Thursday, July 9, 2015

How can the economy of a nation be protected during a global meltdown?

I think that protecting the economy of any nation in the
midst of a global stagnation is of vital importance.  No doubt it is something that many
nations are addressing right now.  One strong way that nations can fortify their own
economy in the midst of global challenges would be to strengthen their own internal
production and consumption of products.  If the net domestic product is consistently
strong with a base that is immune to global fluctuations, this would be a good way to
avoid global economic slowdowns from affecting domestic status.  Nations that are
dependent on foreign imports or the purchasing from foreign nations for their exports
can find themselves to be in trouble or challenging situations in the midst of global
challenges.  Another step that nations can take is to fortify local industry that can
supply local need.  This causes nations to work towards local businesses being strong
and not seeking to place their focus on abroad endeavors.  I think that another very
good step would be for government to spearhead local agricultural initiatives.  In
nations that have strong bases for agriculture, production and consumption of local
agricultural products can serve as very good remedies for global stagnation in product
purchases.  Nations like India are doing just this, in trying to find low cost
technology for farmers in order to ensure their economic viability despite a global
marketplace setting.  Such investments of time, energy, and resources can help nations
weather the storms of global economic slowdowns, a necessity in the globalized
marketplace.

No comments:

Post a Comment

What is the meaning of the 4th stanza of Eliot's Preludes, especially the lines "I am moved by fancies...Infinitely suffering thing".

A century old this year, T.S. Eliot's Preludes raises the curtain on his great modernist masterpieces, The Love...