Society and Organization Follows Its Term Paper

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What the world needs today is an effective global banking system and a strong and sustainable trade relationship. The recent world recession reflects the collapse of the global banking system. This was the result of heavy advancement of loans and cumulative rates of interest that were collected on those loans, which led to economic growth in the short-term but economic collapse in the long-run. It is the time for the global powers to take the world economists and political leaders on board and make an effective decision on the creation of a banking system that offers loans to nations which are in urgent need of financial assistance such as Nigeria, Uganda and other African countries. The authority that looks after such banking system should ensure a balance between the First world and the third world in order to ensure that the world economy grows smoothly.

Cutting down public spending is generally a part of a government's fiscal policy, which is usually done with the aim of reducing rate of inflation in the economy.

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This is because this type of policy reduces the purchasing power of the consumer as wage rates fall. As a result, demand for commodities contract thus resulting in pulling down the equilibrium prices. Given the inverse relationship between inflation and unemployment, the down side of this policy can be increasing unemployment, which has already increased significantly after the economic recession. Cutting down on government expenditures would also mean that firms will produce lesser output due to lack of resources and as a result the GDP would further go down. Therefore, in order to maintain its economic competence a more viable option for the government of USA in these recessionary times would be to consider increasing its tax revenue rather than cutting down on public expenditures. Increasing taxes will be a good alternative through which the government can offset the demerits of increased government spending. Moreover, the government will also be able to control consumer expenditure on unproductive economic activities......

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