The future of human beings. These observations about the global economy and how to make it work were written not years or decades ago, but yesterday...
We have grown and enjoyed economic stability. Our growth has been accompanied by the inclusion of tens of millions of people in the consumer market. We have distributed wealth to more than 40m who lived below the poverty line. We have ensured that the national minimum wage has risen always above the rate of inflation. We have democratised access to credit. We have created more than 10m jobs. We have pushed forward with land reform. The expansion of our domestic market has not happened at the expense of exports – they have tripled in six years. We have attracted enormous volumes of foreign investment with no loss of sovereignty.
All this has enabled us to accumulate $207bn in foreign reserves and thereby protect ourselves from the worst effects of a financial crisis that, born at the centre of capitalism, threatens the entire structure of the global economy.
It was written by
Luiz Inácio Lula da Silva, the president of Brazil, who through his policies may be alone among developed nations in
avoiding the global recession.