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Global crisis and the developing world

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We do not need a crisis to show us that our current development strategy is flawed. Even during the previous boom, patterns of growth were unsustainable, unequal and destructive. The poor subsidised the rich nationally and internationally and nature was plundered unsustainably. While recent growth was not inclusive, the slump is only too inclusive, forcing those who did not gain earlier to pay for the sins of irresponsible finance through loss of livelihood and reduced living standards. Even so, the crisis provides an excellent opportunity to abandon this bankrupt paradigm and replace it with more democratic and sustainable alternatives.


Document Type: Research Article

Publication date: March 25, 2010

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