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Global Economic Crisis and the New Model for Sustainable Development Project
Global Economic Crisis and the proposed new model sustainable development.
The current turbulence in the global economy raises doubts that the current model of capitalism can not be sustained by environmental and social reasons. Respected thinkers and scientists have pointed to this reality. Now we look forward to a new system that is sustainable and humane. Otherwise thereby creating wealth would be neutralized by environmental disasters and social unrest. The whole system is complicated by the lack of transparency. It is unclear whether all the money invested. Hedge funds are shrouded in secrecy ransom money has even disappeared without effect on the economy. Even now nobody knows what are the real bad toxic assets, so that the bag is also not recovered.
This addressed some key issues in this crisis are discussed and a proposed new model is an engineer than a global balanced society globally conscious, active and sustainable.
As for the overpaid CEOs
Let's think about some news to those captured worldwide attention. Washington Mutual Chief Executive Alan Fishman could walk more than $ 18 million in salary, bonuses and severance after less than three weeks on the job as golden parachutes WaMu flight in danger, according to the terms of his employment agreement. Lehman Brothers was the awarding of $ 23 million to three executives just days before its collapse. He paid 2.5 trillion dollars of extra funds after failing. CEO of American Express saw their wages rise much more than double the price of the same, although nosedived. CEO of Hewlett Packard destroyed half of the wealth of its investors and still earned almost $ 100 million in total payments. Exactly the same is the case of the CEO of Informix Software. The list goes on. This means what? This is not a diatribe against CEO pay. The point is the failure has become a recipe for financial success of the CEOs especially in America, by virtue of their manipulation intelligent and abuse of power. Martin Whitman, an economist and strong advocate of capitalism said that apart from corruption is another reason why a situation free market is probably doomed to failure is very exorbitant levels of executive compensation.
On the free market economy
I do not think the free market is really free. Those who say they favor a free market are talking about a relative term. In an economy absolutely free market, all capital, goods, services, and cash flow are not regulated by the government. There is simply no free market, however, given the degree State intervention in the most capitalist of countries. For example, U.S. government had a 80% share in AIG in exchange for investing 85 billion dollars to save the company. Recent News Citi bank is considering a package to bail out of $ 326 million and the requirement of 1000 Jaguar million pounds to maintain the economic crisis are significant. Under pure capitalist theory, none of these actions should have been taken, the government should have standing with arms folded while the economy crumbled. So how can a free market is free if you regulate? The fall out of the free market economy as the black market economy, the drug trade in essence justifies government intervention to remedy the situation and set the argument against free market as a practical ideal generated by wealthy vested interests. Experiments on absolute adherence to free market principles show the signal failure in the military, Road, healthcare, civic amenities, education, R & D, etc free market economy is a fantasy – outside the boundaries of reality in a complex system with competing interests and different distributions of wealth. Again and again the world is realizing this fact is a hard way. Hence the line with critics who are in favor of a planned economy as called for socialism and markets associated with greed as the basis of capitalism. I think it is inherently immoral. More on a practical objection is that the free market economy does not take into account external factors ie effects of transactions involving third parties such as the negative effects of global warming that led the world in the foreseeable future apocalypse. I suppose in the industrial and management economies such as Japan, Singapore and China, not the marriage between government and the private sector, each benefiting from the other. All temporary prosperity in an extremely austere concept of free market can collapse like a house of cards, as in the U.S..
As for the nationalization and regulation.
What makes U.S. federal government to take control of the financial collapse of mortgage holders Fannie Mae and Freddie Mac with a security package staggering 800 billion? Why in the land of the Fed and other regulators are entering the picture particularly for some of those who have overextended themselves with subprime and other mortgage debt? Nationalization occurs when the total or partial control has been taken into private financial institutions, usually to avoid a crisis. Scandinavian countries successfully avoided an economic collapse through the nationalization in the 1990s, and in recent times. U.S. Government are taking similar steps. He looked to global fallouts and how politically they be viewed by the world powers. So I bailed out the financial industry, but disagree as easily to the automotive industry. these issues are interlinked with the power, military, oil.
