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Tuesday, June 26, 2012

Save the Economy, Save the Jobs, Save the World

This is one amongst the handful of most pressing problems we face today in the world. Some other prominent problems being - civil unrest, terrorism, white collar corruption, etc. Economic well-being is important for the world to be able to handle other problems. And economic well-being can only ensure that not even one person in our planet goes to bed empty stomach.

Government's Role

For fighting the economic crisis we need the governments of various nations to work together and take tough and hard decisions unanimously. Nation-based governments give space to national/local aspirations but tend to slow down the pace of decision making. All governments should put the world's collective interest above the national/local aspirations.

The 2008 Recession

With recession being around the corner since 2008 the cost we have paid as a society is already humongous. If the recession continues for another 4-5 years it will simply have disastrous consequences. Just yesterday I was watching a news item on one of the channels about a man committing suicide as he lost his job and he had no savings to support his family. Individual problems will always remain but when most of the individuals in the world face the same problem, the governments should consider that problem as an issue of international importance.

Failure of Governance Mechanism

And this is precisely where international bodies have failed us and that too despite many renowned economists turned politicians and policymakers who are involved with the economic governance. Names of these individuals are not important but the extent of failed leadership is. All of us need to ensure change in governance style across the world - let us all join hands to make sure that we hand our governance to able and just hands.

Creating Jobs and Safety Net for Failed Ventures

Another pragmatic idea - we need to turn into a world of entrepreneurs and job creators. I think there should also be a basic safety net for the failed enterprises that many entrepreneurs will necessarily go through. When 100 enterprising individuals start 100 new initiatives probably a handful will eventually succeed. For those who succeed life would be rosy and pleasant. But for the remaining who fail life will become thorny and rough. A basic safety net will be the right mechanism to ensure that the failed entereprises do not spell doom for the individuals who were associated with them.

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