Rich Countries Largely Live Off Financial Transactions

[Excerpts from my Dec 2010 article on how rich countries move money around and produce little while preventing green development in Africa  — Stephen]

“The world’s big economies are largely living off financial transactions which are unconnected to development,” warns Supachai Panitchpakdi, secretary-general of United Nations Conference on Trade and Development.

In a rejection of failed neoliberal economic policies, Panitchpakdi said strong national policies on investments, taxation, protection of local industries, including subsidies, and changes to less restrictive intellectual property regimes are what is needed to green economies in Africa and elsewhere.

“Green economic development underpins environmental protection, economic growth and development,” he said.

Here’s a startling fact based in a new energy study:

Universal Access to Electricity Less Than Cost of Fossil Fuel Subsidies