In international economic policies, growth is definitely the central concept. One of the reasons for the importance is the integration of international economic markets. Also, obviously, if the economy develops, there will be more economic circulation within the country which will help their national economic standards, as well as developing greater relationships with other foreign countries is an international scale. Specifically, economic growth is important in the developing countries. Developing their economy means they can improve their living standards which will contribute to the reduction of poverty levels within the country.
However, I think another key concept for international economic policies I economic equality. If the countries' economy are equal, not only that the international trade will be better that will benefit the international economic society, but also having an equal economy leads to having common shared goals and aims, which more nations are willing to think about the common good for the international society. Economic equality also has benefit in terms of solving environmental issues. Taking an example of climate change, if the economy among nations are equal and if all of the nations are paying attention to the same issue, climate change would be solved more quickly and the issue will be viewed heavily from all the nations worldwide.
Therefore, although economic growth is significant in international economic policies, economic equality is significant as well.
I really like the idea that you propose in this blog about the duality of growth and equality as I also think it's important to address the currently unequal distribution of funds in our international community. However while growth is necessary and can be reasoned that growth will eventually lead to economic equity there is the argument that in the pursuit of this goal, the actions taken may actually cause deeper rifts and consequences to the developing nations. Do you think this is true or is growth solely a positive endeavor?
ReplyDeleteYou included some really great insight into how economic policy could be bettered and I completely agree! Economic equality in the sense of having similar policies and processes of handling monetary and fiscal issues to create a strong foundation that all countries are able to base their financial institutions off of. A question I got while reading your post is how is economic quality would (I believe) automatically increase with greater economic equality. I found that the formation of the World Bank and those other institutions was to provide a basis of economic equality and raising the economic quality for countries involved... how do you think economic equality could be further implemented? Would it be different from those incentives in the post ww2 institutions, or would it follow an entirely new basis?
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