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“JOURNAL OF SCIENCE-INNOVATIVE RESEARCH IN
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“JOURNAL OF SCIENCE-INNOVATIVE RESEARCH IN
UZBEKISTAN” JURNALI
VOLUME 1, ISSUE 7, 2023. OCTOBER
ResearchBib Impact Factor: 8.654/2023 ISSN 2992-8869
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directional causes that erupt suddenly from below or fall without warning from
above, or both at the same time. Sometimes, events in one society arc for a moment
around the planet to another, thereby dramatically changing both their trajectories.
The impacts of some global problems may not be felt for years or decades
whereas decision-making time horizons are very short. Such enduring global
problems may set severe limits on solving interrelated, medium-term global
problems. Some solutions may turn out to generate further problems.
Some global problems are short term, such as the recent recession caused by
the creditcrunch a
nd
related banking crisis.
Most global shocks are relatively short
term and may be self-correcting. Other apparently short run events can have long
lasting effects, such as the oil shocks of the 1970s, which permanently altered the
global market for oil.
Other global problems are longer term, and may require a strategic approach to
finding solutions. These problems include global inequality and unequal
economic development, global poverty, the exhaustion of non-renewable
resources, depletion of the environment and global
warming, and systemic problems
associated with inadequate regulation of financial markets.
Types of shock:
Temporary shocks, such as a terrorist attack, or a one-off change in a
commodity price, like a rise in wheat prices, which quickly return to the ‘normal’,
long run trend.
Permanent shocks, such as an oil shock, which permanently alters the market
for motor vehicles. Some economists argue that the financial crisis of 2008-09, and
the resultant impact on the motor industry, will kick start a more carbon neutral
approach to vehicle design.
Policy induced shocks, such as reducing interest rates or increasing the
money supply too quickly, creating an inflationary shock.
Asymmetric shocks, which are those affecting one region or one industry
more severely than another. For example, the collapse of the Argentinean peso on
the 1990s affected Spain more than the rest of Europe.
Symmetric shocks, which are shocks which affect all regions or industries in
the same way.
Financial shocks, which are those starting in the financial markets, such as a
sudden change in the exchange rate, or the collapse of a major credit bank.
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