Sustainability is the only principle of a recession free economy.

There is a wide unrealized and depressive area in the concept of standard or

conventional economics of growth and development that we have followed for so many
years. Largely since the end of the Second World War, the world got itself in a big dam
hurry of production, export and trade couched in liberal words like globalization and
industrialization and as a result, it arrived at an unbalanced state of both wealth
distribution and environment. This unbalanced state is the prime reason for the current
recession, the current dependence on crude oil prices and its geopolitical dominance by
Arab nations, current dominance of one currency over the other, the ongoing
denomination of Africana and underdeveloped nations and worsly, the reason behind
more concrete issues besides recession itself. Consequences global warming, over
dependence on fossil fuels, power shortage and even overlooked issues like electronic
waste and potable water are just early sings of this imbalance only.

Recent global damages of economic livelihoods caused by natural disasters, whether

droughts in Australia or floods in Bangladesh, are also absolute preambles of the
consequences of pursuing economic development policies that are less concern of its
effects on climate change and biodiversity. If not understood, all these concerns will
ironically have severe effects on food production, water supply, and social livelihoods,
things that economy aims to serves.

Certainly, these issues now need to be addressed at a global scale with immediacy and
acute sense of responsibility and the first place to change is the economic policies and
outlook itself.
According to the former US vice president Al Gore and general secretary UN Ban Ki
Moon, the world will be heading towards a new economic order after the recession get
sufficiently over by 2010. This new economic order has to be based on the principles of
sustainable development if we are to save our planet from these catastrophes of the
economic policies we held for so many years.

What is the solution then?: A global economic order that’s primarily based
on the principles of sustainable development.
The notion to project an economy for sustainable development came in ’92 during a UN
conference on environment and development (UNCED), popularly known as Earth
summit, held at Brazil. Out of its five significant conclusions, Agenda 21 proposes global
initiatives and policies on sustainable development in social, economic and practical
context for the 21st century. It elegantly summarizes objectives, various conditions and
ways to achieve sustainable developments but sadly missed out relevant issues of
environmental ethics and implementation details of such ethical decisions which is the
reason why the economies of the world have paved all the ways for its own future
destruction.
The new macro economics of sustainable development differs in definition and analysis
with its conventional counterpart that the world follow still, because it respectfully
incorporates the more important factors of sustainable development as a form of
national capital, defined as the values of the existing stock of natural resources such as
forests, fisheries, water, mineral deposits and environment in general. Both these macro
Economic theories, however, conceptualize ‘Growth’ as sin-qua non. The strategies to
accomplish growth in economics-of sustainable development’ and the way how growth
itself is conceived governs the way how we are going to achieve a durable eco friendly-
economic system, an increased GDP and prominently a sustainable development that’s
free of recessions and its aftermaths like millions of job cuts. Besides, a growth that
takes necessary custodianship of environmental issues also and is utmost sensitive
towards the use of scarce natural resources. Environmental concerns like ecological
exploitation, knowledge-less agricultural practices, deforestation, uncontrolled
emissions of green house gases and global warming that now holds a rigid grip now
needs new technological avenues to be sought and implemented.

The Agenda 21 of the ‘92 earth summit outlined key policies for sustainable
development but remained inconclusive in suggesting permanent solution to the
problems. However, it evidently recapitulates the role of various organizations and
government to achieve sustainability besides warning about the poor ways of economic
development that adversely effects ecosystem and leaves little ability for future
generations to hope for a prosperous living.

As we head towards new vibrant hopes and foresee a new world economic order that’s
based on the eco-centric views we must make it absolutely sure that mistakes that we
did in implementing policies of the 92 Kyoto protocol is not repeated again.
The slowly melting away and it’s a good sign, but it will cash only when we understand
oat an international, national and individual scale the reasons why we faced it and learn
from our past behaviors and mistakes. Since change is inevitable, it makes more sense to
embrace it than to offer resistance says Narayani Ganesh. The change from ‘developed
economy’ to ‘Green economy’ must be realized this way only.

The recession has shown its peak and is now reversing its journey, so we should ensure
that ‘fruits of the recession’ in terms of our understanding are carefully propagated and
substantially and sustainably established in its truest of sense. This is the only benefits
we can draw out of the current recession.

It is been a long age of environmental and economic distress. Millions of job cuts and a
year long life of panic. Recession make us see corporate Big wigs going down shut into a
store and CEOs reduced to a salary of 100. All’s this is not a good sign of progress.
Let’s hope to not face it again..