Tuesday, April 24, 2012

Quest for GDP Growth Worsen Lives

It seems like our new World Bank president, Dr Kim, has edited a book called "Dying for Growth" back in 2000. What's so controversial about this? One of the lines in the book says that the studies within present evidence that the quest for growth in GDP and corporate profits has in fact worsened the lives of millions of women and men. It goes against the "truth" that the pursuit for growth produces good outcomes.

I have not read the book but it seems that he is arguing that the key point is not the GDP growth but the distribution of gains from economic growth that decides whether it makes life better for the poorest.

I believe this hits the nail right onto the head. It doesn't matter how much the economy grow if the distribution of gains is restricted to a privilege few. Translated? The pursuit should not be on any type of growth but the growth that will be the easiest to distribute the gains to make life better for the poor. Hopefully the governments of the world recognises that.

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