Global Economic Equity Essay

766 words - 4 pages

Equity is a universal concern. However, this is not always the case. The concept of fairness in economics states that regardless of status and identity, citizens should be provided with equal minimum of income, goods and services or to increase funds and commitment for redistribution. Inequities in the global economy have significantly increased in recent decades. This can be explained through three major concerns: one sided international trading, command economy and conflicts on the market.

Fair trade is an organized social movement that promotes sustainability and better trading conditions. This has clearly sustained some equality in the global economy but even so, not everything applies to fair trade. In African countries, exports such as tea, cocoa, flowers and wine are valued at $24 million USD. Considering the high amount of exports they produce, their gross domestic product is expected to be high. But the highest GDP recorded is of South Africa, which is 384.3 billion dollars. So why do most African countries still live in poverty? It is because the resources and labour Africa provides are being used to profit companies from other countries. Exporters add tariffs on goods from overseas and sell them at a higher price. This means that producers from third world countries gain less revenue considering all the labour they do to produce goods. Major US companies like Walmart and Target rely on exports from third world countries for the products they sell. Many people shop from these stores, inside or outside America. There are over eight thousand Walmart branches in twenty six countries, including Canada, but America gets the most financial gain. Why? The money people spend on stores like Walmart increases America’s GNP and not ours because these companies belong to them. This occurrence demonstrates an unjust situation regarding the equity in economics around the world. However, this isn’t the only factor that contributes to an unfair economy.

In a command economy, the government makes the economic decisions and takes control of the production and distribution of goods and services. Some command economies are also military dictatorships, this means that the armed forces take control. Countries in Africa and Asia have this type of government today. Although there are some exceptions, in many of these countries,...

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