Overview
"Today, despite many significant achievements in science, technology, medicine, transportation and communications, and a vast increase in world trade, the globalised world economy is facing serious socio-economic, political, cultural and environmental problems, of potentially catastrophic proportions." "Despite numerous attempts to raise living standards through market economics and free trade, the dire poverty of billions of people and the widening gap between rich and poor, both within and between countries, point to the failure of these policies." "Consequently, we face global crises of inequality, injustice, poverty, marginalisation, exclusion and environmental degradation. There has also been a huge rise in crime, corruption and now terrorism. Economic and political failures have resulted in mass migrations across national borders, causing further problems of xenophobia, fear, mistrust, racism and intolerance which are threatening the fabric of societies all over the world." "So, what has gone wrong? The author, a professional economist, argues that the root of the problem lies in the way economics is taught, with its narrow focus on 'self-interest' and 'competition' as the sole motivating factors in economic activity. This ignores many important elements such as the common good and cooperation, which are essential for a prosperous and harmonious society." Globalisation today is regarded by many as a means of securing for richer individuals, corporations and nations an ever larger slice of the wealth produced, polluting the environment in their greedy pursuit of more, and locking billions into hopeless poverty. The author argues that, with different values, it is possible for everyone to have a fair share of the benefits of globalisation and sets out an alternative economic model with a firm theological, spiritual and ethical foundation.Synopsis
"Today, despite many significant achievements in science, technology, medicine, transportation and communications, and a vast increase in world trade, the globalised world economy is facing serious socio-economic, political, cultural and environmental problems, of potentially catastrophic proportions." "Despite numerous attempts to raise living standards through market economics and free trade, the dire poverty of billions of people and the widening gap between rich and poor, both within and between countries, point to the failure of these policies." "Consequently, we face global crises of inequality, injustice, poverty, marginalisation, exclusion and environmental degradation. There has also been a huge rise in crime, corruption and now terrorism. Economic and political failures have resulted in mass migrations across national borders, causing further problems of xenophobia, fear, mistrust, racism and intolerance which are threatening the fabric of societies all over the world." "So, what has gone wrong? The author, a professional economist, argues that the root of the problem lies in the way economics is taught, with its narrow focus on 'self-interest' and 'competition' as the sole motivating factors in economic activity. This ignores many important elements such as the common good and cooperation, which are essential for a prosperous and harmonious society." Globalisation today is regarded by many as a means of securing for richer individuals, corporations and nations an ever larger slice of the wealth produced, polluting the environment in their greedy pursuit of more, and locking billions into hopeless poverty. The author argues that, with different values, it is possible for everyone to have a fair share of the benefits of globalisation and sets out an alternative economic model with a firm theological, spiritual and ethical foundation.