Can Globalization and Climate Action Coexist?
As an economics student, I’ve always wondered about the relationship between continued globalization, making the world more connected through trade and technology, and climate action, an act of reducing greenhouse gases in the atmosphere.
Fortunately, Raghuram Rajan, former Governor of BOI and IMF Chief Economist, breaks down this tough question. He is in favor of the notion that continued globalization is best for the world and tackling climate change.
Why deglobalization doesn’t work?
Although globalization is criticized, which I’ll explore in the next heading, hypothetically speaking, deglobalization results in the following issues.
- Politically, deglobalization causes unstable domestic politics and a high likelihood of another war. Due to scarcity or other limitations. Countries will try to fight for economic gain, territorial gain, and for nationalism.
- Both the poor nor the rich don’t benefit. Let me explain, reducing manufactured imports and exports reduces necessary technological advancement. Leaving the poor countries even poorer and rich countries even richer.
Why is Globalization unpopular?
According to Professor Contractor at Rutgers University, opposing Globalization stems from nationalist politicians.
Globalization is accused of causing xenophobia, which is ironic. Modernization of lifestyles and industrialization growth alludes to larger socioeconomic issues: hyper-competition, and focusing too much on company stocks. It is usually Politicians complaining about this international-scale mechanism.
After reading several articles on why globalization is opposed, I find it hard to bring about a conclusion. A cost-benefit analysis is somewhat equal when considering globalization or globalization. However, as a Genz, I’m in favor of globalization because of the accessibility of international influence. I feel maybe it is similar to the notion “curse of knowledge.” I lived a lifestyle completely isolated from the world and although temporary breaks work wonders for my mental well-being. I couldn’t imagine myself living and not exploring.
Climate Change in History?
Dr. Rajan claims that throughout history, we’ve always solved this issue of climate through migration. However, due to the rise in political power and regulations governing the globe, borders disallow travel without permits. Therefore, it’s even more important not only to have economic growth but also to be a sustainable country. No one can just leave the place all of a sudden when the world turns upside down.
My understanding of this knowledge is very limited as of now and just paraphrasing other economics columnists.
What I’ve been learning…
Raghuram Rajan on Climate Change and Globalization. Dr. Rajan breaks down the reasons why globalization, a harshly scrutinized topic, actually favors climate action. You’ll learn how our ancestors tackled the problem of climate change and why we can’t follow the same procedure, due to regulations and politics.
Normal People by Sally Rooney. This is my second fiction book after finishing Ready Player One by Earnest Cline, which was a great read. I think I’m beginning to enjoy reading more fiction. Anyhow, this novel is about a mutual friendship and love between Marianne and Connell. Why I enjoy reading about their story because illustrates inevitable major life changes. Connell was a popular kid and Marianne was a loner. However, Connell became the loner and Marianne the popular in college. Through their story, I was able to reflect on my own personality changes and how much I changed as a person after high school graduation.
The Millionaire Fastlane by MJ Demarco. A highly engaging and thought-provoking book about creating organic wealth and demystifying the definition of quick success. Our friend, MJ, argues that our understanding of wealth is completely wrong due to what society tells us about wealth creation. There is ample practical advice in this book but I stress that you take it with a grain of salt. I was freaking out after finishing it, but now I’m beginning to stay grounded. If I were to describe this book in 3 points, I would say:
1) Your education never stops after any accolades such as diplomas. You should strive to constantly learn to adjust to the uncontrollable rapid changes happening.
2) In life, there are three things that matter most: family, fitness, and freedom. And if your work is jeopardizing either one, you’ll eventually be miserable.
3) If you want to be an entrepreneur, stop pursuing your passion. No one gives a shit, fundamentally, consumers are self-interested and always looking to benefit themselves. Capitalism proves this. So, you should rather focus on what’s needed in your neighborhood. If you hear complainers, they are your answer because you can try to fix what they are complaining about.
If you are interested in when I’ll release a book review on this book, definitely subscribe to my website.
Thanks for reading,