Humanity crises blamed on trends in developed economies

Crises facing humanity blamed on trends in developed economies
Collins Atohengbe, Durban

The multiple crises facing humanity has been blamed on the trends in developed economies which produces technocratic solutions that does not necessarily lead to expected changes and even advancement in the world.

The Director of South Centre of Durban Outcome and Option for Developing Countries, Martin Khor, made the observation while speaking at a press conference on the effect of advanced technologies on the development of emerging economies of the group of 77,

Fierce competition

 He said: “Competition amongst enterprises and nations to achieve greater output is not consistent with the needs of the majority in developing countries.”

He stressed that these excessive productions do not meet the needs of majority of the people in developing countries whose major expectations are not luxury goods but simple basic needs like housing and food.

Mr Khor pointed out that there is a glaring inequality in income in such a manner that only a small number of the people have the means to meet their needs, while the poor majority suffer under the craving for profit by large corporation which sometimes seek government assistance to keep their competition alive.

The Ecuadorian Minister of National and Cultural heritage,Ms. Ernanda Espinoza said the problems include the belief that growth invariably means development but that this is not true because growth is not an evidence of wellbeing.

She said it was time the world changed its perception of growth and effect a restoration of value system because “what is happening is a fierce competition instead of competition.”

“The majority of organized civil society is putting the current value system and world order under scrutiny and we already know that growth is not the same as wellbeing or living in harmony with ourselves or nature” the Minister said.

She said there is the need to have a proper understanding of economy and the relationship between capital market and nature.

Williams