Essay about The Global Economy

Essay about 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. These perceived injustices arise as a result of the ethical debate of reducing poverty via economic growth versus creating a sustainable environment.
The origin 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, which this essay will touch on 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 countries have not just become economic leaders by chance. The rise of globalisation has seen countries such as China and Russia become prominent, as global trade, solid policy making and controlled growth rates h...


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...09b) The Concise Oxford Dictionary of Politics (third ed.). Oxford University Press.

Rogers, J., & Simón, L. (2011). World’s fifteen most powerful countries in 2012 Retrieved 02/05/2012, from http://europeangeostrategy.ideasoneurope.eu/2011/12/29/worlds-fifteen-most-powerful-countries-in-2012/

Spagnoli, F. (2010, 02/05/2012). What’s the Best Approach to Distributive Justice? Retrieved from http://filipspagnoli.wordpress.com/2010/11/28/whats-the-best-approach-to-distributive-justice/

International Covenant on Civil and Political Rights § 6.1 (1994).

Williamson, J. (2002). What Washington Means by Policy Reforn Retrieved 02/05/2012, from http://www.iie.com/publications/papers/paper.cfm?researchid=486

Woodward, D., & Simms, A. (2006). Growth is Failing the Poor: The Unbalanced Distribution
of the Benefi ts and Costs of Global Economic Growth.

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