How can world trade be made fairer?

Answer 1

In its simplest terms, globalization is a very advanced form of free trade. Formerly independent national economies are becoming more and more interdependent and integrated. Take the European Union, for example, in which a very varied group of countries integrated their economies, even so far as to implementing a common currency, the Euro.

The thing about globalization and free trade is that they are based on the free market economic system. In free market economies, the market is thought to be self-regulating through the law of supply and demand. The free market system is extremely efficient as it forces producers to be more competitive and innovative, while allowing consumers to enjoy a wider variety of goods at relatively low prices.

The problem is that, despite its efficiency, the free market system (and thus, globalization as a whole) is highly inequitable. In other words, globalization generates more production and wealth, but these benefits are not distributed equally among the world population.

So, how can we make globalization more equitable? Well, there are efforts being made from NGOs (non-governmental organizations) who often advocate for humanitarian efforts and environmental standards. There are also international treaties and accords that aim to promote more equitable policies. Also, there are new products being sold on the market (like Fair Trade goods) that support worldwide equity.

Some might argue, however, that making globalization fairer is not a matter of trying to adjust the free market system, but rather, to overthrow it all together. If you get rid of the free-market system, you can replace it with a new system of production and distribution of goods that promotes equality rather than inequality. One example of such a solution is Fresco's Venus Project.

In all, making globalization fairer can be done from within the system (through small actions) or from the outside (through major revolution). Which option is better? Depends on who you ask. The bottom line is that globalization IS unfair, but there is hope - and there is always something we can do about it.