This Website is discontinued. We changed to Parstoday English
Wednesday, 30 March 2011 12:35

Rethinking the global economy

The world communities urgently need a new paradigm for human advancement, beginning with a fundamental reordering of world priorities: an immediate end to hunger, the securing of universal basic needs, and a rapid safeguarding of the environment and atmosphere.

 No longer can national self-interest, international competition and excessive commercialization form the foundation of the global economic framework.

The first true political expression of our global unity was embodied in the establishment of the United Nations in 1945. Since then, international laws have been devised to help govern relationships between nations and uphold human rights. Cross-border issues such as climate change, global poverty and conflict are uniting world public opinion and compelling governments to cooperate and plan for the man collective future. The globalization of knowledge and cultures, and the ease, with which the man can communicate and travel around the world, has further served to unite diverse people in distant countries. But the fact of our global unity is still not sufficiently expressed in the political and economic structures. The international community has yet to ensure that basic human needs, such as access to staple food, clean water and primary healthcare, are universally secured.

This cannot be achieved until nations cooperate more effectively, share their natural and economic resources, and ensure that global governance mechanisms reflect and directly support the man common needs and rights. At present, the main institutions that govern the global economy are failing to work on behalf of humanity as a whole. In particular, the major bodies (the World Bank, International Monetary Fund and World Trade Organisation) are all widely criticized for being undemocratic and furthering the interests of large corporations and rich countries. Establishing more inclusive structures of global governance will only remedy one aspect of a complex system. Another key transformation that must take place is in the man understanding and practice of ‘economics' so that government policies can become closely aligned with urgent humanitarian and ecological needs.

The ‘neoliberal' ideology that institutionalized greed and self-interest was fundamentally discredited by the collapse of banks and a world stock market crash in 2008. As a consequence, the global financial crisis reinvigorated a long-standing debate about the importance of morality and ethics in relation to the market economy. If humanity is to survive the formidable challenges that define the man generation - including climate change, diminishing fossil fuels and global conflict - it is necessary to forge new ethical understandings that embrace the man collective values and global interdependence. The world communities urgently need a new paradigm for human advancement, beginning with a fundamental reordering of world priorities: an immediate end to hunger, the securing of universal basic needs, and a rapid safeguarding of the environment and atmosphere.

No longer can national self-interest, international competition and excessive commercialization form the foundation of the global economic framework.

The crucial first step towards creating an inclusive world system requires overhauling the outdated assumptions about human nature, reconnecting the public life with fundamental values, and rethinking the role of markets in achieving the common good. In line with what its now known about human behavior and psychology, integrating the principle of sharing into the economic system would reflect the global unity and have far-reaching implications for how the man distribute and consume the planet's wealth and resources.

Sharing the world's resources more equitably can allow building a more sustainable, cooperative and inclusive global economy - one that reflects and supports what it really means to be human.

(By Rajesh Makwana, the director and Adam Parsons the editor at Share the World's Resources)

Add comment


Security code
Refresh