It's time to shake up the global economy and prioritize the needs of the many over the wants of the few. A leading UN expert, Olivier De Schutter, has issued a bold call to action, urging us to rethink our economic systems and address the intertwined crises of inequality, ecological collapse, and the rise of far-right politics.
De Schutter, the UN special rapporteur on extreme poverty and human rights, argues that our current economic model is failing the majority of the world's population. He believes that politicians have been prioritizing growth that benefits only the wealthiest individuals and corporations, neglecting the basic needs of those living in poverty.
"The resources we have are scarce, and we must use them wisely," De Schutter emphasizes. "Instead of catering to the frivolous demands of the ultra-rich, we should focus on providing for the basic needs of the poor and creating societal value."
Take, for instance, the allocation of resources. De Schutter points out the inefficiency of an economy that chooses to build luxurious mansions over affordable social housing or invests in powerful cars instead of developing robust public transportation systems. This approach, he argues, will inevitably leave low-income individuals struggling to meet their fundamental needs.
But here's where it gets controversial: De Schutter proposes a radical shift in economic thinking. He suggests that we move beyond the relentless pursuit of growth, which critics argue has not only led to ecological disasters but also exacerbated inequality.
"We need to rethink what success looks like," he says. "It's time to prioritize people and the planet over profit."
And this is the part most people miss: De Schutter isn't alone in his thinking. His 'roadmap for eradicating poverty beyond growth' is the result of an informal coalition that includes UN agencies, academics, civil society, and unions. This roadmap, to be published in April, aims to provide governments and institutions with a range of policy options to combat poverty effectively.
Some of the proposed measures include a universal basic income, job guarantees, debt cancellation, and an extreme wealth tax. De Schutter believes that these initiatives, coupled with replacing GDP as the primary measure of economic success and addressing global inequality, can create a more sustainable and equitable future.
"We have an opportunity to shape a post-2030 agenda that balances planetary health with social justice," he says. "It's a challenge, but one that we must embrace if we want to avoid the far-right populists taking control."
To ensure a coordinated effort, De Schutter calls for the establishment of a permanent UN body to oversee the fight against inequality. This body, he suggests, could function similarly to the Intergovernmental Panel on Climate Change (IPCC), collecting evidence and proposing policy tools to achieve well-being without relying on endless growth.
"We need to break the taboo around questioning growth," De Schutter asserts. "It's time for a paradigm shift."
What do you think? Is it time to rethink our economic systems? Can we create a more sustainable and equitable future by moving beyond growth? Share your thoughts in the comments; let's spark a conversation about the future of our global economy.
