Why is GDP such a poor measure of the economic well being of the people of a country? For one thing, it only measures “goods” (and services) but not the “bads”.
This coming general election promises to be a watershed in our country’s history. There is a growing consensus that we cannot allow things to carry on as they are if we want to prevent the country from plunging into an abyss.
Somehow the government appears to think that the effects of the global economic crisis will have minimal effects on the local economy. Is it in denial mode?
Hundreds of people protesting against Wall Street financiers have been detained but not one CEO who brought down the US economy has been arrested.
A friend sent me this news commentary and I thought I would share it with you. Does it ring a bell by any chance?
Under sweeping privatisation policies, they appropriated profitable public enterprises and vast areas of state-owned lands. A small group of businessmen seized public assets and acquired monopoly positions in strategic commodity markets … While crony capitalism flourished, local industries that were once the backbone of the economy were left to decline. At the same time, private sector industries making environmentally hazardous products … have expanded without effective regulation at a great cost to the health of the population.
A tiny economic elite controlling consumption-geared production and imports has accumulated great wealth. This elite includes representatives of foreign companies with exclusive import rights in … automobiles. It also includes real estate developers who created a construction boom in gated communities and resorts for the super-rich. Much of this development is on public land acquired at very low prices, with no proper tendering or bidding.