Insead

  • April 2020
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In the current scenario of global recession,the most hit is not the banks wrecked due to their toxic assets,not the hedge funds  which played with imaginary assets,not the egoistic ,narccistic    neo­liberals but the workers belonging to the middle­ class,all over the world.   As Mr.Nandan Nilekeni,CEO of Infosys,India said "Socialising pains and Privatising gains"would happen in recession and post­recession periods.The carefree spending of  countries on bailouts would be dubbed as welfare schemes and common people would bear the brunt of balancing the fiscal  deficit due to bailing out of fiscal non­compliant MNC's.   This would lead to a vicious circle of lower spending due to high taxes,lay offs in name of company restructuring,higher  food prices ,an offshoot of lax carbon policies of G­5 countries and disasterous energy policy of converting food crops to  fuel.   Hence this recession would prove to be a breeding ground for ultra­nationalism,xenophobic societies which would defeat  the whole concept of Globalisation itself.   In my view,to tackle recession we need to have better regulated financial systems,time tested financial instruments,highly  invasive microfinancial systems to empower people,independent World Bank and IMF which right now function as a proxy  US financial corporation catering to the needs of US and clinging to ever failing DOLLAR ECONOMY,upholding its(US)  hegemony in the world.Thus we need to rethink monetary policies,redraw contours of global trade and relive the glorious periods of  regulated financial systems and better social welfare schemes which increased the real buying power of people across the  world and alleviated people from poverty. I am Jeyannathann Karunanithi from India,currently pursuing 2nd year undergraduate degree in Industrial Biotechnology.

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