Alternative Futures and Business - Management Assignment Help

Assignment Task

The Global Economy
The rise of climate change and the emerging problems that stems from it emphasizes the
need to change our current political and economic systems. Climate change can impact the 
growth rate of the economy, for instance, it may have an effect on the productivity and size
of both the labour force and capital stock, which upsets investment and accordingly, its future
output as well (Tol, 2018). Climate change affects everyone in different ways and requires a
collective effort that goes beyond just making profits. Companies, large institutions, along
with governments and those involved must work together to implement strategies,
measures, and recommendations that can help alleviate the issue.
The idea of corporate capitalism is how we organise work which is important in a sociological
and economical context. It has driven our work with the purpose of maximising profits and
personal enrichment (Hoffman and McNulty, 2012). Therefore, it is easy to be blindsided by
compound economic growth which is why our current economic system has ended up in the
stage of ‘creative self-destruction’ where it seeks to find ways to exhaust the planet’s
degrading finite resources (Wright and Nyberg, 2015). The structural foundation of corporate
capitalism needs to be modified in order to avert climate disaster. Its legitimacy is being
questioned because of its inability to effectively respond to the current crisis at hand.
As we continue to expand global economic activity, the growing volume of goods and services
exchanged across regions requires the further increase in consumption of fossil fuels. Wright
and Nyberg (2015) argues that anthropogenic climate change is not only caused by society’s
reliance on fossil fuel consumption but is inherently a result of the overall global economic
system. The International Monetary Fund (IMF) and the World Economic Forum (WEF)
concurred that, if climate change is overlooked, it could destabilise the global economy (Ervin,
2019). We can continue economic growth in a more sustainable way by developing and
focusing on different industries while prioritising the protection of our resources.
 

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