DHAKA – The global financial crisis of recent years has exposed serious flaws in the world’s financial system. Credit markets that were originally created to provide businesses with capital were manipulated by a handful of individuals and companies to serve the selfish goal of earning unrealistically high returns through financial engineering. People in developed countries have suffered as a result – witness unprecedented levels of unemployment in countries like Spain and Greece – but so have countless millions in developing countries that played no part in causing the crisis.
In fact, the persistence of many of the world’s social problems reflects our collective misinterpretation of the idea of capitalism. As a result, businesses are run for the sole purpose of maximizing profit, and humans are conceived as one-dimensional money-making machines.