PROBLEMS DUE TO ECONOMIC LIBERALISM

Bhavana Kanagala
Mind Map by Bhavana Kanagala, updated more than 1 year ago
Bhavana Kanagala
Created by Bhavana Kanagala over 5 years ago
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social 30 chapter 12 assignment

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PROBLEMS DUE TO ECONOMIC LIBERALISM
  1. POVERTY/DEBT (CONSUMERISM)
    1. Economic liberalism gives people large amounts of economic freedom. People buy various different things with money they don't have; they simply use credit cards and loans. But when it is time to pay it all back, interest mounts up and they go into debt. It also exploits workers of companies, mainly in third world countries. The never-ending need for massive amounts of products leads to companies forcing their workers to overwork for very low wages and horrible working conditions. This leads to even more poverty and debt in the already economically unstable countries.
    2. ENVIRONMENTAL/CLIMATE CHANGE
      1. To satisfy the never-ending needs of consumers, companies need to make as much product as they can. Competition is an economic principle of liberalism which allows companies to compete with each other for customers. Competition leads to vigorous production of goods and services. This has a very negative affect on our planet. Habitats are being eradicated to meet consumer needs. Greenhouse gas emissions are increasing day-by-day. This is resulting in a warmer, less habitable planet for certain organisms.
        1. Liberalism is offering solutions to this issue. An example of this is the Kyoto Protocol. Although not very efficient, it is a step towards reducing greenhouse gas emissions all over the world. Many different liberal democracies are part of the Kyoto Protocol and are working together.
      2. RESOURCE USE AND DEVELOPMENT
        1. Again, the use of precious resources to need consumer needs has many negative affects. Principles of liberalism such as competition, self-interest and economic freedom are to blame for the decreasing amounts of resources everyday. Farmland and traditional ways of life are lost due to rapid use of resources and development. The love for liberalism of developing countries result in many negative affects. The use of petroleum releases harmful air which pollutes the environment.
        2. PANDEMICS
          1. Principles of economic liberalism such as self-interest allows people to travel more internationally. Liberal democracies mostly choose not to close their borders and restrict tourists and immigrants. This causes the rapid spread of pandemics. Pandemics can kill millions of people if they start spreading, but liberal countries simply choose not to shut their doors.
            1. Liberal democracies usually work together to fight off world-wide problems such as pandemics. International health organizations such as the World Health Organization establish protocols and work on lowering the effects of these pandemics.
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