Question

Some people argue that it is acceptable for people in the United States to consume at high levels because their consumerism keeps the world economy going. What are the weaknesses in this idea? Should citizens of the United States be willing to give up their higher standard living to help the people of less fortunate nations? Defend your answer. The requirement is three full paragraphs.

Answer 1

Firstly, Consunerism by Americans largely benefits America amd not the world, secondly consumption helps in overall sales and GDP growth and boosts inflation in America and not the world which are shortcomings of this statement.

Giving up high standards pf living by Americans may not help poor nations, as the poor nations need to build competitive advantage and theor government must promote higjer spending and tax cjts coupled with loose monetary policy by central banks to promote high growth and rather create domestic employment to boost economic outlook.

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