Are we heading towards a global economic collapse?

Jakhotiya, Girish (2018): Are we heading towards a global economic collapse?

Abstract

The recent developments in the global market are a reasonable evidence of the growing inability of the WTO to sustain integrated economic performance of its member countries. The latest trade dispute between the USA and China cannot be restricted to an apparent analysis of the flaws in the WTO mechanism. This dispute should be viewed as a tip of the iceberg in the context of a growing disequilibrium in the entire globe, caused by complex socio-economic and geo-political factors. These factors are so deep rooted that they are to be treated with certain fundamental reforms. But to ascertain the definition and direction of such reforms we need to agree and understand that the unfortunate process of global economic collapse has already begun. This paper presents the intangible intricacies of this process of collapse by connecting the socio-economic factors with the geo-political factors. In other words, this paper is an attempt to integrate various micro issues to bring out a realistic macro picture of the global economic collapse. This paper defines the fearful journey of socio-economic deterioration, based on author’s impartial view of the world economy and the serious undercurrents in five different socio-cultural groups defining the globe. These five groups are further influenced by a few important economies, which have been causing the overall socio-economic turbulence leading towards an unprecedented global collapse.

• Item Type: MPRA Paper
• Language: English
• Keywords: Economic collapse, globalization, economic equality, rich, poor, sustainable growth, WTO, BRICS, geo-political factors, global deterioration, fire of frustration
• Subjects: F - International Economics > F5 - International Relations, National Security, and International Political Economy; F - International Economics > F6 - Economic Impacts of Globalization > F62 - Macroeconomic Impacts; F - International Economics > F6 - Economic Impacts of Globalization > F63 - Economic Development; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic Development

References

Thomas Piketty, "Capital in the Twenty-First Century"

Prof. Joseph E. Stiglitz, "The Great Divide! Unequal Societies and What We can Do about Them"

Prof. Amartya Sen, "Inequality Reexamined"