Given the interconnected and globalized economy, the economic fortunes of all nations are tied to one another. Given the history of colonization, it is clear that many struggling nations in the developing world are still suffering due to historic exploitation combined with poor governance after colonization. China has emerged as the second, soon to become first, major economic power in the international economy. Europe is potentially divided due to the crisis within the Eurozone. The international banking and corporate sectors are riddled with corruption and in many instances bad management. Our fates are woven together.
given the state of the international economy, are wealthier nations morally and ethically obligated to help poorer nations? If so, why and how; if not, why and what should the relationship be?
It is a fact that the wealthier nations are taking a back step in assisting the poorer nations in developing through globalisation. However, it has to be remembered that even the wealthier nations are actually having huge problems in their own country which may count as a valid reason for their back step and however, they have to take a responsibility in taking the economies further which is not the case where it can be concluded that they are ethically obligated. The relationship should be in such a way that one must invest in the poorer countries enabling them to develop on the whole. In this way the relationship should act between wealthier and poorer nations.
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