economy
Global economy must stop pandering to ‘frivolous desires of ultra-rich’, says UN expert
Olivier De Schutter says new economic agenda needed to tackle crises of rising inequality and ecological collapse
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.