Ex­ist­ing eco­nomic model pro­mot­ing in­equal­ity

The Pak Banker - - NATIONAL -

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.

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