Globalization & Sustainable Development
Globalization allows the creation of additional value and increase efficiencies for national economies. In essence, this model aims at promoting productivity, connectivity, and specialization. However, global trade focuses on the economic wellbeing of nations in isolation of the environments they operate in. This stems from the fact that globalization rests on the views of capitalism; a system that calls for free market trade. This view of development is becoming increasingly criticized, where some view it as an unsustainable mean of development and growth. Changing our traditional system of beliefs, as well as providing more coercive laws can push economies towards growth that promotes economic, social, and environmental welling – sustainable development. Following World War II, numerous barriers to liberalized trade were removed. Trade agreements such as the North American Free Trade Agreement (NAFTA) and the World Trade Organization (WTO) allowed an increased connectivity between economies (Shujiro, 2002). This period witnessed an unprecedented global economic growth that focused solely on trade and finance. Today, the world’s economies are identified by globalization; a process that entails rapid transnational movement of goods, people, information, and technology. The continuation of this dominant globalization paradigm is greatly driven by neoclassical economics, namely in capitalist societies. The system suggests that the free market will ensure that people will not deplete resources as long as technological progression and alternatives are present (Chasek et al., 2009). When as certain resource becomes scarce, it signals the consumer through an increase in price which will consequently act as an incentive to conserve – absolute scarcity will not be reached. This belief system will continue to prevail in its current structure as long as the economy is taken in isolation of the environment’s wellbeing –...
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