The paper 'Global Problems Require Global Solutions" is an outstanding example of business coursework. In the 20th century, world trade significantly improved and it promises to continue in the 21st century. Moreover, the flow of goods and services has significantly increased in the last thirty years (World Bank, 2016). However, institutions that regulate the globalized and interdependent economies are still localized in national governments (Payne & Nassar, 2012). In the end, this imbalance played a part in the first global economic recession ever witnessed in the history of the world.
In fact, the economic downturn experienced in the United States in the 1930s and in 2008 almost immediately became a global recession. This clearly shows that collective action is needed in terms of creating economic policies that cut across all the nations if the financial crisis that crippled world economies in 2008 is to be prevented from spreading across the globe. This essay agrees that global problems require global solutions. It argues that the world is more globalized and interdependent that it has ever been hence problems facing the world should be tackled collectively if they are to be effectively solved. Today, the world is more interdependent than it has ever been.
Indeed, self-reliance has been replaced by specialization. Our current society resembles an assembly line where every individual carry out a specific task while the majority of others provide for the remaining needs of that person. Nations, just like people are not anymore economically self-sufficient. They must all be involved in international trade that entails trading in various goods, services as well as financial resources. Every nation is interlinked with the rest of the world regardless of its economic prosperity or the economic system.
At the centre of this global economic interdependence is United States (Payne & Nassar, 2012). Assets and shares worth billions of dollars are owned by United States citizens outside the country. In each day, currency exchanges valued at more than one trillion dollars takes place. In many ways, people’ s lives have become so dependent on the global economic system. Over the last ten years, development cooperation in the world has significantly evolved to an extent that emphasis is on global public goods (Gavas, 2013).
The essence of the global development challenges currently experienced is a clear indication that global problems need to be solved by developing global solutions. Additionally, the development of fresh forms of international cooperation that involves emerging and developing nations is required to solve various problems that are similar all over the world. Countries need to develop economic policies that adapt to the changing nature of the world’ s economic landscape and development approaches that follows the common narratives concerning the challenges that require solutions (Gavas, 2013).
Indeed, the focus should be on strategic partnerships and investment in building global alliances that serve to promote multilateral solutions. Global communities are increasingly becoming interdependent of each other. This is slowly changing the kind of relationships between countries and individuals. In simple terms, local concerns have to turn out to be global in implication (Payne & Nassar, 2012). Today, problems facing a nation are currently global problems. Regardless of whether these problems are inflation, recession, monetary fluctuation or another kind of issues, national solutions cannot solve them. They are the type of problems that each nation across the world faces.
They, therefore, require global solutions. In most cases, national solutions to global problems are offered by our world of nation-states. Up to now, the nation-state system has not provided solutions to many of the modern global problems (Payne & Nassar, 2012). This is despite the fact that the world is so interwoven and the likelihood of one depends on the production of many others. For instance, visiting a mall is in effect entering a global marketplace as opposed to merely visiting a local shopping place.
This is because one is likely to encounter merchandise made from different parts of the world.
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