The global economic reality has been playing over the last decade under the watch of economic and political institutions, leaders and experts with almost all getting it wrong and being a victim of their own superficial intellectual prowess.
Over the years we have seen global economic melt downs, political uncertainty, poverty surge, increase civil unrest, mass migrations and alarming rate of unemployment in most countries. In all of these the very few that control the means of productions, wealth and in leadership position both economically and politically are better off and untouchable. This has lead to the economic and political elites to directly or indirectly ignore, neglect and insensitive to the plight of the majority working class and thereby prioritised and protect their collective interest. All the working class get is their collective interest reduce to mere numbers, indexes and promises that does not translate to reality on ground rather a subjective representation of the wealth and growth of the very elites.
In all of these we find ourselves in a situation were economic experts and politicians cannot be trusted and as such the very foundation of all economic institutions and national economies is threatened with uncertainty, exploitation and corruption.
To provide a solution which seems to be ever becoming difficult as the years go by, we must first look back to how we got here. As an environmentalist, energy consultant and financial specialist with little economic background, I am not an economic or political expert but from my knowledge of global economy and events believe that the aggressive pursue and quest for globalisation and international dominance economically and politically which eventually lead to the gradual erosion of national interest and sovereignty is the root cause of the situation we find ourselves today.
In the heart of the process of achieving globalisation and international dominance or recognition leaders of economic and political entities resulted in the use of any means necessary to achieve its aim. Unregulated greed, insensitivity, intolerance and corruption became the order of the day under the guise of free economy, free market, free trade creating an uncontrolled economic bubble, credit economy and political opportunist which eventually resulted in economic collapse, credit crunch, civil unrest, conflict, wars and terrorism.
The new global economic reality is therefore one that will revert the wheel of globalisation and international relations and foster protectionism, nationalism and national sovereignty as a priority. The success of this new global reality will depend on individuals and nations to strike a balance in addressing and protecting domestic economic realities with maintaining and promoting international relationships that is base on mutual respect and benefits for all interest groups. This is definitely going to be almost an impossible undertaking but today’s reality that will require lots of hard work and time especially to bridge the gap between rich and poor, revert the ever increase revolution of the working class that are the core victims of globalisation and international politics and to create an economy that benefits the majority, not the privilege few.
All this will come down to individuals and nations getting the balance between production and consumption of food, energy and services in a way that works and benefit the majority of people. This is were we have to go back to the basic principles of demand and supply, production and consumption, goods and services, not forgetting the common denominator which is the people and the environment (land, air and water).
Written by Dennis Bebo TA DenEco.co.uk