Global political economy Essay Example | Topics and Well Written Essays - 750 words - 2

Global political economy - Essay ExampleThis sparing crisis caused by political issues in US later scatter to other countries resulting to economical, political and social problems especially in Europe, China and Africa.It started in United States receivable to production of excess paper assets produced for prices of houses. The US financial system anticipated a continuous increase of prices of housing and, therefore, they created more paper assets expecting that their demand entrust increase, but, unfortunately, the prices of housing declined leading to a financial crisis. Europe and China had purchased the paper assets for pricing of houses and, therefore, when the prices of houses declined they were also caught up in the financial crisis. The business elites who introduced the paper assets in US violated moral and social responsibility seeking their own personal gain but not the society as a whole. This was a political issue in US financial system itself and US also wanted to dominate the global political economy through proviso of the paper assets to other countries like Europe and China. It was speculated that the financial elites who were involved in the generation of the paper assets were in conjunction with the political elites in the US government. This is because if the financial crisis was involved in criminality why then did the political system fail to render such actions as a crime (Gup 2010, p. 24).The financial crisis spread to Europe where it was accelerated by the European political crisis which resulted from distrust among the parts of Europe in agreements. In Europe, there has been a minority group which has large felt that the European Union was put in place to support some countries like Germany and France at the expense of others. Greece experienced a debt crisis due to classic government failure in funding them and when they approached the Germany government to bail them out, they refused due to political tensions between them (Ko lb 2010, p. 30).In China, the economic