As for housing finance
They are defenders of capitalism who supported advantage of credit facilities and low interest rates for the houses to be in the hands of the people in the group low income. There was a huge marketing effort to deceive the people in it. The logic was simple. If you buy a house, as well as complimentary items for purchase home and furniture, fans, air conditioning, etc. Cars creation of a demand pull on the economy. The banks also extended the moratorium on interests and the principle of up to five years to convince borrowers. When a crisis occurs, is it makes the common people as "lazy bummers? Similarly it is unfair to blame the common investors lost fortunes speculative stock market when institutionalized by the system as a socially and ethically valid means of income.
In terms of orientation CEOs
In our capitalist system, you are free to earn what you can, and what the market will bear this logic does not hold water from large companies are increasingly depending on public money to rescue one. Therefore I support more recent trend in increasing shareholder questions and put pressure on boards and compensation committees to ensure that compensation is fair but not excessive. The interesting news was that U.S. lawmakers blunt questions to the CEOs and Wagoner, Nardelli, Mulally GM, Chrysler and Ford, who arrived in the capital of the hill with a begging bowl for 25 billion of taxpayers' money, when each of them preferred to fly on private jets him, when about 24 fly daily nonstop flights from Detroit to Washington. Lifestyle and wages should be definitely a valid question when companies are using public money. That is why companies face "say on pay" shareholder resolutions. The board should have taken this role, but normally abdicate. Most CEOs considers keeping board members happy as their principal functions. For example, having board members of all expenses paid trip to a resort five stars, which allows compensation to spiral out of control, which is nothing but corruption and abuse of power intelligently.
Myth CEOs "pure value" in the corporate world.
For a company to succeed involves billions of variables, which are often beyond the human capacity of an individual. Even with our full capacity Narayanmurthy, we must accept the success was mainly Infosis because the effect of flattening the world by the Internet revolution in '92. Jerry Yang, co-founder of Yahoo, considered a great general manager, had to resign amid increasing pressure from investors after he failed takeover talks with Microsoft Corp. and negotiate an advertising deal with Google Inc. Many online CEOs were rated as highly specific technology bubble, which turned out to be totally divorced from any commercial purpose whatsoever. Of course, there are also positive effects, which attracts a lot of investment and accelerating the pace of innovation. The trophy cases HP CEO with industry awards and many accolades were crucified its destructive reign of terror "greed Silicon Valley." Therefore it is fundamentally wrong train a person both success and failure of a organization. In the Japanese and the Chinese model, the system allocates more powerful than an individual. Once the all-powerful CEOs, their executive staff is reluctant to challenge them. In contrast, the natural tendency is for these leaders to become dominant bud reality. They are told only what they want to listen and hear what they want to be told. Sequestered from the rest of society, lost the pulse of the company over time.
As for capitalism versus socialism
By virtue of indoctrination very intelligent, a spin-off of advertising media, especially the U.S. rate, our thought process is clouded leads us to a higher-interest, freedom and power that corporate social responsibility. Do we really need huge waves of money sloshing every day around the planet for the benefit of a few frequency waves generated by speculation able to dislocate the economy? Do we need more and more large corporations that concentrate economic power in fewer and fewer hands? When from this perspective, capitalism has a dark side. Economy at its root sense means the acquisition of the basic material things we need to take a human life food, shelter, energy, etc, but this is something very different from the search for a known standard of living higher. This really is the relentless pursuit of greater consumption level. Our material needs are finite. After a certain point we simply embellish. Then we started making them distort our carriers own disordered desires. Recent News bra and panties for men in Japan is a good example of this malaise. We need shelter, but feet do not need 50,000 homes square trophy when billions of people can not even afford a shack. Now we are living in a time when not even embarrassed. We've become so locked in on ourselves, even with the backing of huge fortune, we feel insecure with the slightest possibility of an economic slowdown. Capitalism compels us to act as consumers shameless and run our lives according to the design of the contemporary social machine, which portends the destruction of world, while our true nature favors a life closer to nature. If American capitalism is a religion with its own dogma, then your God is money and your engine is greed. The downfall of this system is relentless obscenity of unemployment, homelessness and economic insecurity and therefore is not sustainable as Current. The whole system is designed to do less and less people richer and richer at the expense of the resources of the crowd. Definitely operates below the level of consciousness and no longer works for us. I understand a very simple thing – goods and services produced in an economy must be shared equitably in a population. Otherwise those will be deprived of recourse to ethics or examples socially unacceptable means robbery, dacoity, terrorism, drugs, murder, deceit, politics close and what not. Recent daily terrorism, piracy, Mao attacks, killing the dark are the pointers to this fact.
