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Here's an article about the necessity of global cooperation and coordination in order to avoid the next great financial crisis. While I think parts of the article are a little too "love your brother"ish, it does bring up quite a few good points. Other countries have bought our collateral debt, and if we end up defaulting on our debts (which is the direction the US is going), we are effectively screwed over China.
Because this is a global economy..."Our interdependent world means that our problems are no longer just problems we share in common but are global, interwoven between countries, and only concerted action across continents can effectively tackle them." At this point, our problems are too big to be taken care of independently.
What are your opinions on this? Do we need to work globally or focus on fixing our problems by ourselves?
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Interesting article Becky, I do agree it was a little mushy about cooperating and everyone looking out for others. I completely agree with the article's message about starting to work together with other countries around the world to fix not only our financial crisis but other countries financial problems as well.
ReplyDeleteI'm not saying the US should try to solve the world's problems before our own, I just think that there should be more cooperation in the G20 to help this global financial problem. With the world being a global economy now, other countries economic problems will have an effect on our own economy so we must try to help out our trading partners as much as possible. An interesting quote from the article:
"Some now talk not of a crisis but of crisis-ism, a state of ever-recurring crises that cannot easily be resolved by nations acting autonomously."
I think this type of cooperation is good in theory, but not in practice. Sure from an economic standpoint cooperation is a great idea, maybe good for all involved. But our countries are not intertwined only economically. There are political motives and social motives that come into play at the same time. Fixing our debt issue with China is not only an economic issue.
ReplyDeleteI don't see this type of cooperation ever taking place. That being said, it would be nice to see, though.
I agree with Beth's comment in that global cooperation is easier said than done. How can there be global cooperation in a world marred by political instability. From China to India to Africa, political motives seem to dictate economic standpoints of the countries. For our world to "work together" I think the world needs to be in a state to allow for cooperation. The European countries of Greece, Ireland, Spain and Portugal are experiencing major financial crises. I find it hard to believe they will put their issues aside for the greater good. The resource allocation of African countries had led to numerous uprisings and genocide. While I agree it would be superb for global cooperation, it will be hard to attain in the midst of the turmoil many countries are going through.
ReplyDeleteDefinitely easier said that done. To that point, I always turn back to thinking that we need a global enforcer of some sort. But, honestly, I doubt that would ever work either.
ReplyDeleteI agree with everyone that it does seem like a good idea...but how realistic is it? I agree with Dane as well about the global enforcer, but this is a difficult issue to try and solve and I don't see global cooperation happening...at least not in my lifetime.
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