The present economic model being followed all over the world is replete with tremendous dangers and has been responsible for the global meltdown. It is evident that capitalism like communism and socialism has run its course and is now totally bankrupt. Unless a new economic paradigm emerges from the ruins of the past,a sustainable economic recovery will not be possible and will lead to more crises.More inflation,unemployment,social unrest,rise in social inequalities and devaluation of currency seem imminent.The Euro-zone crisis can only get worst from hereon and will result in the breakup of the EU. Even the newly emerging economies in Asia, Africa and Latin America are finding it difficult to make ends meet. The old solutions recommended by the IMF,the World Bank and other international financial solutions are no longer viable.
The only way out of the present impasse is a drastic re-structuring of the global economy. New international and multi-lateral financial bodies will have to be created with equal participation by all countries of the world. The era of the dollar as a reserve currency is over! The present restrictions on immigration imposed by the affluent west will have to be reversed and a more open-borders policy put in its place. International trade will have to become more favorable for the poorer countries in Asia,Africa and Latin America. Everyone has to realize that ' United we stand,divided we fall!"
The present consumerist led model will have to be amended and a more welfare oriented model put in its place. Environment,public health,reduction in fossil fuel consumption levels,reduction in social in-qualities and defense expenditures will be vital for the safety and security of the new world! Agricultural growth will be crucial! The present trend of indiscriminate urbanization will have to be reversed with due importance being given to rural development.
Cooperation will be the key-word for the proposed new economic model for global economic recovery. Instead of pursuing profits,the MNCs will have to put social justice high on their agenda. The new business units should be on a cooperative basis with equal participation by the workers and the management.
Properly handled the present economic crisis could be a God-send for a better,equitable,peaceful and prosperous world!
The only way out of the present impasse is a drastic re-structuring of the global economy. New international and multi-lateral financial bodies will have to be created with equal participation by all countries of the world. The era of the dollar as a reserve currency is over! The present restrictions on immigration imposed by the affluent west will have to be reversed and a more open-borders policy put in its place. International trade will have to become more favorable for the poorer countries in Asia,Africa and Latin America. Everyone has to realize that ' United we stand,divided we fall!"
The present consumerist led model will have to be amended and a more welfare oriented model put in its place. Environment,public health,reduction in fossil fuel consumption levels,reduction in social in-qualities and defense expenditures will be vital for the safety and security of the new world! Agricultural growth will be crucial! The present trend of indiscriminate urbanization will have to be reversed with due importance being given to rural development.
Cooperation will be the key-word for the proposed new economic model for global economic recovery. Instead of pursuing profits,the MNCs will have to put social justice high on their agenda. The new business units should be on a cooperative basis with equal participation by the workers and the management.
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