The paper "Why Global Problems Require Global Solutions" is a good example of a macro & microeconomic essay. “ Global problems require global solutions. We are faced with an environment where unilateralism often prevails, yet we face a conundrum in that all aspects of economic policy require collective action in order to be effective. ” With competition increasing in every sector of the economy, businesses have realized they can no longer rely on domestic markets. As such, globalization has increased tremendously. Similarly, not every country can provide every need of its people so they have to depend on exports to satisfy the need of its people (Mohammed, 2011, p. 308).
Some countries have realized they can only solve economic challenges when they come together. Therefore, countries have formed economic blocks to reduce trade barriers and enhance economic activities (Feffer & Ehrenreich, 2003). This essay, therefore, supports the statement stating that global problems need a global solution. Countries experiencing economic challenges such as unemployment, poverty, poor infrastructure, etc. may not embrace unilateralism. For that reason, this essay will also argue for multilateralism. Multilateralism: Why global problems require global solutions Based on International political economics, Multilateralism is defined as an economic policy involving more than two nations (Todd, 2004, p. 318).
Multilateralism, in the membership form in an alliance situation or in global institutions, is essential to unite the great power, put off unilateralism, and bestow a voice and voting powers to developing countries that they would not have. On the other hand, unilateralism is an agenda or agenda which supports one-sided activity (Leigh & Debra, 2002, p. 8). Such activity could ignore other parties, or as expressions of dedication towards a direction that other parties could find good.
According to Feffer & Ehrenreich (2003), Unilateralism has a long history in the US. This doctrine has been criticized for being bringing divided countries that make economic policies that suit them alone. Ezeani (2013, p. 274) argues that one of such economic policy is the US protectionism which created tariff and different tarries to trade with other countries.
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