People often think economic growth will make everyone prosperous. However, recent trends show that most of the economic gains go to a small group of wealthy people, while many others are left struggling.
In the past four years, the wealth of the world’s five richest people has doubled, while around 5 billion people have become poorer. By 2030, it’s expected that 575 million people will still be living in extreme poverty, and more than 4 billion people lack social protection.
Many workers are stuck in low-paying, dangerous jobs to support the rich and boost corporate profits. In poorer countries, economic growth can be good when it results in significant investments.
Unfortunately, it often comes from exploiting cheap labor and natural resources. This growth-first mindset harms the planet, as six out of nine critical environmental thresholds have been crossed.
For too long, we’ve ignored the environment for the sake of making money.
We need a new approach. Economies should focus on people’s well-being and the planet’s health. A “human rights economy” shifts the focus from just growing the economy to valuing human lives.
This can help solve climate crises, inequalities, and poverty. We need to measure progress with more than just GDP, which doesn’t consider social and environmental impacts.
A lot of important work, like unpaid domestic and care work, isn’t counted in GDP but is crucial for the economy.
Unpaid work, often done by women, supports the global economy and should be recognized. This can be achieved through paid parental leave, including this work in pension calculations, and providing essential services.
Progressive tax policies, cutting illegal financial flows, and fighting corruption can fund these services while moving away from relying on GDP. International cooperation on taxes, debt, and social protection is also essential.
Universal Basic Income (UBI) is a crucial part of this new economic model. UBI ensures everyone gets a guaranteed income to cover basic living costs, which can:
- Reduce Poverty: UBI can help millions of people meet their basic needs, regardless of their job situation.
- Decrease Income Inequality: UBI redistributes wealth more fairly, closing the gap between the rich and poor.
- Create Economic Stability: A guaranteed income helps people handle economic challenges like job loss or health issues, leading to a more stable economy.
- Empower People: UBI gives people the freedom to pursue education, training, or start businesses without constantly worrying about money.
- Improve Working Conditions: With a basic income, people won’t have to accept dangerous or exploitative jobs just to survive, leading to fairer wages and better work conditions.
Many people still believe that economic growth means progress. However, there is a growing movement against this idea. Climate activists, workers, scientists, young people, and others are calling for change.
As global leaders prepare for the Summit of the Future in September, this growing support for a new vision of progress is vital.
We need a global economy that respects human rights and protects the environment for future well-being.
In summary, moving to an economy based on human rights and including UBI can tackle the big issues of inequality, poverty, and environmental damage.
This comprehensive approach focuses on the well-being of everyone and the planet, leading to a fairer and more sustainable future.
