Question

“Global problems require global solutions. We are faced with an environment where unilateralism often prevails, yet we face a conundrum in that all aspects of economic policy require collective action in order to be effective.” Do you agree with this statement? Explain and justify your position.

Answer 1

YES WE AGREE WITH This statement. The reason is the same that differentiates between micro and macro economics. Micro actions does not led to macro solutions always. In the same way global problems need global solutions. Take E. G the case of tropical rain forests. The wood harvested in these regions needs control and control can be achieved by all nations together. The nations which import illegal wood need to help the countries where from wood is illegally exported. Only exporting nation can't control it. E. G exported nations can make laws requiring registration of wood used in homes etc. But by doing so it can't track international users. Other countries need to provide information about wood imported from this country if regulations are to be successful.