Answered: 8.“…Though humanity has achieved…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter20: The Global Economy

Section: Chapter Questions

Problem 22AA

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8.“…Though humanity has achieved incredible progress, we have taken the Earth for granted, destabilizing the very systems upon which we rely for survival. Covid- 19 offers a glimpse of our future, in which the strain on our planet mirrors the strain facing societies. It took Covid-19 very little time to expose and exploit overlapping inequalities, as well as weaknesses in social, economic, and political systems, and threaten reversals in human development. While the devastating effects of Covid-19 have taken the world’s attention, other crises, from climate change to rising inequalities, continue to take their toll…” Comment the critical statements above by comparing and contrasting rival economic systems that we have discussed during the semester. (Hint: you may develop your discussion through listing some alternative indicators rather than using growth in GDP as the sole measure of development.

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