Many conservatives and
environmentalists believe that importing simple products which are utilized on
an everyday basis from far off regions in order to cultivate better
geopolitical ties can have negative impact on domestic economy of a nation and
also contribute to the international environmental issues like global warming,
while there are a few who disagree with it.
Most of the global trade is in
contemporary times is dependent on conventional energy sources like diesel and
other fuel oils for transportation of raw materials and finished commodities
across long distances, which are a primary source of pollution globally and are
responsible for inducing unsurmountable damage to the ecosystem.
Moreover, importing basic day to
day consumables from other countries could have devastating impact on the local
manufacturers and businesses as outside players can manipulate regional markets
by mass dumping their goods which would make it difficult for native
competitors to sustain their operations, forcing them to shut down leading to unemployment
and affect the economic capabilities of a state by slowly draining its wealth.
Nevertheless, proponents of
global economy hail it as a very positive step towards world peace, resolving conflicts
worldwide and promote greater harmony among people belonging to different
areas. In addition to this, it provides consumers with a wide range of
consumables to choose from thus providing them better alternatives and improve
their standard of living. Furthermore, this would create a competitive atmosphere
for local ventures to become more innovative and produce much superior
merchandise.
To summarize, I opine that in
the concurrent era of globalization global economy is a necessary evil which
cannot be neglected as in current diplomatic scenarios it plays a vital role. However,
this should be done in a controlled manner so that the damage caused by it is
minimum.
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