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How Can World Economic System be Reformed?
by T. A. Ramesh Bookmark and Share

The analysis of world economic condition discussed in this article is based on the world economic status of 2009.  This article is prepared based on the question posed by BBC in that year.  Even after five years nothing much has been done by world nations to change the economic status of the world.  The downfall of economic condition of Greece is being tried to coup with the bail out to be given by EU.  This sort of economic assistance should be given to other developing countries of the world too through UNO; for that, UNO should be reformed at the earliest by the cooperative efforts of BRICS and G 20 along with Russia and other central Asian countries including China and South Korea.  In this regard the following analysis will be of much use to all interested in world economic development.

“A BBC World Service survey has found broad support for reform of the international economic system ahead of the G20 summit. Do you think the system should be changed?

Speaking to the BBC's Hard Talk programme, the French Finance minister demanded stricter financial regulation. She warned that if the demand was not met, France would walk away from the summit.

The survey questioned 29,000 people and found that over 70% think major changes are needed in the way the global economy is run.

The findings suggest that the public will be prepared to back plans for global economic co-ordination if they are agreed at the London summit.”

What can G 20 Next Do?

Africa is the supplier of raw materials to the world nations. But African people are suffering from acute poverty and unemployment problems forever besides poor sanitary condition and diseases. Small entrepreneurs and farmers of Asia depend upon their small scale self employment activities representing majority of world population. Interests of these people should be taken into consideration and cooperation between developed and developing nations only solve world economic crisis with reforms.

G 20’s Next Move

Neither capitalism nor socialism is going to help set right world economic crisis. Public should be given importance rather than private partners in business. Small enterprising individuals should be given prominence in the regulatory measures to be taken by G 20. Gold price should be brought under control by stopping the on line bidding system. All nations should function as one world nation. Even one world currency can be introduced for convenience of business making UNO a World Govt.!

Stop Protectionism

It has been widely opined that protectionism is not a fair trade policy all over the world. It is also reflected by most of the EU countries so. It has even been articulated so by the former president of USA, George W Bush in recent World Economic Forum. So, only free trade is fair for all as it involves quality, fair competition and competitive price for all products. Protectionism supported by farmer's subsidy and customs tariff adjustments has to be modified according to criticism.

Restoration of World Economy

Restoration of global economy immediately is a mirage! It is possible only after some years. For that the policy of protectionism based on subsidy to farmers and customs tariff regulation should be dropped by the advanced countries and there should be fair play on level ground by both the developed and developing countries as far as world trade is concerned. Also world banks should be cooperative with the developing countries in the promotion of trade which is the only way out for world welfare.

Defects of UNO need to be rectified

Because it is not economically and militarily empowered, UNO is not able to enforce law on any nation in the world, prevent or solve Israeli-Palestine conflicts even after many years in the Middle East, and alleviate poverty; provide good governance by democracy, education to eliminate ignorance, and drinking water and sanitation to maintain the hygiene of the people paving the way for the socio-economic development of the African countries. That was why world economic system was not reformed!

In the changed world scenario after the cold war and the 9/11 terrorist attacks, the expansion of the UN Security Council with the inclusion of new nations such as Brazil, South Africa, Germany, India, Indonesia and Japan as permanent members along with the already existing permanent five member countries is a necessity now to make it more democratic and representative of the world in order to effectively deal with the problems of the world like global economy and face challenges of tomorrow!

How UNO Defects can be solved

By maintaining peace, ameliorative works such as alleviation of poverty, spread of education to all the parts of the world, providing jobs to all, developing works such as investing funds in industrial, agricultural and fishing industries and other connected works should be geared up utilizing the cooperation of all the nations so that the economic needs of UNO can be fulfilled by itself in the future so as to think about reforms on world economic system thereafter in a sure and really effective way!

World unity has to be achieved to facilitate the formation of One World Government for running the affairs of the world in peace, security and stability in order to make developments in various fields, achieve prosperity for the whole world and make progress of humankind possible as was desired or dreamt by the noble individuals of the world. That should be the best way to reform global economic system in a practically possible way convincing all nations of the world to achieve benefits for all!

First with the formation of World Union One World Govt. should be established by reforming UNO. For that European Union should be extended to East European countries and Russia; Asian Union should be formed with Central, East, South East Asian countries with Australia; African Union should be developed; and by uniting Canada, Alaska, North America with South American countries and Latin American countries American Union should be formed. Then only the steps to be taken for reforming world economic system could be taken by introducing One Currency, language, defence and same laws for all nations of the world!

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