Challenges Facing Western Countries
Challenges Facing Western Countries
The global community as whole faces many problem, with developing nations having to confront a different set of issues than those of developed nations. Western societies have the luxuries of a high standard of living and general prosperity, but these luxuries also come with their own set of challenges and obstacles; a double edge sword requiring a fine degree of balance if they wish to maintain stability and sustainable growth. Having to deal with domestic issues such as an aging and shrinking population (which is typical of most developed countries) is just one of the obstacles western nations face. Issues on a larger scale, such as economic and environmental sustainability and the provocative issue of globalization, are also sets of complications that must also be held in check.
The actions and decisions made by the developed world have a large impact, on not only themselves, but on the entire world as well. This is evident in the case of globalization, one of the significant issues at hand. In a time of interdependence, where economies are not fenced in by borders, but are linked across continents and oceans, relying on one another means that the problems are shared too. As economist Jagish Bagwati explains, globalization is the “integration of national economies into the international economy through trade, direct foreign investment (by corporations and multinationals), short-term capital flows, international flows of workers and humanity generally, and flows of technology.” In other words, it’s an amalgamation of the entire world’s economy into a singular flowing entity.
The problem with globalization is not about the inevitability of the idea itself, but rather, the side effects that seem to take a backseat. Integration and assimilation of cultures and the loss of diversity are some of the side effects. In an effort to gain scale of economy in the global marketplace, resources are pooled to maximize efficiency;
The global community as whole faces many problem, with developing nations having to confront a different set of issues than those of developed nations. Western societies have the luxuries of a high standard of living and general prosperity, but these luxuries also come with their own set of challenges and obstacles; a double edge sword requiring a fine degree of balance if they wish to maintain stability and sustainable growth. Having to deal with domestic issues such as an aging and shrinking population (which is typical of most developed countries) is just one of the obstacles western nations face. Issues on a larger scale, such as economic and environmental sustainability and the provocative issue of globalization, are also sets of complications that must also be held in check.
The actions and decisions made by the developed world have a large impact, on not only themselves, but on the entire world as well. This is evident in the case of globalization, one of the significant issues at hand. In a time of interdependence, where economies are not fenced in by borders, but are linked across continents and oceans, relying on one another means that the problems are shared too. As economist Jagish Bagwati explains, globalization is the “integration of national economies into the international economy through trade, direct foreign investment (by corporations and multinationals), short-term capital flows, international flows of workers and humanity generally, and flows of technology.” In other words, it’s an amalgamation of the entire world’s economy into a singular flowing entity.
The problem with globalization is not about the inevitability of the idea itself, but rather, the side effects that seem to take a backseat. Integration and assimilation of cultures and the loss of diversity are some of the side effects. In an effort to gain scale of economy in the global marketplace, resources are pooled to maximize efficiency;
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