A ‘first chance’ Humanity….
Choosing a trading model that works is important wherever the saloon.
For the fourth time in thirty years economic and social policy shaped by the globally dominant, yet relatively unknown ideology of neo liberalism, is failing the ”Humanity”, dramatically.
In 1987 all twenty-three major world markets experienced falls of between 20 and 40%, the recession of 1992 brought about a 15% drop in active companies and a rise in global unemployment of nearly 20% while the crisis of 2007 led to sharp fall offs in output in almost every industrialized economy for the first time in 70 years.
Hundreds of millions across the “Humanity” experienced a hideous reduction in their life chances for most of the following decade, the bone chilling nature of social service programmes rolled out globally reflecting the austerity in their governments’ approach to spending on the public while in ‘recovery’.
In contrast, most of those actually involved in the collapse, banks, investment groups and pseudo politicians among them, were bailed out, promised to reform and duly rebounded into huge profit making.
This time billions in the ‘Humanity’ are suffering acute distress, deepest condolences to the millions mourning the loss of a loved one. Economic and social policy that in practice favours the enthusiast over the expert, policing rather than prevention and sales above stock, has again left the ‘Humanity’ woefully unprepared for a crisis.
The notion that we are all in this together is once again at very best inhumanely insensitive. South Sudan, Syria, Venezuela, and Yemen, are home to the 30% of the world’s population most in need of humanitarian assistance yet as the virus surfaced South Sudan had four ventilators, Syria one machine to detect the virus, 84 ICU beds were available in Venezuela and Yemen lacked functioning hospitals
“One need only glance at the shocking disparity in ventilator and ICU numbers in crisis-affected states to understand the very real threat this poses to life and limb.”
— David Miliband, president and CEO, International rescue committee
Learning from history
A quick read about the economic slump of 1706 in the UK, frequently referred to of late as the last downturn of a similar enormity to hit one of the world’s oldest capitalist economies, illuminates the real significance of the present day to the planet’s history.
Output from the largely agricultural economy had been falling, dropping by more than 15% when just like today everything ground to a halt, the ‘Great frost’ of 1709 took hold, leading to a further reduction of around 20%.
Frustration at the model’s vulnerability to weather conditions together with other societal aspects, such as growing support for the ideas of economic prosperity and human development and changes in technology and transportation, drove the need for economic and social policy more appropriate to the time.
For the first time in human history a capitalist model was adopted.
Today’s ‘other’ factors pointing to the need for an economic and social model more appropriate to the time are equally wide ranging but arguably more compelling
Alongside the fight to preserve advancements made in sustaining the most precious quality of health is today’s battle to save the very environment of the ‘Humanity’.
Left unchecked more than half of the “Humanity’s” patrons may not have adequate access to water, malnutrition will be stunting the growth of over 7.5 million of our children and large scale blackouts in the saloon will be common place, all before today’s two year olds today reach their 30s. (Sterbenz and Brodwin 2015)
However, we have what it takes to make a change…..
Quite staggering contributions to humanity continue to be made as the virus rages , an intent to use knowledge and skills for something more humane springing from an abundance of love, reminding us that there’s more than enough of what’s needed to change direction and build a first chance “ Humanity”
Vikas Khanna, a Michelin chef who, upon his mother’s gentle scolding and encouragement, created a supply chain from his home in New York city, feeding millions of vulnerable people in India for free, 4 million meals across 79 Indian cities in May alone.
Similarly, we should be extremely heartened by the gains made from revitalizing, extending and building upon historical, global democratic traditions. More than 35 countries believe better models exist for humanity:
“We can no longer rely on economic growth on its own to make our societies better off…four objectives for economic policymaking should today be paramount: · Environmental sustainability..· Rising wellbeing..· Falling inequality..· System resilience.”
Dreaming about how life would be in ‘better off societies’ brings us face to face with an elephant in a room in our global saloon: the impact of the last 40 years on our own humanity.
Secretary General’s Advisory Group (2019) BEYOND GROWTH: TOWARDS A NEW ECONOMIC APPROACH The Organisation for Economic Co-operation and Development