Sustainable Prosperity

To what extent does globalization contribute to sustainable prosperity for all people?

As we have proven its importance through our earlier studies, globalization is the process of the interaction and integration of people, companies and governments through the sharing of the forces of globalization, which include trade, transportation, media, and communication technology and also through world views, products, ideas and different aspects of other cultures. Sustainable prosperity is the act of being accountable for the safekeeping of the environment and resources for future generations to be able to achieve prosperity and thrive. As quoted from the Great Law of the Iroquois confederacy, “In our every deliberation, we must consider the impact

Firstly, transnational corporations are a key to expanding globalization and as a result are a bonus for the economy as many economists believe that one way to reduce poverty in underdeveloped countries is to invest in businesses and infrastructure. This boost to the economy is brought about by the companies bringing in product for sale, jobs for people and opportunity for a person to own a company and a sharing of culture. Transnational corporations help people to be successful and may even grow to form new companies expanding to more prosperous jobs throughout the world for all people. Transnationals grow larger through an increase in sales and through buying other companies. The World Bank and the International Monetary were put into effect to increase the economic progress in countries by lending money to develop natural resources, rebuild and give long term loans to increase productivity, all this hoping to increase growth and reduce poverty. As quoted by Canadian journalist, Malcolm Gladwell, “When people from organizations like the World Bank descended on Third World countries, they always tried to remove obstacles to development, to reduce economic anxiety and uncertainty.” Not only do transnationals help underdeveloped countries improve their economic growth, but they also help developed countries as

When free trade is put into use the benefit for the country can be astounding, as free trade is based on the idea that if all nations are in agreement to trade freely with one another and with very few rules and regulations, then it will be a positive interaction. Take for example when Japan began manufacturing and selling technologies like cars and electronics. In this case the sustainable prosperity was very closely tied to freer trade. As quoted from the source, Exploring Globalization, the author writes “Prosperity will be sustained if the world is integrated economically and if every country increases its productivity, eases trade restrictions, and reduces government intervention in the economy.” In order to satisfy the trade concerns of everyone involved, The World Trade Organization wanted to solve problems and decide on things through a consensus. The WTO was one of the organizations with a goal set to remove trade barriers to increase trade, sharing the same common goal with international agreements such as the North American Free Trade Agreement and the European Union. Through the idea of free trade every country has the same laws and regulations so that no country has an unfair advantage over another. This will essentially lead to economic growth and stability and benefit for all