Wealth and Growth-based Policies Augment Global Poverty and Erode Human Rights: A Return to Human-Centred Thinking

Growth-based policies only incidentally enhance socio-economic rights because the primary intended beneficiaries are those who provide capital for investment, namely investors and traders. Given, however, that investors are solely concerned with profit maximisation they have no direct interest in the wellbeing of local communities. The same is true for traders who have no qualms about commodifying the staple produce of an entire nation if it can fetch an adequate price in international markets. Since States compete each other on the basis of growth, they must also necessarily compete in reducing their public deficit, even if this means slashing pensions, free education, medical welfare and other fundamental socio-economic rights. One way of thinking of human-centred financial policies is by premising and validating them on their benefits to people rather to the State as an abstract financial entity. The second, and far more radical, argues against the use of money and monetary instruments and their replacement by wellbeing-based incentives.