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Economics: In the current global economic climate,countries with strong economies should support countries experiencing financial difficulties.Discuss about this topic - Essay Example

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The challenges posed by the current global economic climate to the market economy are certainly associated with the elimination of boundaries between national or domestic markets and later growth of a global market of international networks and interdependencies. At present,…
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Economics: In the current global economic climate,countries with strong economies should support countries experiencing financial difficulties.Discuss about this topic
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"Economics: In the current global economic climate,countries with strong economies should support countries experiencing financial difficulties.Discuss about this topic"

Download file to see previous pages Developing economies can build up economic stability only if they are capable of accessing the technical and financial resources of strong national economies and meeting the requirements prevailing in its markets. On the other hand, developed nations acknowledge their dependency on developing economies as providers of raw materials, as providers of services, and as consumers of their industrial goods (Goldin & Reinert, 2007). Hence, financial difficulties in developing countries have implications for developed economies, just as recessions in wealthy nations influence Third World countries. For this reason, it would be beneficial for both First World countries and Third World countries to work together in building an international mutual aid system that would serve the wellbeing and interest of all involved.
Classical and neo-classical economic schools of thought have been committed to the belief that under the forces of free trade a spontaneous equalizing of the interests of economies occurs. Market forces will handle it (Faundez & Tan, 2010). Although there are numerous arguments supporting free trade, such risky market perspective is still problematic. Even ardent supporters of the basic system of market economy believe that there will be major inequalities in the competitive market structure, demanding counteractive intervention (Rich, 2006, p. 621):
Considerable differences in the distribution of purchasing power will arise, resulting in the redirection of production, so that it will satisfy relatively insignificant needs, while the pressing needs of other income earners remain unsatisfied. The disparity of income leads to a situation where the production of luxury goods takes place despite the existence of urgent needs in households with low incomes.
Simply put, this suggests that if the market economy conforms to the premise of ‘laissez faire’, a power imbalance will ...Download file to see next pagesRead More
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