Social Justice Economics
Contemporary complexity of the present world economic system needs to be addressed. One example - Complex financial instruments that do not benefit society in the long run should be band.
The economic system should bring out the best, not the worst in humanity. The free market is based on greed not need, the new economic system should be based on need.
An individuals pay should be based on contributions, not on what they think they deserve. Rich societies over compensate economic CEO’s based upon what they think they deserve while poor societies have no way to help or support truly economic creators. True economic universal opportunity is needed worldwide.
Making real things needs to be reestablished and given top priority and not, for example, the post-industrial knowledge economy that has misdirected investments of today into disasters in the future.
Slow down the present economy that is based on financial products that have created financial instability and redirect economic effort into sustainable efforts.
The governing process needs to be more effective and active in the decision making process to reinforce development of new industries and greater levels of equity.
World economic institutions should favor developing countries instead of industrialized first world counties in their gifts and loans.
- with apologies to Ha-Joon Chang