The failure of capitalism, as expressed in the current crisis, demonstrates our urgent need to build a new economic paradigm. The heads of the Organization for Economic Co-operation and Development (OECD) and the International Labor Organization (ILO) recently issued a warning that “The overall number of unemployed is still at 200 million worldwide, close to the peak recorded at the depth of the Great Recession.” [37]
Even in the G20 countries, “The analysis ... expresses concern that employment may ... grow at a rate of just under one per cent (0.8) until the end of 2012, resulting in a 40 million job shortfall in G20 countries next year [2012] and a much larger shortfall by 2015.”
In light of the perilous future, rising food prices, and the intensification of social unrest throughout the world, it is clear that a new paradigm is required, one that suits the new, globally interconnected world of the 21st century. The new paradigm must take into account the integral and interdependent nature of the world today. Instead of the obsolete concept that man’s selfishness will ultimately lead to greater common good, we need to see humanity as a complex entity with interdependent elements.
Moreover, the rate at which the crisis is spreading indicates that the window of opportunity is closing. We are living on borrowed time and must hasten our steps toward the transformation. The only question is, “What kind of transformation should that be?”
One possible answer can be found in the words of Pascal Lamy, Director-General of the World Trade Organization (WTO) [38]. “The real challenge today is to change our way of thinking—not just our systems, institutions or policies. We need the imagination to grasp the immense promise—and challenge—of the interconnected world we have created. The future lies with more globalization, not less — more co-operation, more interaction between peoples and cultures, an even greater sharing of responsibilities and interests.” In his closing words, Lamy predicted, “The future lies with more globalization, not less—more cooperation, more interaction between peoples and cultures, and even greater sharing of responsibilities and interests. It is ‘unity in our global diversity’... that we need today.”