The final essay on globalization brings together the thought of E.F. Schumacher and James Gwartney in a challenging manner. Schumacher puts a focus on the wasting of nonrenewable resources, the over utilization of natural sinks for pollution, and the assault on human nature as the outcome of modern economic decision making. Gwartney, on the other hand, focuses on how markets generally generate efficient outcomes. A good way of approaching this problem is by looking at how these two authors approach three areas of economic problems.
Your essay might include an introduction that makes clear the different perspectives the authors bring to the table. Schumacher has a normative perspective that emphasizes tradition and restraint, whereas Gwartney has a normative/positive perspective that emphasizes the efficiency of markets to increase the amount of goods and services available for consumption at the lowest price point.
Examine three economic problems and the authors approach to those problems. If I was writing the essay I might investigate the following:
I. Gwartney praises trade and Schumacher raises questions about the impact on trade on sustainability and human connectedness to the production process.
II. Gwartney discusses how labor markets set prices for labor based upon productivity, whereas Schumacher focuses on the humanizing nature of labor.
III. Gwartney focuses on economies of scale and efficiency in production, whereas Schumacher emphasizes the need to keep production at a scale manageable by human actors cognizant of human needs and not mere efficiency criteria.
wrap up the essay with your own reflections on the topic. Is Gwartney’s consumer orientation the best orientation for dealing with economic problems or should we be concerned about the needs of human beings as they engage in productive activities as well as when they are consumers. Do the needs of consumers and producers clash in a way that is not handled by the market place? If so, how do we protect human beings from the potential negative consequences of efficient organization for maximal production of goods and services.