War Destruction

In the name of war and desires, human beings have stooped to destroying each other while forgetting that all they are destroying is themselves. The mass destruction, casualties and trauma of the war can never fade away.

Keeping aside the very damage done to the social, cultural and physiological stress endured by the people residing in the countries fighting a war, the economical and political conditions face serious destruction. 

The infrastructure is damaged, the countries, in order to face the war falls into the debt trap, a sharp decline in the working population of the country, shortages and inflation are a few ill-effects of war.

Dr. G.L. Parvathamma, chairperson of the economics department, Bengaluru University explains the impacts of war on the economy, “The war happens between two countries but the impact is faced by many countries due to the interdependencies. During a war, export and import take a toll leading to the break-in of supply chains. Further, causing inflation. Inflation leads to the rise in prices of daily products like rice, pulses, etc, which becomes a burden to the middle-class and lower-class citizens of the economic system. The gold prices become sky high due to issues in importing. To mention the recent example, the stock market has been volatile again due to the Russia Ukraine war, after recovering from the pandemic. India had to spend crores of public money to bring back Indians stranded in Ukraine, which is a fiscal burden to the country.” 

The impact of war on crude oil and debt.

Is there a positive impact from war?

Surprisingly, there is. The reconstruction that begins at the end of the war needs labor, hence creating employment opportunities. The economic growth is higher post-war times than pre-war times.

 The nations which were in the war will see a huge jump in the development of technology.

Diplomacy and its importance in the war.

Dr. S.Y. Surendra Kumar, Associate Professor, Political Science, Bangalore University, gives an explanation on the importance of diplomacy in hard times.

One country might emerge as a winner over the other in a war. But in reality, both countries suffer unimaginable losses. The uncountable loss of human lives can never be recovered. The money spent on war and defense could have been spent on education or human development, to create better lives.

Sources:

Information: Investopedia and economicshelp.org.

Pictures: Pexels.com and Istock.com

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