In light of global recession, climate change and persisting poverty, we must rethink how to make the global economy work for development.
Global markets have delivered too much risk and not enough return for the millions of men and women living in poverty. Many poor workers, small business owners and farmers suffered devastating consequences of the 2008 financial crisis because of their vulnerable position in global markets. Many others were excluded and simply not benefiting in the first place.
Faith in markets to deliver progress has been shaken, and the moral responsibilities of individuals and governments in guiding the economy have been rediscovered. The need to put economic growth back in its place as a tool for real progress, not a proxy for progress or a goal in its own right has risen up the policy agenda.
Politicians have acknowledged that we are “all in this together” and that vast global inequalities are not just indefensible, they are unsustainable and hurt us all by generating instability and dampening the global economy