Geneva consensus for Sustainable Development
The notion of national income does not carry the same importance as half a century ago. Instead, the current economic debate focuses on new concepts, such as sustainable competitiveness of nations, resource-energy-efficient green technologies, or gender economics.
Along with remarkable progress in the fight against poverty and technological progress, the markets failed to deliver much-desired positive equitable transformation. Rather, they are credited with the persistence of widespread multiple deficits in terms of fiscal sustainability and decent work, a gap of 50 per cent in food, 45 per cent in energy, and 30 per cent in water consumption to be filled by 2030, etc.
To reverse the damage it is the time to revisit the current development paradigms and seek ways to ensure sustainable advancement of the world economy through new innovative policy packages aimed at managing globalization.
A paradigm shift is needed to enhance efficiency, effectiveness, transparency and accountability by means of creating a new “Geneva Consensus” as a new basis to manage globalization. This could account for the resultant multidimensional adjustment costs.