Paper Example: Sustainable development and Globalization

Q1. What is sustainable development? What are the principles of DS?

Sustainable development refers to the development that meets the need of the current generation without compromising the ability of future generations to meet their needs. It broadly involves the practice of maintaining the world processes of productivity indefinitely. Thus, human beings are obliged to replace the resources used with the resources of equal higher value by ensuring that the biotic systems are not degraded or endangered. Thus, it seeks to reconcile the ecological, social, and economic dimensions of development, now and the future.

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The basic principles of SD make it possible to enhance the harmonization of various sectors and development strategies with the horizontal strategy on the SD. These principles include the principle of a holistic approach, the principle of intra-generational and inter-generational solidarity, the principle of social justice, the principle of integration, law of sustainable management of resources, principle of precaution and prevention and polluter-pay principles.

Q2. How is globalization affecting societies? Is our future sustainable?

Globalization presents enormous impacts on society. The concept of race-to-the-bottom hypothesis supports the adverse effects of globalization on the environment. Notably, this school of reasoning argues that increased gains from globalization are accomplished at the expense of the environment. This has further been influenced by the fact that the majority of open economies adopt looser environmental standards. The rise in the economic activities may also lead to considerable emissions of the pollutants from the industry and increasing degradation of the environment. Most international companies are pressured to remain competitive and thus adopt cost-saving production techniques that can be harmful to the environment.

Our future is sustainable only if firms that want to go international adhere to the principle of sustainable development. Besides, a sustainable future can be achieved through deglobalization. This process isolates nations, thereby making themselves less likely to be responsible for the challenges that face the environment. However, future sustainability can also be achieved through channeling the gains associated with globalization as effective bargaining strategies or incentives to demand environmental accountability from the nations hoping to benefit from the trading systems.

Q3. What is externality in economics? What are the implications of externalities? Please use examples to explain

An externality in economics refers to the economic term that implies the cost or benefit incurred or received by a third party. In these circumstances, however, the third party has no control over the establishment of that cost or benefit. An externality can be either positive or negative and can originate from the production and consumption of the good and services. Notably, the benefit and cost can be either private to a given individual or organization. As an illustration, the pollution from a factory that dirties an environment and which has a negative implication on the health of residents living in the surrounding environment is an example of the negative externality. On the other hand, a well-educated workforce can be described as a positive externality based on the positive impact on the productivity of an organization. Studies have shown that an externality can take place in an economy, mainly when the consumption of a given good or service affects a third party that is not related to the production or use in any way.

Q4. What is neo-colonialism? How can we apply this concept in peace and development discussions?

Neo-colonialism can be described as the indirect propagation of the political and the socio-economic activity by a former colonial power. This propagation is aimed at subjecting a nation to neoliberal globalization, capitalism and the cultural subjugation of its former colonies. As part of this concept, the colonial masters operate to ensure that the newly formed nations remain entirely dependent on them for both political and economic guidance. In most cases, the dependency and the social and economic lives exploitation of the independent colonies are conducted to help the masters to gain the political, cultural, ideological, military, and economic benefits. Colonial masters, therefore, exert the indirect control over these independent nations. The use of military control is therefore avoided as it would portray a direct control over a sovereign nation as was the case during the colonial era.

Neo-colonialism can be applied to gain a better understanding of peace and development in the world. Fundamentally, the restriction of military action of the limited wars as an aim of neo-colonialism does not guarantee global order. In most cases, war has emerged despite the wish of the great power blocs to keep it limited. While it is evident that the power blocs have always attempted to prevent the war that may otherwise lead to the world conflict, neo-colonialism has been seen to perpetuate numerous limited wars that have caused terrible consequences.

Q5. What is the Environmental Kuznets Curves? How is it used to justify the argument for growth?

The environmental Kuznets Curves are used to represent that the development of the economy is accompanied by the increase in the market forces, which results in the consequent increase in economic inequality. Correctly, it can be used to illustrate that as the economy grows, the environment initially undergoes severe stress, but the relationship between the society and environment improves over time. The argument for growth is justifiable in the sense that as the economic development growth takes place, the environment will undergo worsening at some point until a point where the nation reaches a specific average income. The money will then be invested back to improve the environment and restore it.

Q6. What is a 'carbon tax'? How does it affect the economy?

Carbon Tax refers to the tax imposed on the carbon components of fuel. This levy charges the fossil fuel consumers for the damage of climate caused by their fuels. It affects the economy in the sense that the consumers can become more energy-efficient and thus reduce the emission of the greenhouse. A carbon tax also plays a critical role in boosting an economic growth by helping countries to reduce their economic growth over an extended period of time.