The global economy is often affected by political issues despite it making it easy for people to trade across their own borders with ease. People tend to stop buying products that are imported from countries that have had bad blood with their countries or race before. This can be seen in the way Jews do not buy German made products because of the holocaust by Hitler. The regime of Hitler is long gone but the Jews still hold a grudge against the Germans. The same goes for the Australians and New Zealand nationals’ attitudes towards the French products. The effects of the French testing their weapons in the South pacific led the two countries’ nationals to shun products from France entirely and not because it is of poor quality but because of the actions of France in the previous years. This type of attitude is different from the one where the members of a country shun the products of another for poor quality or for the purpose of growing their local industries.
Meet the Losers of Globalization
In India, the economy is growing steadily but there is a challenge where the older employees are being thrown out of employment and being replaced by younger and more skilled workers. This is a trend that uplifts part of the society while making the poor ones poorer. The potential of the economy to keep growing is evident but there is no tangible plan for accommodating the growth progressively. The costs of living in India are on a constant rise and the wages remain unchanged, another description for inflation. The environment in India is getting dilapidated every other day and the literacy levels remain ridiculously low even as it is expected to be the third largest economy in the world after the United States and China respectively after 12 years. The low income earners in India lost the most from the globalization and opening up of the Indian market to the foreign products. They cannot afford to buy the imported goods and they lose the most when the local industries close their doors when able consumers favour imports.
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