INCLUSIVE ECONOMICS AND THE INTERNATIONAL ECONOMIC ORDER

Year 2015, Volume: 7 Issue: 1, 1 - 16, 01.06.2015

A.J. van Niekerk

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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