The Key To A Sucessfull Global Economy
Tim Williams
March 28, 2009
When we think of a global economic system we would like to envision a world free of the retching poverty, disease, the corruption of political systems, the economic instability of some countries, the selfish dominance of leaders [ in that they refuse to ease the undo suffering of their people ] and a world that really can't find lasting peace between nations.
There are three major factors that continue to undermine a successful global economy; 1. The World Bank and the International Monetary Fund, 2. The World Trade Organization, and 3. The North Atlantic Free Trade Agreement. The World Bank and The International Monetary Fund are the biggest financial lenders in the world today, the problem is they are also the biggest loan sharks, keeping the poorer countries impoverished while at the same time helping multinational corporations exploit nations natural resources. This does nothing to ease the vast suffering of people all over the world and further diminishes the prospect for futher economic growth and nations stability. What is needed is for the World Bank and the International Monetary fund to work together with the United Nations in setting up loan programs for countries that need the tools and resources to successfully stabilize and grow their economic structure.
The World Trade Organization was set up to foster economic growth between all nations, but since the world is still plagued with turbulent and intensifying crisis the prospect for economic growth appears grim. Like the WTO the North Atlantic Free Trade Agreement has done just the opposite of what it was intended to accomplish. It has left the agriculture industry with monumental job losses, made life saving medicines unaffordable for people in poorer countries, and lowered health,safety and environmental standards everywhere. Negotiations are already taking place to expand NAFTA by creating trade zones from Argentina to Alaska which NAFTA gives corporations rights to reduce natural resources at the expense of Democracy in Mexico, Canada, and the United States resulting in further loss of jobs and reduction of environmental and health standards everywhere.
A key player on the international scene is China. Back in 1990 China's government adopted the policy that they will become the cheapest place to manufacture everything. Today, they have pretty much accomplished that fact. The problem though in China is that the divisions between the prosperous cities and the long stagnant economic deprived rural areas threaten the long term stability and growth of China and with that the rest of the worlds economic stability would be in serious jeopardy.
From 1993 - 2008 the United States alone lost more than 2.5 million jobs due to the North Atlantic Free Trade Agreement. The rising United States trade deficit has cost more than 3 million actual and potential jobs since 1994. The US trade deficit with China alone is over $200 Billion and counting with the Chinese workers being denied basic workers rights. These facts all contribute to an economic catastrophe taking place today. If changes are not made soon the global economic outlook is bleak indeed.
What is needed today is for the United States to step up and renegotiate the North Atlantic Free Trade Agreement to ensure that all countries contribute the resources needed to promote economic growth while at the same time preserving the environment. The next step the United States must join with Mexico to foster industrial growth thus improving the available employment opportunities with real living wages. Only when people are employed with incomes to match the cost of living in any area will crime and corruption be reduced. The United Nations with the World Bank have to create an international regulatory system that monitors and challenges all national regulatory systems to prevent an economic crisis that the United Stated helped create.
America must lead the way for a successful global economic network between all nations and that starts at home. We are already headed in the right direction but it will take perseverance and persistence to overcome the daunting task that lies before us. Simultaneously the United States has to reduce our trade deficit not only with China but with Japan and other Asian nations. Once America achieves balance will the rest of the world begin to realize more economic growth and strive for political and national stability.
There are three major factors that continue to undermine a successful global economy; 1. The World Bank and the International Monetary Fund, 2. The World Trade Organization, and 3. The North Atlantic Free Trade Agreement. The World Bank and The International Monetary Fund are the biggest financial lenders in the world today, the problem is they are also the biggest loan sharks, keeping the poorer countries impoverished while at the same time helping multinational corporations exploit nations natural resources. This does nothing to ease the vast suffering of people all over the world and further diminishes the prospect for futher economic growth and nations stability. What is needed is for the World Bank and the International Monetary fund to work together with the United Nations in setting up loan programs for countries that need the tools and resources to successfully stabilize and grow their economic structure.
The World Trade Organization was set up to foster economic growth between all nations, but since the world is still plagued with turbulent and intensifying crisis the prospect for economic growth appears grim. Like the WTO the North Atlantic Free Trade Agreement has done just the opposite of what it was intended to accomplish. It has left the agriculture industry with monumental job losses, made life saving medicines unaffordable for people in poorer countries, and lowered health,safety and environmental standards everywhere. Negotiations are already taking place to expand NAFTA by creating trade zones from Argentina to Alaska which NAFTA gives corporations rights to reduce natural resources at the expense of Democracy in Mexico, Canada, and the United States resulting in further loss of jobs and reduction of environmental and health standards everywhere.
A key player on the international scene is China. Back in 1990 China's government adopted the policy that they will become the cheapest place to manufacture everything. Today, they have pretty much accomplished that fact. The problem though in China is that the divisions between the prosperous cities and the long stagnant economic deprived rural areas threaten the long term stability and growth of China and with that the rest of the worlds economic stability would be in serious jeopardy.
From 1993 - 2008 the United States alone lost more than 2.5 million jobs due to the North Atlantic Free Trade Agreement. The rising United States trade deficit has cost more than 3 million actual and potential jobs since 1994. The US trade deficit with China alone is over $200 Billion and counting with the Chinese workers being denied basic workers rights. These facts all contribute to an economic catastrophe taking place today. If changes are not made soon the global economic outlook is bleak indeed.
What is needed today is for the United States to step up and renegotiate the North Atlantic Free Trade Agreement to ensure that all countries contribute the resources needed to promote economic growth while at the same time preserving the environment. The next step the United States must join with Mexico to foster industrial growth thus improving the available employment opportunities with real living wages. Only when people are employed with incomes to match the cost of living in any area will crime and corruption be reduced. The United Nations with the World Bank have to create an international regulatory system that monitors and challenges all national regulatory systems to prevent an economic crisis that the United Stated helped create.
America must lead the way for a successful global economic network between all nations and that starts at home. We are already headed in the right direction but it will take perseverance and persistence to overcome the daunting task that lies before us. Simultaneously the United States has to reduce our trade deficit not only with China but with Japan and other Asian nations. Once America achieves balance will the rest of the world begin to realize more economic growth and strive for political and national stability.
Print
Email
