Western economics has experienced a lot of success over the years through technological advancements, globalization, and innovation. But, it has also faced challenges through credit crisis, natural disasters, pandemics, and other issues. Most western economies over the years have experienced higher living standards and reduced sense of poverty. Capitalism has provided a shift in focus towards the incentivized growth and success of the individual. However, this has also provided higher levels of inequality, environmental damage, stagnant wages, rising debt levels, and financial instability. Focus towards GDP growth has led to unsustainable practices and neglect of both the social and environmental well-being. It has also increased the gap in wealth and power in concentrations towards a few. This has been seen as a major flaw in many western economies. Although, western economic models are complex, increasingly they are showing failure in economic sustainability with a bleak future outlook. Politicians continue to display policy interests towards a wealthy few and neglect towards the greater population which has dire consequences. In many respects, western economies are showing a very heavy burden on the taxpayer with rising cost of living while also displaying irresponsibility for the outpouring of funds for financing foreign wars that have very negative global economic implications. The heightened sense of uncertainty has led to significant stagnation across the western economic frontiers.
