technology from the developed countries to the developing countries in the fields of agricultural sector to service sector. It also helps in having constant level in the balance of trade among all the countries, which also plays a vital role in increasing the national income and overall development as a whole. Another important claim is that global economy results in instability of unity among the people of the country. This negotiations are mainly depends on the facts on having global economy which exploits the individual economies in the form of inequality, social and cultural differences which result in wars. Yet, most of the countries accept to adopt global economy which will be benefited by equality, social and cultural dialogues. Most of the people agree the conclusion that by adopting the global economy, there will be less scope for wars and unity will be prevailed among the countries. A global economy would also help in promoting international cooperation and peace. If countries are dependent upon one anotherÃ¢â¬â¢s economic success then armed conflict would be less likely. According to businesspme, (nd) Ã¢â¬Å"Both India and Pakistan possess nuclear warheads and they are often in wars over land and territory such as the Kashmir issue. It is likely that these two countries will not use nuclear warheads for against each other. Otherwise it would be complete destruction and leads to the financial crisisÃ¢â¬ .It also helps in improving good relations and exchange of cultural activities and benefits of the country. It also helps in deve loping bilingual relations between the countries and unity among the people and nations in the form of equality, social and cultural diversity.
Posted by w at 5:56 PM