The Challenges Faced by the New World Order

As the economy of the world revives from a panting phase of recession, the outlook on the political arena has been to gather support of the few who are strong and impress their party lines of an economic new world order on most of the developing nations. After the downfall of the World Financial Markets, the world seems to be much divided and has been playing a subdued blame game.

The financial crisis emerged from the Housing Bubble of the U.S in the year 2007 and spawned an economic debacle by the early months of 2008.Since then; the global leaders reached an agreement to fuel their economies through packages of fiscal stimulus. But this boost has achieved very little with regard to sustainable development, which means a rise in the Total factor productivity with the need to maintain balances in the ecology in terms of sources of energy, degradation of forests, food and water sources. If any of these facets tend to get compromised, it means a gain that is only short term and that which compromises with generations to come.

A lot of the G5 developing nations are of the strong opinion that the G8 must not steer away from their responsibility of restraining their emissions of carbon and seek promises from the G5 nations for the same. The developed countries cannot just twist the arms of the developing countries on the Carbon tax issue, by perceiving it as a measure of protection.

Economics absorb the beauty of art as well as science. The theories of economy should be tailored to cater to the various phases like slowdown, boom, depression and recession.

The perception of the World Nations has definitely not been undisputed and in sync. The blame game would continue on its path until an obviously unanimous decision is reached at.

The World Order is obviously separated on critical issues that pose threats to the existence of human beings. This difference of opinion would definitely continue to spoil any peace talks and process that countries would try to promote. Some economists are of the opinion that besides this economic segregation spoiling efforts of sustainable advancement; it would also trigger a new race for arms as the developing countries scurry around to emphasize their presence in the global arena. Furthermore, they perceive that the developed countries,rather than incriminating the developing countries should recognize the significance of their participation in the event of realizing a New World Order.