The global int’l system and economic systems have become outdated

Jan 30, 2020 Letters

DEAR EDITOR,

It a time when both globally and locally there are many socioeconomic challenges but there are also many opportunities for progress. The present global order was constructed after the second world war. It was made by the victors of world war 2 with the Brentwood agreement for the global monetary system which made the United States dominant in global finance because the US dollar became the world reserve currency back by gold.
The United Nations was established on 24 October, 1945 to promote cooperation between countries and to prevent wars. The five countries with veto power at the Security Council are the United States, Russia, China, France and the United Kingdom. The United Nations was established almost 75 years ago and the geopolitical reality was far different from today’s reality. The United States was by far the most powerful country in the world. It was the powerful country that experienced the least damage from the second world war. All the international infrastructure, such as the now World Bank and the International Monetary Fund, give the US tremendous power in these international organization. For example, the US has veto power in the IMF, i.e., a nation cannot get a loan from the IMF without the US’ approval. Examine the US refusal to appoint 2 judges to the World Trade Organization; it made the Organization dysfunctional.
The existence of G 20 proves that to manage world affairs requires more countries to be empowered if a more relevant international infrastructure is not established that reflects today’s geopolitical realities, these international institutions will become irrelevant.
The US, China phase one trade agreement does not use the WTO for enforcement thus making the organization irrelevant to about 40 % of world trade.
In 1950 about 1% of the world population lived in urban settlement. By 2050 2.3% of the world population will live in urban settlement. When people urbanized they have less children. All the world economic systems are built on an increase in both local and international population. Pensions and Social Security are built on a large working population to pay for the pensions of the retirees. The increase population in Guyana will eventually decrease in Guyana and the world. In the future, Guyana will have an aged population that will become a burden economically. I am calling for a new economic system. Capitalism, socialism and communism will not be able to deliver a good quality of life to the world populace in the future. Last week in Davos, Switzerland, Prince Charles said “Only a revolution in the way the global economy and financial markets work can save the planet from the climate crisis and secure future prosperity.”
I am arguing the present global international system and economic systems have become outdated.

Yours truly,
Brian E Plummer

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