How can the economy of a nation be protected during a  global meltdown?

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Ashley Kannan | Middle School Teacher | (Level 3) Distinguished Educator

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I think that protecting the economy of any nation in the midst of a global stagnation is of vital importance.  No doubt it is something that many nations are addressing right now.  One strong way that nations can fortify their own economy in the midst of global challenges would be to strengthen their own internal production and consumption of products.  If the net domestic product is consistently strong with a base that is immune to global fluctuations, this would be a good way to avoid global economic slowdowns from affecting domestic status.  Nations that are dependent on foreign imports or the purchasing from foreign nations for their exports can find themselves to be in trouble or challenging situations in the midst of global challenges.  Another step that nations can take is to fortify local industry that can supply local need.  This causes nations to work towards local businesses being strong and not seeking to place their focus on abroad endeavors.  I think that another very good step would be for government to spearhead local agricultural initiatives.  In nations that have strong bases for agriculture, production and consumption of local agricultural products can serve as very good remedies for global stagnation in product purchases.  Nations like India are doing just this, in trying to find low cost technology for farmers in order to ensure their economic viability despite a global marketplace setting.  Such investments of time, energy, and resources can help nations weather the storms of global economic slowdowns, a necessity in the globalized marketplace.

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