Global economy must stop pandering to ‘frivolous desires of ultra-rich’, says UN expert

March 3, 2026

TL;DR

The global economy needs to be reordered to serve ordinary people rather than the ultra-rich, according to UN special rapporteur Olivier De Schutter.
De Schutter criticizes 'socially and ecologically destructive growth' that benefits the wealthy and calls for prioritizing basic needs and societal value.
A roadmap for eradicating poverty beyond growth, involving policy options like universal basic income, job guarantees, debt cancellation, and an extreme wealth tax, will be published in April.
This initiative coincides with UN efforts to replace GDP as a key economic measure and a G20 panel report on global inequality led by Joseph Stiglitz.
De Schutter calls for a permanent UN body, similar to the IPCC, to oversee the fight against inequality and promote redistributive and sustainable economies.
Developing countries are trapped in an economic model that forces destructive growth to repay foreign debt, leading to ecological destruction and low wages.
Developed countries can finance public services and social protections by taxing wealth and destructive economic activities, rather than relying on indiscriminate growth.
The proposed transition to an economy beyond growth is distinct from recession or stagnation and is supported by economists, UN agencies, trade unions, and NGOs.

Continue reading the original article