Answer to Question #296233 in English for Naeem

Question

“New global economy has brought opportunities for people and a new kind of slavery. Comment in favour or against this statement?"

Answer 1

The argument presented here is that there is no new global economy. Rather, that there has been an evolution of the economic activities constantly at play in the global economic system. Therefore, the global economy is continuous and accrescent.

Being accrescent, the evolving global economy does create more opportunities for people. One remarkable example is the information economy, spearheaded by the fast rate of technological development. The world wide web is now so revolutionary that with the right skill and patience, one can become a millionaire overnight. Non-fungible tokens (NFTs) and Cryptocurrency are some of the products in the information economy that have swept the cyberspace in an exciting and dangerous wave of financial opportunity eg. crypto trading or mining and production and sale of NFTs.

However, the growth of opportunities in the evolving global economy reflect evolving societal problems such as new forms of slavery. There is the danger of a technology addiction, where a person may become a slave to the internet. They end up spending unhealthy hours on their mobile devices and are very unpleasant when there is no internet connection because they cannot get updates on their trades. There are also products such as mobile loans which are attractive but belie heavy and unreasonable interest terms, leaving the borrowers with high debt. Unfortunately, to repay one debt, another debt is procured, thus creating a continuous debt cycle that often takes high measures to clear.