Global Public Goods

Global public goods include all kinds of goods, consumption of which does not result in its non-availability for other entities. In some cases, the consumption of global public goods cannot be stopped. These types of goods are available in many countries, consumed by many people and is available for use across generations. Status of some goods can change from local or national to global. Better transport facilities and the removal of capital controls have led to the creation of more global public goods.

There is a deep relation between global public goods and globalization. In fact global public goods follow as a consequence of globalization and also play a crucial role in driving it. Global public goods like infectious diseases are also formed as a result of globalization. Production of global public goods requires different inputs and is similar in process to the production of other kinds of goods. International postal and civil aviation systems are two examples of global public goods.

Examples of global public goods

Examples of global public goods can range from international postal systems and basic education to moonlight and atmosphere. Negative things like HIV virus, air pollution, and crime can also be termed as global public goods or bads.

Production of global public goods

Global public goods or bads can be produced as a result of individual inputs. A multi-country or sector process has to be initiated to create global public goods or bads. For instance, climate instability has been brought on by factors like greenhouse gases released by manufacturing companies and cars.

Importance of global public goods

Global public goods drive globalization. That explains why it has been given a lot of importance in matters related to international policymaking. National and international bodies are working towards the creation of global public goods like health, property rights, and security.

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