Chinese economic model to replace western model soon: PEW
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Globalisation has failed to improve the world
The Pakistan Economy Watch (PEW) on Sunday said the theory of globalisation has failed as more and more countries are preferring protectionism over free market economy.
Chinese economic model which is not based on exploitation will soon replace western model which is based on exploitation, it said.
The One Belt One Road Project of which CPEC is an important component is the beginning of end of western dominance, said Dr. Murtaza Mughal, President PEW.
He said that globalisation has failed to achieve objectives like eradicating poverty while it worsened the problem by throwing world into acute crisis, he added.
Dr. Murtaza Mughal said that globalization failed to increase integration and interdependence of national, regional and local economies.
He said that cited objectives like cross-border movement of goods, services, technologies and capital which was meant to lift billions out of poverty, minimise conflicts and ensure sustainable peace proved to be hollow slogans.
Similarly, improved quality of goods at reduced prices, bridging gap between rich and poor and saving people from colonisation, eradicating modern-day slavery by influential multinationals also remained unachieved, he added.
He said that free market economy has increased number of billionaires and poor in all the countries which trade barriers could not be lifted amongst different nations.
It triggered exploitation of labour, increased incidence of child labour, human trafficking, tax frauds, money laundering and social inequality.
Globalisation trapped many poor countries into contracts that shifted their wealth and talent to the developed would making them more vulnerable.