Global Climate Change and Free Market Economy

Abstract

The world is changing due to the change in climate. Climate change translates into a change in our way of life. As countries change to become more industrialized and increase the production of goods, such industries emit greenhouse gases, which are the main contributors to climate change. It is widely considered that climate change is mainly due to various human activities such as agri culture, industrial production, consumer practices, and transportation. The resultant effect is global warming due to the accumulation of greenhouse gases leading to increased flood frequencies, extreme temperatures, drought conditions, unpredictable rain patterns, and rising sea levels among others (Zamani Nuri et al., 2013). Studies have projected that the frequency and intensity of extreme weather events will increase, causing severe socio-economic consequences, particularly to margin alized groups in society. Poor communities especially in developing countries face a disproportion ate impact from climate change due to their limited resource capabilities and their high dependence on climate-sensitive livelihood activities (URT, 2012). Studies have indicated that climate change and economic globalization may mutually affect a region, or a sub-group leading to the so-called double exposure (Grineski et al., 2001) effect.