Five Poison Pills: Trends That Threaten the Global Economic Recovery
Ivey Business Journal
With European nations approaching financial meltdown, conflicts multiplying in the Middle East, and the fiscal cliff looming in the United States, the world seems threatened by geopolitical crisis. This article identifies five factors that are contributing to global insecurity and delaying financial recovery. The first is economic uncertainty, marked by the global financial crisis and high unemployment — youth unemployment is 17 per cent in the United States and surpassing fifty per cent in Spain and Greece. The second factor is demographic shifts, with high projected population growth in Asia and Africa and shrinking projected populations in countries like Germany, Russia, and Japan. The third factor is political paralysis, as exemplified by partisanship in the U.S. Congress or the struggles of the fledgling Iraqi state. The fourth factor is war and terror, marked by an unresolved War on Terror, a rising Chinese military, and cyber warfare. The fifth is climate change and resources, particularly the increasing problems of global warming and resource scarcity. After outlining these five challenges to global security, this article stresses the importance of innovation and research and development as ways to avoid potential crises.
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