INCLUSIVE ECONOMICS AND THE INTERNATIONAL ECONOMIC ORDER

Abstract

Inclusive economics (IE) or economic inclusivity is fundamental to the global challenges of inequality, systemic risk and fair governance in addressing global economic disparities. The sustainability of the global economy is developing into arguably the highest global priority. As the world become ever more a ‘global village’, inclusive economics is seen as an avenue that has potential for steering globalisation and global economic governance (GEG) decision-making towards greater sustainability. But IE comes with significant implications for the economy, if better understood, as it is not simply a perfect fit to the profit-driven market system. This necessitates adjustments within the international economic order.Pressure from the global civil society is increasingin order for the global economy to become more socially responsible and less purely profit-driven (capitalistic). It is therefore of critical importance to investigate what IE is – even as it evolves – and what its implications are. The question at the heart of the issue is how to advance economic inclusivity globally, as a central priority for the international economic order,in a way toensure genuine economic progress?

Keywords

• Inclusive economics, globalisation, global economic governance, capitalism, inequality

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