Posted by Amitabh Shukla on August 21, 2009 in World Economy
The world’s wealth and natural resource are not equitably distributed in the sense some countries are rich whereas some are poor. True, each country is independent of the other country and would like to enjoy its own prosperity rather than share it. Countries like the US have advanced technological innovations and are able to manipulate and utilize their natural resources to the maximum benefit possible. Poorer nations lack such facilities, although they may have abundance of natural resources. These economically backward countries lag behind in economic development.
An Utopian concept is to have one world, whereas there are less disparities existing between nations. Naturally, the economic disparities have to also be reduced in order to ensure that countries enjoy the same level of comforts for their citizens.
How can the economic gap be bridged between nations?
- There should be more exchange of technical know-how. Efforts are on now to share technology. Advanced countries do visit the less advanced ones in order to share their sophisticated technical know-how. Talks are held between dignitaries of respective countries who sign various memorandum of understanding, whereby the countries exchange technical expertise. But more needs to be done on this front.
- Countries need to help each other in improving their prosperity levels and providing higher living standards to their people. For example, the US has been outsourcing in IT industry providing jobs in other countries. This has benefited the less developed nations in many ways, as its citizens have more employment opportunities and higher source of income. No doubt, some may feel this is too much dependence upon another country, but mutual cooperation is essential for countries to exist on friendly terms.
- Increased trade will also help. All developing countries need markets to sell their products. Trade practices can be more liberalized for producers to benefit from the sale of their products.
- Investments should be made. Perhaps the international industrial community can look into more ways and means of making investments in other countries in order to increase employment, provide better goods and services and guide the less developed countries in industrial practices that would enhance profits. Of course, the more developed nations should not dictate terms to less fortunate ones and play havoc with their citizens’ life. The concept of one world is Utopian as the fortunate nations tend to interfere in the political and social lives of the less developed nations.
- Economic prosperity of nation should not be with the purpose of dominating over another nation. Many countries feel superior about their higher status and often create political conditions in such countries to ensure that they remain subservient to them.
Economic prosperity must not be at the expense of erosion of another country’s social values system. Every country has its own social ethos and practices. It prefers to adhere to them. Developed countries must not impose their value system on others.
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