Module 4: The Economics of Globalization

Sustainable Prosperity

Economic Prosperity: the material wealth often viewed as necessary to ensure a high quality of life for an individual or a country.

You have explored the inequalities in the distribution of prosperity in the world, even in Canada. Many countries take on the responsibility of not only ensuring the prosperity of their own citizens but also making commitments to help other countries develop prosperity as a global responsibility. Another issue for countries is how to sustain prosperity. Economic prosperity based on material wealth may increase or decrease depending on the availability of resources and conflict; for example, war and invasion may reduce the prosperity of a country. It’s no longer a priority of developing prosperity but making it a sustainable prosperity. What does that look like?

Sustainable Prosperity is a Canadian non-governmental organization. It describes sustainable prosperity as building an environmentally greener and more prosperous economy for Canada.

The United Nations Division for Sustainable Development states the following: Development that meets the needs of the present without compromising the quality of future generations to meet their own needs.

The Social Studies Online Guide provides three contexts to consider:

Institutional or Social Sustainability – Can the group or community continue to function?

Economic and Financial Sustainability – Can the initiative continue to produce economic benefit?

Environmental or Ecological Sustainability – Can the physical environment cope with the demands placed on it for an indefinite period

institutional or social sustainability: the ability to maintain the social and governmental structures, rules, and practices of a society over time

economic and financial sustainability: the ability to maintain a strong financial status and/or economy in the future

environmental or ecological sustainability: the ability to maintain the qualities that are valued in the environment

Reflection

Please complete the What Does Sustainable Prosperity Look Like?