The global economy is defined as the economy of the world, it is the interaction of all the 195 countries independant economies coming together to form one large economy (Worldometers.com). The role of the US in the global economy has been the same since their founding, they have an immense role in the function and success of the world economy. According to the article Understanding the Role of the United States in the Global Economy the US accounts for one third of the total world output and in 2002 the US had a GDP of $10 Trillion dollars which is more than the combined GDP of the next five countries combined. No one can deny that the US has a large role in the global economy, but some could argue that they have too much of a role. According to Investopedia.com the US has had its hand in the direct sanctions of six countries as of 2010 and the direct sanctions of a total of seven organizations or businesses in countries such as the Congo, Iran, and Sudan. In the past the US has had a role in many parts of the Global Economy, and in the future i see them getting out of meddling in the economies of individual countries and focusing more on their role in the global economy.What other countries are doing to get more involved in the world economy varies depending on the country. Some countries are trying to be recognized as superpowers and are using violence to hurtle their economies forward into the global economy, others are trying to get a some sort of product they they can export like oil, textiles ect. I feel as though all the countries of the world want to be like America, economically speaking, they all want to have the power that we have behind us. Each country will do something different to get to this point. Some countries who are trying to contribute to the economy have ramped up the production or collection of the resources that they have. According to History.com others have invested in things like technology trying to make an impact. Some of the countries are trying to change their whole economic system to try to make an impact in the Economy. Take North Korea as an example, yes their goal is to be recognized as a nuclear superpower, but they are changing their entire economic system to get there. They are focusing billions of dollars on their military for research and have funneled the economic power to only support the military. Most countries are simply planning to better themselves in the future. They are simply trying to get them a better position the the world economy. Most countries “strategy” for their economic betterment is to exploit what they have, they are planning to use what they have to the fullest to better their position in the global economy. The countries will look at what they have and use it to put them at a higher level in the global economy. I believe that in the future the economy will look pretty much the same but with more of the smaller countries playing a bigger role. I see the US trying to lose its debt and getting a better position in the globe in the terms of not meddling in other countries business.To conclude the global economy is always changing, it is always going to have different countries in different positions doing different things. The world is changing, but it is the only one we have, we should be sure to take care of it.
September 14, 2019 0 Comments