Our Sacred Honor

The development of the global economy is perhaps one of the most controversial topics in economics, while also the most inevitable. Very few economists would argue that resisting globalization is a wise idea, or even possible. However, there are definite advantages and disadvantages to a global economy. This blog simply weighs the positives and negatives of how globalization has impacted the United States and the international market as a whole in regards to specialization of economies, protectionism, and international trade.                The American system was designed around an understanding of the free market – where supply and demand determine the prices of various good and services. This allows scarce resources to flow to their most efficient uses, since capitalist producers will not continue to waste valuable resources on failed experiments, if there is no economic incentive. As competition increas...

As with many of my posts, this topic was inspired by a class discussion on development economics and the ensuing follow-up conversations with fellow students. I think it is a fascinating topic to discuss and analyze as well as a very important social ill that much of the world -including our own nation, continues to struggle with on a daily basis. Any follow-up discussion that you would contribute is welcomed and encouraged, in the comment section below. Poverty. The greatest social blight of the world. We've all seen the commercials for the non-profits that seek to sponsor children living in poverty. Most of us have seen documentaries and newscasts from experts that discuss the implications of poverty on society in Africa and Southeast Asia. In lieu of the sheer mass of public awareness campaigns and NGO's that we encounter in our daily lives, it can be easy to turn a blind eye to the reality of this issue in the world. There are millions of individuals in the world l...