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Sustainability is the Only Principle of a Recession Free Economy

Sustainability is the Only Principle of a Recession Free Economy

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Published by: AMIT RADHA KRISHNA NIGAM on Mar 18, 2009
Copyright:Attribution Non-commercial


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Sustainability is the only principle of a recession free economy.
There is a wide unrealized and depressive area in the concept of standard orconventional economics of growth and development that we have followed for so many  years. Largely since the end of the Second World War, the world got itself in a big damhurry of production, export and trade couched in liberal words like globalization andindustrialization and as a result, it arrived at an unbalanced state of both wealthdistribution and environment. This unbalanced state is the prime reason for the currentrecession, the current dependence on crude oil prices and its geopolitical dominance by  Arab nations, current dominance of one currency over the other, the ongoingdenomination of Africana and underdeveloped nations and worsly, the reason behindmore concrete issues besides recession itself. Consequences global warming, overdependence on fossil fuels, power shortage and even overlooked issues like electronic waste and potable water are just early sings of this imbalance only.Recent global damages of economic livelihoods caused by natural disasters, whetherdroughts in Australia or floods in Bangladesh, are also absolute preambles of theconsequences of pursuing economic development policies that are less concern of itseffects on climate change and biodiversity. If not understood, all these concerns willironically have severe effects on food production, water supply, and social livelihoods,things that economy aims to serves.Certainly, these issues now need to be addressed at a global scale with immediacy andacute sense of responsibility and the first place to change is the economic policies andoutlook itself. According to the former US vice president Al Gore and general secretary UN Ban KiMoon, the world will be heading towards a new economic order after the recession getsufficiently over by 2010. This new economic order has to be based on the principles of sustainable development if we are to save our planet from these catastrophes of theeconomic policies we held for so many years.
 What is the solution then?: A global economic order that’s primarily basedon the principles of sustainable development.
The notion to project an economy for sustainable development came in ’92 during a UNconference on environment and development (UNCED), popularly known as Earthsummit, held at Brazil. Out of its five significant conclusions, Agenda 21 proposes globalinitiatives and policies on sustainable development in social, economic and practicalcontext for the 21
century. It elegantly summarizes objectives, various conditions and ways to achieve sustainable developments but sadly missed out relevant issues of environmental ethics and implementation details of such ethical decisions which is thereason why the economies of the world have paved all the ways for its own futuredestruction.The new macro economics of sustainable development differs in definition and analysis with its conventional counterpart that the world follow still, because it respectfully incorporates the more important factors of sustainable development as a form of national capital, defined as the values of the existing stock of natural resources such asforests, fisheries, water, mineral deposits and environment in general. Both these macro

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