The Danger of Technology and Industrialization

The Danger of Technology and Industrialization

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We as humans in the recent times have made the world almost inhabitable, posing the dangers to both ourselves and other inhabitants. This has been catalyzed by industrialization and technology. The fast growing inventions, innovations and the unhealthy industrial competition between countries has led to many global problems e.g. Global financial crisis, global warming.
The 2007-09 world financial crises have been a persistent reminder of the many-sided nature of the disaster. It hit from small and large to poor and wealthy countries. As appropriately discussed by Reinhart and Rogoff (2009a) that financial disaster are an identical chance menace. They have both local and exterior origins and originate from private or public sectors. They result from different shapes and sizes and later evolve into various forms and can quickly spill over the borders. They usually require instant and complete policy response. This requires key changes in monetary sector and economic policies and would require worldwide coordination (Åslund 2010).
The effects of the financial disaster can be extensive and can deeply affect the monetary and fiscal policies. E.g. the Europe financial crisis hard hit Asian Tigers like Singapore and Taiwan that heavily depend on exports to European countries. Due to financial difficulties of the European countries the Asian Tigers economies were hardest hit since they couldn’t export their products. The Eurozone financial crisis also resulted to cuts in development aid to world’s poorest countries (Della Posta & Talani 2011)
A financial crisis is usually a summation of events, including substantial variations in credit volume and asset prices, brutal disruptions in monetary intermediation and the need for support from the government. Financial crises are usually prefaced by asset and credit growth which later results into busts. The macroeconomic and monetary effects are usually severe. Huge output losses are frequent to many crises while extra macroeconomic variables record major declines (Cafruny & Schwartz 2013).
There has been a challenge in predicting and timing of crises. Monetary markets with high influence are easily subjected to crises, making uncertainty the major reason why the precise timing is hard to forecast. Moreover, the form of crises evolves in due course as fiscal and financial structures develop (Houghton 1997).
Global warming is the increase in the normal temperature of the surface of the world, especially a persistent rise large enough to cause variations in the worldwide climate. The globe has underdone numerous events of global warming throughout history and presently appears to be going through similar warming.

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The recent disastrous climatic events like the immense floods in Pakistan and India, the hurricane Katrina in the United States, the extended drought in Australia, China, Pakistan and Texas, are all the consequences of amplified temperatures due to global warming. During the 21st century disasters happened almost five times and killed many people. Between 2000 and 2004, 26 climatic disasters was recorded yearly. The massive geological variations will maintain their devastation if steps are not taken to alleviate global warming (Black & Weisel 2010).
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Insects pests are continually spreading to forest areas where in the past were too cold for their endurance. Alaska for instance recorded the globes largest outburst of beetles in the 1990s. Alaska also had its third driest summer, with fires overriding forest area Maryland size. The rise in sea levels has been caused by global warming. In the 20th century sea levels has risen by a regular 4 to 8 inches ten times the average rate over the last 3,000 years (Simon 2010).
These factors have led to massive economic disabilities at both micro and macro levels. Financial crisis has led trade imbalances among countries with the developed countries being the most affected due to the fact that their marginal product of capital is approximately. Therefore no further investment would expand the growth of the economy to protect them from the financial crisis. Impacts of global warming has led devastating impacts on social overhead capital in floods prone areas and reduction in agricultural productivity thus curtailing food production which is so basic for any economy and global economy at large. It’s therefore prudent to term the two; global warming and global financial crisis us important real world problems.

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