The footsteps of the economic recession can now be heard all over the world. Due to the economic recession, commodity prices around the world have risen and people’s living standards have risen worldwide. As a result, governments of several countries have now adopted austerity policies. But no matter how much we try to lower the cost of living through austerity policies, it won’t benefit the economy in the long run. It is true that a reduction in expenditure by a person brings temporary economic benefits to that person; But if everyone cuts spending, the economy will shrink. Because one person’s expenses mean another’s income. So if everyone cuts back on expenses, then of course everyone else’s income falls. The flow of money to the market slows and the economy stagnates. In this situation, the economy shrinks instead of developing. Depression occurs in the economy and brings disaster to people’s lives. To get rid of this situation, the world war must be stopped. As long as the war does not end with the world, the economic recession will not end.
Explain a little how people’s austerity policies are hurting the economy. Most people in the world have limited income. Those who are very big businessmen, landlords and well-paid employees are not the only ones who have financial problems. It’s no problem if the price of goods goes up, they don’t need to reduce their spending; But those of the middle class, the lower middle class, workmen, day laborers, small traders – they all have a limited and fixed income. As a result, if the price of goods rises, they get into trouble. Cut back on purchases to solve the problem. Many rent a small house instead of a relatively large house. Someone sent the housekeeper away. The worker becomes unemployed and his family suffers. If they use a private car, reduce car usage to lower costs. As part of this, the driver is fired. Reduce the purchase of car oil. Buying new cars will also decrease. As a result, the import of cars will also decrease. Car dealers will be affected by this.
As part of the cost savings, these people will no longer buy newspapers at home. Newspaper owners, press owners, paper mill owners, paper and ink sellers, newsagents and all those involved in this industry will see revenue fall and run into trouble. To cut costs, they will cut back on clothing purchases, eat out at hotel restaurants, and cut back on travel. As a result, everyone involved, including clothing merchants, hoteliers, transport companies and traders in the tourism sector, will be put at risk. They will shun luxury to cut costs and all luxury goods companies will suffer. Many will put off buying land, building houses, buying flats for the time being. As a result, all traders involved in these sectors including bricks, sand, rods, cement, tiles, sanitary ware, paint and electrical equipment will be affected. This will also reduce government revenue.
Essentially, the contraction of spending by all the people in one country affects and harms the economy and the people of another country. And the austerity policies of all countries are disrupting the economies of all countries. It harms the entire global economy. If the population of Bangladesh reduces car use, the import of cars and fuel into the country will decrease. As a result, Japan’s auto exports and Saudi Arabia’s oil exports will decline.
Again, if the people of Europe-America reduce the purchase of clothes and eat shrimp while cutting costs, the export earnings of clothes and shrimp from Bangladesh will fall. Anyone involved in the garment industry in Bangladesh will suffer. Do not set up new industries because industrialists will face problems. As a result, the bank’s investments and income will decrease. At the same time, unemployment will increase due to a lack of employment growth. Again, if import-exports decline, shipping and transportation activities will suffer. The import of one country means the export of another country. So if the import and import expenditure of one country decreases, the export and export revenue of another country will decrease. Since no country in the world is self-sufficient, one depends on the other and each country is closely linked, so the contraction in spending will hurt the economy of the whole world.
Whatever one may say, the fact is that war is one of the causes of economic depression around the world. Therefore, the war must first be stopped in order to get out of the recession. War is a destructive process. It just destroys everything. Many people lost their lives. But the world is still at war. Wars have always existed in some part of the world, and still exist. When the war ended in one place, it immediately started in another. This is an ongoing process.
The former Soviet Union has been at war in Afghanistan for more than 10 years. The US and Western allies have been at war in Afghanistan for twenty years. The US and the western world have invaded and imposed wars on Iraq, Libya and Syria. The war is raging in Yemen. Now Russia is at war with Ukraine again. These wars have not brought any prosperity to the world economy; Rather, it has wrought destruction and damage in all areas.
The United Nations has always failed to stop the war in the world. The enormous expenses of the war have been, and still are, spent on unproductive destruction. And it’s all a loss. That is why there is so much crisis and recession in the global economy today.
There are rules of economic transactions that apply to any transaction. That is – the profit of both the buyer and the seller. Perhaps one wins more than the other; But both sides will surely benefit. But this formula does not apply in the case of war. A house is destroyed when a bomb is used in war. As a result, both the production costs of the bomb and the construction costs of the house are direct losses.
So all the money spent on war is simply wasted. There is no return in exchange. This creates a recession. And since the countries of the world are interconnected and dependent on each other, everyone is affected by a recession. Just as the tides in the Pacific Ocean, the melting of the Himalayas and the polar ice caps affect the world’s water levels, a war between two countries in every part of the world affects the global economy.
War always brings only suffering to the people of the world. The amount of suffering is incalculable, burdened by 8 billion people around the world.
Due to the economic recession, the lower and middle class people around the world suffer the most and about 5 billion people suffer as a result. So the responsibility of the global economic crisis lies with the belligerent states. None of the underdeveloped states, their peoples and leaders started wars in the world. So they are not responsible for the ongoing global recession. In essence, they bear the suffering caused by the most developed, civilized and powerful states. The war started by these state leaders has brought terrible suffering to all mankind. Their failure and irresponsibility has caused economic depression around the world today, resulting in the suffering of hundreds of millions of people around the world.
To get rid of this situation, world leaders must stop war and conflict forever. The world must be guided towards peace and security. People should be given the opportunity to work and live in a normal and anxiety-free environment. Then normal human activities, production and delivery will continue. As a result, the dynamics and development of the economy will continue normally and there will be no economic recession.