Global economy must stop pandering to ‘frivolous desires of ultra-rich’, says UN expert

Global economy must stop pandering to ‘frivolous desires of ultra-rich’, says UN expert Olivier De Schutter says new economic agenda needed to tackle crises of rising inequality and ecological collapse The global economy must be reordered to ensure it serves ordinary people around the world rather than the “frivolous and destructive demands of the ultra-rich”, according to a leading UN figure. Olivier De Schutter, the UN special rapporteur on extreme poverty and human rights , says politicians must stop prioritising “socially and ecologically destructive growth” that only increases the profits – and serves the consumption demands – of the world’s richest individuals and corporations. Instead, to tackle the interwoven crises of rising inequality, ecological collapse and resurgent far-right politics, a new economic agenda is needed. “The scarce resources we have should be used to prioritise the basic needs of people in poverty and to create what is of societal value rather than serve the frivolous desires of the ultra-rich.” De Schutter said an economy that uses its limited resources to prioritise building large mansions rather than social housing, or powerful cars rather than public transportation systems, was “grossly inefficient” and “will inevitably fail to satisfy the basic needs of people living on low incomes”. The intervention follows the Guardian’s Beyond Growth series published last month which highlighted calls for an end to the relentless focus on indiscriminate growth that critics say is driving not only ecological collapse but also rising inequality. De Schutter said he would publish his “ roadmap for eradicating poverty beyond growth ” in April, the result of an informal “beyond growth coalition” he has formed that includes UN agencies, academics, civil society and unions. The aim of the roadmap is to expand the range of policy options available to governments, multilateral institutions and development agencies in the fight against poverty. Among the mo...