Development: GDP Growth Alone can Never Eliminate Poverty

Posted: October 3, 2014 in Current affairs

Issues and Challenges in India

The World is Blindly Chasing GDP Growth, as Development

The time has never been more opportune to reorient the goal of development towards genuine human happiness and well-being of all life. – Jigmi Y. Thirley, Bhutan

Schumacher - substance of man‘Precarious’ is the word that accurately describes the current status of our planet and its societies. Yet, countries across the world are running their affairs in the business-as-usual approach – for all of them, except Bhutan, development means economic growth described in terms of the gross domestic product (GDP). When we look around all we see is severe pressure on natural resources, eco­logical, societal and ecosystem degradation, potentially catastrophic climate change, excessive consumption of the affluent and extreme poverty on the other end, and growing inequalities both between and within nations. In fact, high poverty and unemployment, by nature, subsidize the business activities of the rich through low wages (usefulness of the…

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