Post world war saw the emergence of third world countries as the hub of globalised marketplace. These marketplaces sheltered an umpteen amount of labourers from the distinct corners of the world. However, emerging markets like India, China, and Brazil are vulnerable to suffer catastrophic final crisis in the next forty years as exclaimed by William Shaw.
Speaking at the third annual symposium on emerging markets at Northeastern University, Shaw told some 50 scholars along with few business leaders, “Emerging markets do lack in regulatory institutions in conjunction with effective social safety nets” to forestall an economic collapse. He quoted “We have to anticipate huge shocks to the global economy.” He upholds the fact that the only hope for mankind is the recognition for global consciousness.
An expeditious increase in labour force attendance in nations such as India, for instance, will pony up to the widespread amplification and prosperity of these emerging markets. But labour force augmentation will also precipitate a lump of migrated people of more financially perdurable breadwinners to countries like the United States, which, Shaw said, will mask the burden of “keeping out illegal immigrants”.The growth of emerging markets would also have a negative impact on the environment, Shaw elucidated. By 2050, when climate change connoisseurs predict the customary global temperature would rise by approximately five degrees, developing nations will be the cause of nearly 50 percent of carbon emissions. Shaw said “It could be calamitous in terms of inadvertently affecting the crowd of millions,” and added “It’s a very serious dilemma.”
Harminder Singh