Islamabad: Pakistan Economy Watch has said that deregulation and globalisation are bigger threats than World War III. Over 500 million people have been pushed below the poverty threshold in the underdeveloped world. The world is in a nosedive and it is projected to fall until those who matters decide a major policy shift. “Unemployment, poverty and illiteracy can give birth to revolutions resulting in bleak future of the world,” said President of Pakistan Economy Watch, Dr. Murtaza Mughal.
He said that third world should unite against WTO and other institutions pushing globalization, deregulation and free market economy. The unending financial crises gripping the world are result of the exalted deregulations.
International food prices rocketed 12 per cent in 2006 which jumped to 24 per cent in 2007 and 50 percent in first eight months of 2008, he said adding that the impact was worst in Pakistan due to ineffective price control mechanism.
Dr. Murtaza Mughal said that some 30 billion US dollars are needed to save planet from hunger. Same amount is used in US on pet food. “If wealthy nations can reduce expenses on pets, it can save lives of six million children who die before their first birthday; it will reduce deaths and complications during pregnancy, wipe out malaria and other curable diseases and enhance the quality of life of whole world,” he said.
He said that many countries are following west and exhausting resources on defence expenditures which is not success of western model but a compulsion. “Islamic and Chinese models are far better and practiced in many parts of the world,” said Dr. Murtaza Mughal.
He said that a Stealth Bomber costs over one billion dollars. It is more than its weight in gold. Minimising only 30 Stealth and other aircraft in squadrons can ensure food for all the hungry of earth. The US has spent trillions of dollars in wars and in such a situation; dubbing oneself as champions on human rights is not fair.-Pak Economy Watch