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Political Economy In The World: Rebirth Or Failure - Essay Example

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From America to Europe and the Far East, the economic crisis has not spared anyone. Today, in 2011, after four years from the beginning of this great Odyssey, we are still trying to understand why it happened?…
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Political Economy In The World: Rebirth Or Failure
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"Political Economy In The World: Rebirth Or Failure"

Download file to see previous pages Political boundaries, economic boundaries. Apparently distinct and separate, but actually living in perfect symbiosis. Economic boundaries change abruptly and this is due to the fact that today we have an increasingly evolved world with an increasing number of technological services on offer. If economic borders change so suddenly, also political boundaries should change appearance and travel in parallel within the economic sphere. What happens very often is that the political classes don't change or mutate their philosophy and their way of working to tackle the problems of a country. How to explain this big handicap? Failure or difficulties in solving problems much bigger than us? When the gap between the political and economic border is so huge it is extremely difficult to close and an entire country can enter a deep crisis where growth becomes very difficult. This last major recession began in the United States of America the principle cause of this recession was the massive import of low cost capital from Asian countries. This massive import involved large numbers of the American population who invested in these capitals particularly in the real estate market. This was a risky operation, without any financial guarantees but all done with one goal: to make the best investment at the lowest cost. This led to financial and economic meltdown that has rapidly involved private investor’s banks, credit institutions both large and small and also involving public bodies. From America to Europe and the Far East, the economic crisis has not spared anyone. Today, in 2011, after four years from the beginning of this great Odyssey, we are still trying to understand why it happened? Once many, strong, solid and powerful economies are on the verge of bankruptcy and those that were once small powers are now the emerging economies that are likely to become the new economic powers of the future? There was once China, Brazil, Russia and India: they were poor and subservient to the power of the West. Today the Western world, from Europe to Wall Street shudders. The ransom of poor economic states is about to begin. By 2020 China will have a GDP double or even triple of the USA and also the Eurozone is in danger of being crushed by the Great Wall of China. How is Europe living this situation but especially in Brussels, the seat of the European Parliament? And how is Italy working to avoid the nightmare of a default and get over this crisis? First of all you must know the causes that have weakened the entire European economy. Chinico 2 The cause is to be found in the public debt. A debt so big that it is creating serious problems to many States, including Italy. The debt problem was born many years ago. We can also identify the .origin from the period beginning in the mid-70s through to the 80s. The economic boom of the 60’s in Italy and Europe developed a high gross domestic product. The growth in the labour market, in industry and the increased production in manufactured goods meant an increase in wealth. This wealth brought a greater happiness, stability and confidence. From this there was a greater trust: this word has misled Europe and the rest of the world. The combination of this “trust “and a series of weak governments particularly from the mid-90s onwards meant that there was an increasingly higher level of accepted wastage in the form of public debt. At the end this situation became ever worse and gradually brought a decline to some countries. Italy, Portugal, Ireland and Greece in particular are experiencing a period that is far from idyllic. In Greece the country is collapsing under the crisis: staff cuts including a reduction in State employees, a considerable increase in the unemployed and those employed in precarious jobs and many families have been impoverished. Italy is likely to experience the same situation if it does not make serious structural reforms. The new Government, ...Download file to see next pagesRead More
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