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Over the past century, citizens of the world have been gradually building an interconnected economy. However, global economic growth can only continue to prosper with help from the G20. Recently, on September fourth and fifth, leaders representing nineteen countries, as well as the European Union, gathered in Hangzhou, China to discuss current threats to the global economy. Concerns included: sluggish global growth, falling trade and global poverty.
In order to spur economic growth, globalization is crucial. The only resolution to tackling global issues is if countries collectively agree to work together to solve these problems. Since the G20 covers about eighty five percent of the worlds economic output and about three quarters of the worlds carbon footprint, they have the ability and power to take action by creating long term globalization strategies that will inevitably make a huge impact on society and control current issues. The G20 has the capability to form long term plans to develop the world economy and calm the nerves of those who feel threatened by globalization. By expanding the economy, globalization allows for the exchange of goods and services across borders. In return, this economic growth will create jobs as well as a wealthier community, which overall helps to develop a higher standard of living. Despite the fact that globalization helps the upper class get wealthier, those struggling with poverty will also benefit. Keep in mind that "a rising tide lifts all boats". Also, an expanded economy will increase economic efficiency and innovation due to global competition. Inevitably, this global competition will drive creativity in markets. In the end, globalization is a win-win solution! At the group of 20 meeting, Chinese President Xi Jinpin brought up the idea for governments to resist pressure to raise trade barriers. He expressed the importance of building an open world economy by effectively taking action to promote trade growth. With so many global issues constantly arising, the G20 needs to continue to create an institution focused on controlling long term issues, in order to make a noticeable changes in society. http://theconversation.com/how-the-g20-can-ensure-the-marvelous-gains-from-globalization-arent-lost-65006
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AuthorFirst year social science student at McMaster University, who is interested in examining the effects globalization has on society. Archives
November 2016
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