BY: Rohan Bedi

New Economics: The Backpacker, Capitalism, and Self-Sufficiency

Unchecked capitalism fuels inequality, materialism, but economic growth funds taxes, welfare, and aids the poor during crises like COVID.

Balanced capitalism requires checks, welfare, retraining, and focus on self-sufficiency to address market changes and empower individuals.

Rebalancing shareholder focus fosters fairness, counteracts materialism, as studies show its detrimental impact on well-being and relationships.

Reviled, materialistic, and socially harmful, the focus on "Shareholder Value" creates a vicious circle of pressure and distress.

Keynes predicted a future of minimalism, self-sufficiency, and reduced work hours, where the pursuit of affluence would diminish.

Keynes' ideas stay relevant as GDP per person grows, sparking debates on sustainability and the emergence of the degrowth movement.

Self-reliance empowers individuals and communities to meet essential needs sustainably, reducing reliance on external assistance.

UN urges governments to ensure the "Right to Work" without discrimination, equal access, and adequate living standards for all individuals.