First, the world economy is integrated but the people are not, they're still immersed in the quality of selfishness, pursuing individualistic profits. This gap creates the crisis.
Second, the tools that are being used to solve the economic problems are based on traditional models that no longer apply today. New economic tools are required.
The world is going to go through a major transformation. Our internal qualities are going to change from selfishness to bestowal/love of others/altruism. We're going to seek to benefit others instead of ourselves.
As such, economists, politicians and sociologists will be called upon to embrace this change so they can be actively involved in the process.
1. People Have To Change
Today, we're all immersed in the quality of selfishness, everyone's seeking personal profit and gain even at the expense of others.
However, the economies of the world are now integrated. They're completely interconnected and interdependent.
The gap between today's integrated economies and people's selfish individualistic tendencies is what's creating the crisis.
Our internal qualities have to change from selfishness to bestowal, we have to seek to benefit others instead of ourselves. We have to become integrated with each other in mutual concern and responsibility.
Once we become integrated with each other, we'll match the way the world economies are now integrated. This will create harmony and balance and the crisis will disappear.
2. New Economic Tools Are Required
Traditional economic tools are being used to try and solve the current economic crisis:
a. Monetary policy, which is connected to interest rates, and
b. Fiscal policy, which is connected to government spending and taxes
These traditional economic tools are over 100 years old and they were developed when the world was a different place - countries and economies were more autonomous and self-sufficient.
Today, due to globalization, countries and economies are more integrated and interconnected.
As such, the traditional economic tools that were originally based on economic autonomy, no longer work in today's integrated economies.
New economic tools and models have to be developed:
- They have to be based on the integrated economies.
- They have to integrate information from all systems, not just from a few systems. For example, they have to incorporate behavioural economics, world wide trends and events etc.
- They'll have to incorporate the change in human behaviour that will happen when our internal qualities change from selfishness to bestowal.
3. Economists, Politicians And Sociologists
As our internal qualities change from selfishness to bestowal, professions that are closely linked to human society, such as economists, politicians and sociologists etc. will have to embrace this change personally so they can be actively involved in the process.
They'll be called upon to actively participate in organizing the new society, based on the principles of mutual concern and responsibility. This will ensure a smooth transition from the quality of selfishness to the quality of bestowal.
Summary
The world is going to go through a major transformation. Our internal qualities are going to change from selfishness to bestowal. We're going to seek to benefit others instead of ourselves.
As such, people will become integrated with each other in mutual concern and responsibility. In this way, we'll match the way the world economies are now integrated and the economic crisis will disappear.
New economic models will have to be developed based on the integrated economies, incorporating information from all systems and accounting for changes that will happen in our behaviour when our internal quality change from selfishness to bestowal.
Economists, politicians and sociologists will be called upon to embrace this change so they can actively participate in shaping our new society. This will ensure a smooth transition.
Copyright © 2013, Carter Kagume. All Rights Reserved.