Even in U.S. face the dark side of capitalism, when blue collar Americans have been losing jobs because of outsourcing and offshoring in the mask progress to the real intent of most benefits. What is the social damage? Skills for the manufacture of a product developed over the years are lost in society. Capitalist countries use capitalist ideals as a matter of convenience. When the government owns hospitals, libraries, transport systems, public services, Army, Navy, Air Force, forests and national benefits, but who would call these institutions examples of socialism? Socialism means a government in which people have collectively and democratically operate the industries and social services through an economic democracy, ending waste, duplication and inefficiency of capitalist industries. Under capitalism industries operate for one purpose – maximizing the benefit. According gains Capitalism is also a cost, cost of staying in business. Under socialism the production of goods for use and meet the needs of all people. Under this system everyone could live comfortably with no gaps between rich and poor giants. Is not it human? Just because a system is not strictly less on merit human nature says that greed should not be dismissed. Socialism talks on the highest sense of our human values and existence. After the event resolution Industrial 1956 in India, the socialist economic model in India has produced great changes in sectors until the seventies. We can therefore infer that the socialist system can produce wonderful results under certain conditions and social environment. But I agree the classic form of socialism can not take into account the quality individual and creative exercise, which is probably its one of its weaknesses.
The New Model
Having said that, we must know whether there may be a balance between the two systems and what kind of mechanism of society must develop so that one can approximate the ideals of good life in their individual lives and community life which is a member. I think we may have our modern global economy while being socially, culturally and environmentally friendly at the same time. The company has passed a difficult paradigm shift in personal values, to inculcate a degree of knowledge in our minds against the blind, materialistic way we live.
I thought of a model engineer a balanced global society that the world is conscious, active and sustainable. Output is to bring to humanity by the collective wisdom of the people more talent in a society or country, a sort of meritocracy. mechanism to harness the collective wisdom, it is said of all politics and controversial issue, the opinions of the most eminent persons in the country will be collected by a computer network and looking to the wisdom of the eminent persons most knowledgeable about the subject matter, decision can be made in real time. Their services may be hired at a cost, because they may be selected based on the decisions, background etc can be taken in the forum if the national discussion and debate are warranted. The experiments, research and its implications can be interpreted by eminent persons and that is why only by the collective wisdom as a tool for system decision support can be a model worth trying. One could argue the country needs not only knowledge dry extracted from the books. There must be leaders to do certain things happen. If leaders are needed. But a leader can be chosen by wisdom collectively, they must be extremely powerful. A leader will call on the collective wisdom at least for major decisions. The collective wisdom can turn country the right direction. Mankind must be very different experiments and all that evolved as a better model will be accepted and perfected over time. We should never be blind to say that capitalism or socialism is the system of law with the firm of dogmatics.
About the Author
The author is a senior executive in Hindustan Aeronautics Limited and lives in Kolkata with his wife and daughter. He is a Mechanical Engineer with Masters degree in Business management and has 22 years’ of experience in cutting edge technolgies in different companies in India and abroad.
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