Explain one criticism of global economic growth efforts.
a. Some scholars argue that no economic partnership has helped the middle class grow in its member countries.
b. Some scholars argue that economic growth efforts have caused more harm than good, with countries forced to enter the global free-market economy before they were ready.
c. Some scholars argue that economic growth efforts should only be a response to the economic devastation caused by the two world wars.
d. Some scholars argue that economic growth efforts should integrate the world under one global currency, following the model of the EU’s euro.
1 answer
The correct answer is b. Some scholars argue that economic growth efforts have caused more harm than good, with countries forced to enter the global free-market economy before they were ready. This criticism stems from the idea that rapid globalization and economic growth may lead to issues such as income inequality, exploitation of workers, environmental degradation, and loss of cultural identity. Critics argue that prioritizing economic growth at all costs can have negative consequences for societies and may not necessarily lead to sustainable development for all countries involved.