To preface,
personally, I am not very knowledgeable about economics, economic theory, or
how it really works. I will admit I took AP Macroeconomics yet I still struggle
with this concept. However, I do believe the goal of international economic
policy should be to foster international cooperation and community. Currently,
growth has a large role in all economic policies and in order to foster
international cooperation and community I believe economic growth will continue
to play a central role. Different countries should be given the opportunity for
economic growth because it begins to even the playing field as far as who is
the most dominant state. Growth is not the only solution to aiding other countries
gain economic security; investment as well as equal distribution of growth in
different sectors would help. Problems cannot always be solved by the market,
there are times when it is necessary to step in and create policy to ensure the
problem is being taken care of holistically.
Economic growth
should be done with the intention of creating a more stable and dependable
international community. Economic disparities between countries often determine
dominance as well as who is the decision maker. Once there are more countries
who are dependable economically there will be more power players on an
international level and new values as well as solutions may be brought in to
the international conversation. Economics and the economic growth of countries
should be an avenue through which states proceed in order to become larger
players in the international community.
Growth is
central and I believe it can remain so as long as it promotes and allows
countries to advance and develop to the point where they have a role to play
within the international community. If, in order to foster a stronger sense of
international cooperation, economic growth is the answer than I believe it
should remain central to economic policy. The reason being that anything done
on an international level is to become involved with other states. If a country
wishes to obtain more power for themselves on an international level, one
method they may use would be to increase their economic prosperity to compete
with more dominant states. In order to accomplish this, growth would be their
number one priority and as long as it allows them to strengthen their position
in the community- which in turn will foster a more dependable international
community- then that should not change.
I appreciate your interesting point that there the imperative in international economic policy should be cooperation and fostering a dependable international community. However, most of the existing and salient economies in today's world is grounded in a market economy (in varying degree); thus, how can economic policies reconcile the paradox between the existing market economies and the pursuit of "a more stable and dependable international community"?
ReplyDeletePersonally, I think that in order to achieve the mentioned goal...international economic policies must be written in the consideration of all different kind of economy involved in the broader global economy--hegemons, developed, secondary, and developing nations. I would love to know more about your take on the question I posed above.
@shamelessfoodie_16 By your comment, do you mean a total re-visioning of what the economy looks like or how it works? Or do you mean different methods of intervention which well...hmm seems to advocate for? I do think that the economy and economic policy has the ability to adjust to fit the changing international community or even benefit them. However, I see the point concerning the issue of a state having the ability to even enter the world economy. To that end, it would be interesting to discuss the idea of a international version of affirmative action. If it is viable, reasonable, and what it could look like.
ReplyDeleteShamelessfoodie_16 your question is very intriguing. I do not know how this would occur, but I believe a more informed economist may be able to give you a better answer than I could. On a different note I believe it is in everyone's best interest to ensure the market and economic policies all collectively work together so our international is stable and dependable. I do address your goal by not giving a solution at all. I believe leaving it open ended opens up the possibility for there to be multiple different solutions and forms of intervention in order to find the one that would be best for our system and our community.
ReplyDeletexacoleman I believe it would be very interesting to have that particular discussion and please stop by anytime so we can learn more together! I agree with as well that economic policy will evolve over time to benefit and fit the international community and the times we are in.
ReplyDelete