With the rise of technology, the world has seen one of its most rapid changes in history. Now, instead of having to wait weeks or months to receive a letter, people can transmit messages in an instant with a simple click.
Now, with the connectivity of a global village, international affairs have never been more important. In other words, countries have perhaps never been more reliant on each other than they are now.
With the help of technology, the world has metaphorically shrunk in size, giving a global economy more importance than ever before. The wealth of independent countries from all edges of the world are now dependent on a strong global economy.
As Justin Trudeau, the Prime Minister of Canada, said on Feb. 16, “the whole world benefits from a strong EU”. Why would he say something like that? After all, why should Canada care about countries thousands of kilometers away? Well, simply put, the wellbeing of our global economy depends on the strength of independent nations and the bonds between countries. For example, the recently signed Comprehensive Economic and Trade Agreement, between the EU and Canada has been vital in strengthening the world economy. Many consider this trade deal to be crucial to Canada, as it will lessen Canada’s dependency on the United States. This is a prudent move on the part of the Trudeau administration, as the Trump government have been threatening to make detrimental changes to the infamous NAFTA, North American Free Trade Agreement.
And while the strength of individual countries can aid the stability of the world economy, a unstable or unpredictable major player, such as the United States, can be nefarious to the wellbeing of the global market. Many banks and investment offices fear the threat posed by the Trump presidency such as the company Fitch, which is one of the world’s three biggest rating agencies. Fitch and others fear the affects of limited migration and poor international relations will have on the United States, and in turn, the world’s economy.
So, though it seems that the only thing we should fear is political instability, the threat of a volatile market in the world is just as eminent and just as dangerous. While it seems that our generation is encouraged to learn about politics and our governmental systems, we should always make sure to keep up to date on the economic systems we live by every day.