The global economy must be restructured to prioritise the needs of ordinary people over the 'frivolous and destructive demands of the ultra-rich', according to Olivier De Schutter, the UN special rapporteur on extreme poverty and human rights.
De Schutter argues that politicians must stop prioritising 'socially and ecologically destructive growth' that only increases profits for the world's wealthiest individuals and corporations. Instead, a new economic agenda is needed to tackle rising inequality, ecological collapse, and the resurgence of far-right politics.
He criticised an economy that uses limited resources to build large mansions rather than social housing, or powerful cars rather than public transport, calling it 'grossly inefficient' and failing to meet the basic needs of low-income people.
De Schutter is set to publish a 'roadmap for eradicating poverty beyond growth' in April, developed with an informal 'beyond growth coalition' including UN agencies, academics, civil society, and unions. The roadmap will explore policies such as universal basic income, job guarantees, debt cancellation, and an extreme wealth tax.
He also calls for a permanent UN body to oversee the fight against inequality, modelled on the Intergovernmental Panel on Climate Change (IPCC), to ensure the economy is 'redistributive and sustainable by design'.
