The Global Economy

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The global economy is a complex and multi-faceted system. When one variable changes, such as a dramatic increase in the New Zealand dollar; the spin-off effects can be detrimental to some while increasing the wealth and living-standard of others. This essay will discuss the global economic system we have in place today, and the consequential distributive injustices as a result of this structure.

The start of the capitalist economy we have today can be linked back to the industrial revolution between the 1750s-1850s as the economy began to display signs of rapid growth, global population grew by as much as 6 times and average income grew tenfold (Maddison, 2003). This occurred through the advancement of machinery and an actual economy as factories, mills and new technologies provided the British population with new products more quickly and cheaply. The industrial revolution was also the beginning of cities as we know them today, as well as the start of inequality, though this essay will touch on that later (Dodd & Miller).

Currently, on European Geostrategy’s (Rogers & Simón, 2011) list of the 15 most powerful countries in the world, the United States of America are the world’s lone Superpower while China is the only other country that is a potential Superpower. It is no coincidence that these two states are seen to be the primary economic sites in the world. Of course, these counties have not just become economic leaders by chance. The rise of globalisation has seen countries such as China become prominent, as global trade, solid policy making and controlled growth rates have allowed them to quickly rise through the ranks and now have a seat in the UNSC permanent-5, a signpost of how economically powerful they have become.

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