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We live in an interdependent global economy - Leaving Cert Geography - Question 13 - 2018
Question 13
We live in an interdependent global economy. Actions or decisions taken in one area have an impact on other areas. Examine this statement with reference to each of t... show full transcript
Worked Solution & Example Answer:We live in an interdependent global economy - Leaving Cert Geography - Question 13 - 2018
Step 1
Global environmental issues
Answer
In the context of an interdependent global economy, global environmental issues play a pivotal role. Deforestation in one region can lead to climate change, which affects global weather patterns and disrupts agricultural productivity worldwide. For example, the clearing of the Amazon rainforest not only impacts biodiversity but also contributes to increased carbon emissions, affecting air quality across continents. Therefore, actions taken concerning environmental policies in one nation have far-reaching consequences, illustrating the interconnectedness of global actions and their impacts.
Furthermore, international agreements like the Paris Agreement highlight how countries must collaborate to mitigate climate change. When one nation enacts strong environmental regulations, it can influence other countries to follow suit, as seen with the European Union's environmental standards impacting trade practices globally.
Step 2
Impact of social and political decisions
Answer
Social and political decisions significantly influence economic interdependence. For instance, political instability in a country can lead to a halt in trade, impacting the global supply chain. A recent example is the political crisis in Venezuela, which has created economic ripple effects, leading to shortages in oil and affecting prices worldwide.
Moreover, social movements advocating for fair trade and ethical sourcing can compel companies to alter their practices, thereby affecting economies in regions reliant on exports. The popularity of social movements, like those advocating for sustainable development, highlights how collective societal choices can lead to political changes that resonate globally, affecting both local and international markets.