Home > Business-Economy, Current Affairs > Is it time to ring in a new era of social justice?

Is it time to ring in a new era of social justice?

The last few months have been a strong testimony to the dangerously rising levels of discontent across the world… visible in some countries and muted in many others. People are now questioning the meaning of their own existence and growing pessimistic about their future quality of life and standard of living.

Who is to blame? The current growth model that has evolved in the last three decades has become economically inefficient, socially unstable, environmentally damaging, and politically unsustainable. More importantly, the new world order and their approach to handling the global economy no longer command any form of legitimacy.

This is where people are rightly demanding more fairness in every aspect of their lives. But, their woes are maginified when the governments (both big and small) are painting a picture as if the crisis never happened. Policymakers bowing down to business whims ignores the obvious fact that it was precisely the corporate ways of doing business (esp. the financial services industry) that almost bankrupted the world economy.

There are limits to how much inequality a society’s social fabric can bear. And there are many signs that these limits are nearing breach. Having studied the funding models of World Bank and IMF through my past roles and having worked in these developing (under-developed) countries that are their beneficiaries, I have seen the social devastations that these programs have wrought in the very countries they were supposed to bring prosperity to.

This is high time we need a new era driven by a practical sense of sustainable development – where people’s needs are above anything else, the existing systems/norms governing international policymaking are replaced with more relevant and more inclusive principles, and participation is opened to all (and not restricted to the old world orders – G8, UNSC and the likes).

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  1. June 5, 2011 at 1:44 am

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