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Global Economic Collapse

by Russell D Armstrong

posted in News and Society

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Many people fail to realize that the imminent global economy collapse is real and unavoidable. These people generally point to statistics that they have made up or twisted to suit their own purposes. The truth is that the impending collapse of the global financial and economic systems started many years ago, and is nearing the point when the world economy will be completely destroyed.
The collapse began many years ago, when governments around the world decided to start intervening in the affairs of the free market economy. This is exemplified by the actions of the American government following World War II. So-called consumer advocates called for greater government regulation of various industries, including the automotive and commercial airline industries. As a result, many American commercial airlines and car companies failed.
Many blamed the failure of these companies, which cost thousands of hard-working Americans their jobs, on gross mismanagement. While this was a contributing factor in the crisis, the primary factor was the effect of the aforementioned regulations on the bottom line profits of these corporations. These laws made it very difficult for American companies to compete. Foreign companies recognized the opportunity and swooped in quickly. They were not subject to many of the laws, and used this to their advantage.
Of course, the imminent global economy collapse is not due solely to greater government oversight. There are many factors that go into a global event of this magnitude. Trade between sovereign nations has been hampered by corruption and bureaucracy. Also, a series of wars has hampered economic growth and development, as many countries had to focus their efforts on fighting instead of their economies. Additionally, there are many industries in various countries that the government controls entirely. This makes growth in those industries tied to laws. However, the nations that have privatized industry also tend to have bureaucracies. This means that privatized industries advance at a snail's pace.
The trade that occurs between countries all over the world is vital for economic development. Hundreds of millions, if not billions, of jobs depend on it. However, it is troubled for the same reason that it is vital. The amount of money induces greed. It may not sound like a big deal for a border guard in Somalia to take a bribe, but this bribe will drive up the cost of the goods. This means fewer people will be able to buy them. This hurts the seller, who can then employ fewer workers. This chain of cause and effect is seen thousands upon thousands of times a year, in locales all over the world.
The various wars of the 21st century have hurt the world economy even more than corruption. Some may point to the large government contracts that war necessitates as indicators of economic growth. This, however, is short-sighted. While this government contracts can be lucrative and can create many jobs, they are short-term boosts to the economy. Once the war is over, the damage caused by focusing on war rather than business becomes clear.
The public control of industries in communist and socialist countries causes economic harm to people around the globe. Any industry controlled by the government is subject to a massive bureaucracy. The impending collapse of the global financial and economic systems can be partially blamed on this phenomenon. The government officials that control these public industries are more concerned with promotions than profitability. Also, the companies in these industries are subject to government quotas for employees. Even if they do manage to turn a profit, this will not create more jobs.
In conclusion, the global financial crisis has been primarily caused by corruption and government interference. It has not yet caused a collapse of the world economy, and many are reluctant to admit that it will happen at all because of the current supposed economic growth. However, this growth is a bubble that will pop and cause great harm.
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