THE OUROBOROS; THE GLOBAL ECONOMY

YB WEB DESK. Dated: 11/20/2020 10:51:03 AM

Every now and then we see various new things popping around us. It may be a new store, a new complex, a new car, a new dealership or anything in general and along with these coming up in every other corner there a new product being launched every second throughout the world covering every corner of it. Anticipating a similar situation from an alarmingly rapid rise in the human population spreading its existence throughout the globe is not unusual. It goes hand in hand with such an enormous global economy, growing at a steady incline. Evidently, the rise in global GDP is directly or indirectly a derivative of consumerism in any form, whether it being at an international, intergovernmental level or at the level of an end consumer that is everyday people like you and me purchasing anything, in general, ranging from our daily supplies like food and water to our luxuries and desires like new cars, furniture or anything else which differs from person to person. All of this is coiled under the term ‘Consumerism’, one of the primary key aspect necessary for a booming economy. Hence it is one of the rare things which is highly promoted by private firms as well as the governments. A rising trend in consumerism means a growing capability to manufacture which in turn requires constant assistance provided by the service sector thus involving and employing large chunks of the population hence proving to be beneficial for the general public as well. Working of an old school gramophone may explain this cycle with relative ease. The three constituents; production, consumption and services work-integrated making a loop track for the GDP to run on, which in turn plays the melody known as the 'Economy'. further With the concept of globalisation and open markets, the world is interconnected and interdependent more than ever before. Further diminishing the risk of another world war, as the majority of nations would avoid such a situation disrupting their supply chain or dismantling their as well as the global economy in general. Although it may change as a subject to the geopolitical situation, currently this framework seems pretty rigid and functioning well. Consumerism without a second thought may be hazardous to your personal finance, yet this is necessary for healthy functioning of the global marketplace and the economy in general.

 

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