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Monday, July 13, 2020

Because of the global economy, many goods including what we use as daily basics produced by other counties have to be transported for a long distance. To what extent do the advantages outweigh the disadvantages? ~ Sanchit

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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