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REINVENTING DEVELOPMENT

today and in the decades to come; at issue are questions of distribution and political will. The realisation that we are in a resource-constrained world forces us to place equity at the heart of global economic thinking. Finite resources also force us to take the issue of sustainability seriously—not as a piece of rhetoric to be deployed periodically but as an integral element of economic thinking. Instead of equality, we see booming inequality. As the world’s hungry grew to 925 million in 2010, the number of dollar millionaires grew by 8%, even in countries with hundreds of millions of people living on less than US$1.25 a day. Instead of addressing resource constraints,

The realisation that we are in a resource-constrained world forces us to place equity at the heart of global economic thinking

It’s clear that the current way of discussing and managing the world economy is not fit for purpose; it’s failing hundreds of millions now and is set to fail billions in the coming decades. Governments have defaulted to their old tools and solutions: short-termism and competitive negotiations, rather than a collaborative long-term approach. A new, ethical economy for the 21st century is needed, one which judges its success by the fulfilment of rights, by maintaining rather than diminishing the world’s envelope of resources and by keeping equity at its heart. A simple touchstone for this new ethical economy is hunger and how we make sure it is ended. Recommended link www.oxfam.org

© Reuters Staff/Reuters

many governments have simply sought to restore growth with barely a nod to its impact on the world’s carrying capacity. Green investments were just 7% of the UK’s initial spending stimulus following the 2008-09 crisis,

just 6% in Spain and 3% in Japan. Instead of delivering a climate change deal, talks drag on as the world continues to grow warmer.

OECD Yearbook 2012 © OECD 2012

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2012 OECD Yearbook  

2012 OECD Yearbook

2012 OECD Yearbook  

2012 OECD Yearbook

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