Global Economic Equity

Equity is a universal concern. However, this is not always the case. The concept of fairness in economics states that regardless of status and identity, citizens should be provided with equal minimum of income, goods and services or to increase funds and commitment for redistribution. Inequities in the global economy have significantly increased in recent decades. This can be explained through three major concerns: one sided international trading, command economy and conflicts on the market.

Fair trade is an organized social movement that promotes sustainability and better trading conditions. This has clearly sustained some equality in the global economy but even so, not everything applies to fair trade. In African countries, exports such as tea, cocoa, flowers and wine are valued at $24 million USD. Considering the high amount of exports they produce, their gross domestic product is expected to be high. But the highest GDP recorded is of South Africa, which is 384.3 billion dollars. So why do most African countries still live in poverty? It is because the resources and labour Africa provides are being used to profit companies from other countries. Exporters add tariffs on goods from overseas and sell them at a higher price. This means that producers from third world countries gain less revenue considering all the labour they do to produce goods. Major US companies like Walmart and Target rely on exports from third world countries for the products they sell. Many people shop from these stores, inside or outside America. There are over eight thousand Walmart branches in twenty six countries, including Canada, but America gets the most financial gain. Why? The money people spend on stores like Walmart increases America’s GNP and no...

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...ize their own comfort over anything, and this also applies economically. As long as a business is successful, entrepreneurs would not help other companies thrive. Instead, they would try to surpass other businesses and make theirs even more prosperous. After all, no one would want their own business to fail, do they?

Inequity in the global economy is inevitable. Unjust trading, government control or market conflicts can’t really be avoided. However, it can be minimized. It’s just up to the government and us citizens to decide what will happen to our economy. If we choose to go about it the wrong way, then we will all face the consequences. However, if good decisions are made and sensible judgement is applied, not only will our country’s economy be stable, but we will be one step ahead in establishing a global economic system that is equal to all creeds and nations.