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BY FABRIZIO ULIVIERI
Mario Draghi has recently warned that in order for Italy to repay its debts it has to adopt policies that enhance the growth of the Italian Economy (an indirect criticism of Giulio Tremonti, the Italian minister of finance).
Of course to produce that enhancement in Italy it shouldn’t be too complicated given the exaggerated fiscal pressure.
There is a lot of talk about growth. The need to enhance a new growth in global Capitalism, but probably time has come to change the model. The current model has become unsustainable and stagnant it cannot produce neither wealth, growth, nor happiness any longer.
The growth model has to be reoriented. We need new models. We should be running the economy to increase happiness (compassion and respect for the environment) not just to aim to increase the economy for the profit sectors (i.e. relentless pursuit of GNP to the exclusion of other goals).
“In the US, GNP has risen sharply in the past 40 years, but happiness has not. Instead, single-minded pursuit of GNP has led to great inequalities of wealth and power, fueled the growth of a vast underclass, trapped millions of children in poverty, and caused serious environmental degradation” (Jeffrey Sachs)