Existing economic model promoting inequality
Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Sunday said existing economic model has been hijacked by the elite which is promoting disparity at a rapid pace.
The developed nations must unite to change the situation lest it result in unforeseen outcome as masses have lost faith in the economic model as well as democracy which is serving the interests of wealthy minority, he said.
Shahid Rasheed Butt said that distribution of wealth through proper taxation has now become a dream while majority of the countries are squeezing poor for the projects that benefit the one percent affluent. He said that globalisation has failed to achieve objectives and it has worsened the problem by throwing world into acute crisis.
Economic globalization has failed to lift people out of poverty, minimise conflicts and ensure sustainable peace, rather it has supported economic terrorism, he added. The so called free market economy has increased number of billionaires in almost all the countries while hurting poor, and plundering the resources of developing nations through free trade and privatization. Free market has triggered exploitation of labour, increased incidence of child labour, human trafficking, tax frauds, money laundering and social inequality. Many countries damaged their economies due to trade agreements while world saw a number of global economic crises hurting every human on earth.