Can the global economy support everybody?

Zakiya

The question asks if the global economy can produce and distribute enough resources to meet the needs of everyone on Earth. It highlights issues like inequality, sustainability, and resource management, challenging us to consider whether current systems are fair and effective.

Robin_Villiers

Can it? Yes

Does it? No

Is it going in direction of lifting all the boats? Also no

Economic globalization has lifted many people from poverty, especially in China. People on the bottom end of many, but not all, poorer countries form globalization’s beginning have flourished. Much more so, many investors, basically rich people, that have outsourced to countries with cheap labour have also flourished. However, in the developed world, middle class and working class have stagnated or gone down, unless egalitarian policies were in place. In the US, during the last 35–40 years, median wages of the middle and working class have stayed virtually the same. Meanwhile, costs have grown and as a result their purchasing capacity is lower and therefore the economic standard of living. This is one of the many causes of increased inequality on national level in developed countries and also on global level, as richest people are gaining much more than the poorest. This spread of global income is also known as the elephant curve - Google Search

Steven_Haddock

Not even close. There’s no such a thing as an ever expanding ‘economic universe’…there’s always an end point. But also factor in climate change if you’re thinking about some future economy…. that and an ever expanding ‘population universe’.

Globalization is just another factor of corporate capitalism. It’s a capitalism that creates poverty. Real capitalism has been dead for at least the 50 years. There are a lot of moving parts involved, most of them never considered by whoever or whatever set this out of control corporate capitalistic monster loose. Something WILL happen, but I doubt if it will be ‘sustainable prosperity’!

Sandy_Patterson

I dont believe so based on results of last 30 years.

We will always have different winners. Losers and those struggling not to lose. Sadly its Life.

But Globalization has increased the level of concentrated wealth and been a race to bottom in respect to wages. Etc. So some Boats lifted but many more swamped into poverty labor.

Reforms are in order.

Ashely_Lobo

Economic Globalization will lift the boats of those in control of Economic Globalization inside Communist China, the EU offices, Toronto, London, Paris and Washington. Every other boat will sink. Which is what is intended.

Gaurav_Raje

It would if the world was socialist, but it isn’t, it is capitalist, meaning globalisation results in a minority of wealthy countries and a majority of poor countries.

Michael_Coburn

Prof OPVERMA Economist: The view points expressed by authors to this question are very right.I endorse there contents.It is one of the many imperialistic tactics of the capital which has damaged the economies of underdeveloped countries the most.The working class , domestic manufacturing sectors and farming community have suffered a lot .WTO the main organisation to monitor this mechanism provides developed nations with daily diagnostic services to their crisis ridden economic slowdown, recession and over production,unsold material problems.We should find ways to do away this arrangement by organising dialogues with one another.Regards to co-authors.