EDITORIAL ANALYSIS !! 14 February 2020 !! { Towards a new world order }

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Towards a new world order


The meeting of the World Economic Forum (WEF) at Davos last month, has become centre for all forms of new capitalism.

The meeting is centered around the theme Stakeholders for a Cohesive and Sustainable World.

The World Economic Forum started in 1971 with the noble objective of improving the state of the world.

It now serves as a platform for world leaders, billionaires, professionals at the top of the business pyramid, senior government ministerial delegations, and others, who gather to change the world.


Status of Social inequalities

Social inequalities and the grim problems of stark and continuing poverty are at the epicentre of the new world.

The latest Oxfam Report presented at Davos points out that 2,153 billionaires have more wealth than 4.6 billion people.

The emergence of billionaires and oligarchs in different parts of the world coincides with increased poverty among the already poor people, especially children.


Economic development and energy

One of the chief characteristics of economic development is the intensification of energy use.

The bulk of the energy continues to be generated from non-renewable sources.

The developed world’s, and China’s, capture energy-generating resources from across continents and put them to use to push GDP growth to greater heights.


Exploitation of the developing countries

The extreme consumption of energy by the developed world has been accompanied by the disposal of residual products (‘e-waste’) on the shores of many African and Asian countries.

As a result, the poor in the developing world are exposed to toxic, hazardous materials like lead, cadmium and arsenic.

The ‘globalisation’ phenomenon has turned out to be exploitation of the developing world.


Nordic Economic Model

The Nordic Region consists of Denmark, Norway, Sweden, Finland, and Iceland, as well as the Faroe Islands, Greenland.

The total population of the Nordic countries is estimated at almost 27 million people.

These nations are among the richest in the world when measured in terms of GDP per capita.

They also have large public sector enterprises; extensive and generous universal welfare systems; high levels of taxation; and considerable state involvement in promoting and upholding welfare states.

UN reports indicated that the Nordic countries are the happiest countries in the world.


Conclusion

Taking the Nordic model as a template, there are some ingredients that could be part of a new ‘enlightened global order’.

These should include — effective welfare safety nets for all; corruption-free governance; a fundamental right to tuition-free education, including higher education; and a fundamental right to good medical care.

The new format has emerged under which a company’s performance is measured through four ‘Ps’. The first is ‘P’ for Profit, People, Planet, Purpose.