Economic Growth in the UK Essay Example | Topics and Well Written Essays - 1000 words

Economic Growth in the UK - Essay Example Since the phenomenon of globalization has become ubiquitous in the new neoliberal world order of the last few decades, it would be instructive to study aforementioned determinants within the framework of international capitalism. This particular form of capitalism has steadily replaced socialistic and communistic forms of economic arrangement in many countries in the world. While proponents of this global economic model argue that this is the best possible system, there are also those who strongly oppose various aspects of this system. Taking a historical perspective, we see that the events of the two centuries are shaped and defined by the practice of capitalism. While conceding that concentrations of power and finance in and of themselves do not lead to oppression and injustice, empirical evidence of the workings of the capitalist model suggests such an outcome. Similarly, while neoliberal economic paradigm might have improved the Gross National Products (including that of the UK) of individual nations and improved the general standards of living, there are other aspects of human well-being that is not easily measured and fulfilled (Dixon, 1998, p.125). For instance, when assessing economic systems and determinants of economic growth, it is only logical to consider the consequences to the environment alongside measures of human standard of living. There is an emerging consensus among intellectuals and research scholars that there is indeed a strong correlation between the two concepts.