Political & Legal Foundations for Sustainable

Transcript:Political & Legal Foundations for Sustainable:
Political & Legal Foundations for Sustainable Economy and Full Employment Winston P. Nagan Chair of the Board of Trustees, World Academy of Art and Science Human Centered Economics Roundtable, Dubrovnik, Croatia February 1-3, 2017 With the Assistance of Megan E. Weeren Introduction At the present time, we live in a culture dominated by the forces of globalization. The emphasis of globalization in the political and economic sphere has been highly contested and ideologically driven by conflict of global theoretical and practical, political-economic dimensions. In the economic sphere, the conflict of global economic priority focused on in the United Nations, which emphasized the idea of a new international economic order. This was opposed by the re-emergence of a economic theory founded on Market Fundamentalism, efficiency and the primacy of private property holdings sustained by natural law and a weakened form of state control. This emphasis emerged as the economic theory of contemporary neoliberalism. It is currently the dominating economic paradigm from a global point of view. It aspires to be the new normal of global economic organization. Economic globalization today is, in effect, a reinvention of laissez-faire economics that were fashionable in the 19th Century. After the Great Depression and consequences of the failings of the market system, which led to massive inequality, unlivable cities, pollution and decay. These policies were largely rejected by many industrializing societies. The laissez-faire advocates claimed that markets were self-regulating and, after time, prosperity would resume. According to Keynes, markets are not self-regulating and in the time frame of the fundamental market protagonist we would all be dead. Neo-liberalism radically emphasizes the primacy of private property and market efficiency in opposition to state regulation of the economy. The new international economic order and is derivatives in the form of new economic theory focuses on the centrality and importance of human capital as a starting point for a realistic and socially responsible economic theory. The Background to Economic Neoliberalism Neoliberalism has its foundations in classical economic theory with a focus on value, property, market, supply and demand, and efficiency. Modern neoliberalism emerged from a meeting organized in Mont Pèlerin Switzerland, which included major intellectuals from the UK, the USA, and Austria. These intellectuals were concerned about the emerging socialist-Stalinist form of command control economics. The Stalinist approach stressed the extinction of private property and the monopoly and legitimacy of state control over the economy and the means