Globalization and Economic Growth in Essay

Richard Matthews adds to the overall challenge of unbounded growth by providing a contentious work of his own. In his book, Matthews asserts that Thomas Jefferson, one of the most influencing thinkers of our time, was an anti-market theorist. Matthews further asserts that Jefferson was against a market economy with unbounded growth but instead advocated for more controlled economic development.

What is very interesting is that many of these principles seem radical, but given current economic circumstances, their insights may prove correct. One economic issue prevailing in the United States is that of rapid fiscal and monetary stimulus and its inflation implications. Currently, due in part to prevailing market conditions, governments have embarked on a path to massive fiscal ease. Governments, including the United States, Japan, Europe, and China have all engaged in massive stimulus operations. This was bought about primarily due to the growth initiatives of many of the more developed nations. Growth in the housing market for instances were unbounded. This growth led to a worldwide recession that is still damaging many areas of the world. With the unbounded growth in the housing market, and subsequent decline, one can only wonder what a limited amount of growth could have accomplished. If limited, growth would first be sustained over longer periods of time. In additions, when market conditions became adverse, steps could be taken to remedy the situation without the economic catastropshe that the world is currently facing. However, what we currently have is a world economy that growing only modestly and in many areas of the world, growing at a negative rate. If many of the concepts presented in these books were implemented modestly, many of the current circumstances that are prevailing may not…