Exiting economic model promoting disparity: Shahid Butt
ISLAMABAD, Jan 31 (INP): Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Sunday said that existing economic model was promoting disparity as it had been hijacked by the elite.
“The developed nations must unite to change the situation lest it result in unforeseen outcome as the masses have lost faith in the economic model as well as democracy which is serving the interests of wealthy minority,” he said in a statement.
Shahid Butt said that distribution of wealth through proper taxation had now become a dream as majority of the countries were squeezing the poor for the projects that benefited the one per cent affluent.
He said that globalisation had failed to achieve its objectives and it had worsened the problems by creating acute crisis in the world.
“Economic globalization has failed to lift people out of poverty, minimise conflicts and ensure sustainable peace, rather it has supported economic terrorism,” he added.
Shahid Butt said the so-called free market economy had increased number of billionaires in almost all the countries while hurting the poor, and plundering the resources of developing nations through free trade and privatization.
The free market, he observed, had triggered exploitation of labour, besides increasing incidence of child labour, human trafficking, tax frauds, money laundering and social inequality.
He said many countries had damaged their economies due to trade agreements while world saw a number of global economic crises hurting every human on earth.