The Ticking Time Bomb: Unpayable Global Government Debts and the Road to Conflict
Abstract:
This article examines the escalating issue of unpayable government debts across the globe and their potential to incite global conflicts. Utilizing a multidisciplinary approach, it delves into the historical context of government debt, highlighting how past economic mismanagement led to societal upheaval and conflict. The current global debt situation is critically assessed, with a focus on countries exhibiting the highest debt-to-GDP ratios. The analysis extends to the economic implications of unsustainable debts, including their impact on international relations and global markets, and explores the socio-political consequences, particularly the interplay between debt crises and political instability, as well as social unrest. The core argument posits that reliance on taxation as a solution to burgeoning government debts is not only inadequate but also potentially exacerbates economic and social challenges. This is illustrated through case studies where increased taxation failed to remedy debt crises and instead led to widespread discontent. The article further explores the theoretical trajectory from economic crises to armed conflicts, drawing on historical precedents where financial distress contributed to wars. In addressing these challenges, the article proposes a range of solutions, emphasizing the importance of innovative economic policies, proactive international cooperation, and the pivotal role of organizations like the IMF and World Bank in managing global debts. The conclusion synthesizes these insights, reflecting on the need for comprehensive strategies to prevent debt-induced conflicts and maintain global economic stability. The article offers a timely exploration of a critical issue facing the world today, providing valuable insights for policymakers, economists, and international relations experts. It underscores the urgency of addressing the global government debt crisis to avert potential conflicts and foster a stable, prosperous global economy.
