Economic Violence: Jeopardizing Global Security
- Economic violence exacerbates global instability by increasing living costs, inflation, and unemployment, leading to widespread social and economic crises.
- Neoliberal policies and capitalist structures deepen systemic inequalities, favoring elites and marginalizing the majority, eroding social trust and stability.
- Addressing economic violence requires inclusive economic policies, strong social safety nets, and international cooperation to reduce inequalities and promote equitable growth.
The world is passing through manifold challenges. Traditional and non-traditional security threats are hitting hard on the social fabric of society. One critical issue, often ignored, is economic violence that has emerged as a looming threat that countries are facing across the globe. As a result, people suffer from ballooning cost-of-living crises, high inflation, unemployment, underemployment, food insecurity, malnutrition, and a host of other economic challenges. Global protests are underway, demanding an end to the economic violence perpetrated in society ever since a neoliberal world order came into being, with capitalist elites at the helm and governing and exploiting due rights of the majority.
The economic violence is causing a heavy threat and sowing violence, chaos, and instability in societies. Nations are heading toward weakened positions because of ruling economic violence where social security of masses is under threat. These instances are taking the shape of serious breakdowns in countries like Bangladesh, Pakistan, Latin America, India, Iran, and the list goes on. The roots of the economic violence are very deep within the systemic inequalities cultivated with neoliberal policies and capitalist structures that favor the wealthy elite by allowing the latter to garner disproportionate power and resources at the expense of others. This exploitation comes in the forms of low wages, bad working conditions, no social safety, limited access to education and health facilities. The self-perpetuating chain of poverty, health and education crises, and social insecurity is what a dominating economics of violence leads to.
The yawning chasm between the rich and the poor is slowly awakening the middle class from its rights. The lucky few enjoy impunity and have access to resources that, for the many, are just a dream. This is not an economic but a social issue: it erodes the trust in institutions and finally leads to resentment and fissures within societies. One of the great challenges of the elite class is the rise of the middle class, who well might challenge the status quo held by them. This is the reason elites lobby in government sectors to minimize social welfare programs and constrain the friendly budgetary process. They undermine educational upliftment in society to render a large segment of the population illiterate and irrelevant. The real motivation is to curtail the ability of masses on the basis of 4Cs that are: Collaboration, Critical thinking, Creativity, Communication.
Governments of respective countries should play an active role in addressing economic violence. They must work to ensure that all segments of society get their due rights and increase the participation of middle-class youth in the decision-making process. Friendly budgetary processes should be formulated and social programs initiated, so that the grievances of poor people can be minimized. Strong monetary and fiscal policies are required to reduce both fiscal and trade deficits, rein in the ballooning cost of living crisis, and tighten skyrocketing inflation. SME programs need to be proactively initiated, opportunities for youth in the economic sector increased, employment boosted, and obstacles in the form of deregulation of monopolists removed.
The best way to end violence in the economy is by enhancing the social safety nets. Governments have to invest in comprehensive welfare programs that provide health, education, and basic income support. This is not only relieving the short-term problems of the economies but also helps in enabling them to improve their long-term economic status. The access to quality education and training facilities can help gain the required skills to compete in the modern economies.
Inclusive economic policies can reduce economic violence. Chastisingly, then, governments should have at the forefront policies aimed at making sure that there is fair pay for work, safe working conditions, and equal opportunities for every citizen. Coupled with these would be progressive taxation systems that ensure the rich give their due share to society. Besides, promotion of small and medium-sized enterprises assures economic growth with job creation, hence a reduction in unemployment and underemployment.
The problem of economic violence is of international character and hence, cooperation at the same level is required to deal with it effectively. Cooperation can entail sharing best practices, financial and technical aid, and coordination against global challenges in the economic field. This cooperation could be provided by international institutions such as the United Nations, World Bank, and International Monetary Fund, while also availing necessary support to the affected countries.
Civil societies play a very vital role in addressing economic violence. They can engage in policy advocacy, support, and provision of services to mitigate the impact on the victims of financial crisis. Thus, through mobilization and raising awareness among communities on the effects of economic violence, these organizations will be able to propel social and political change, driving the measures to address this issue.
In a nutshell, economic violence is a clear and serious threat to the very survival and prosperity of nations worldwide.
Economic violence can, therefore, be met with efforts toward the reduction of systemic inequalities by strengthening social safety networks, promoting more inclusive economic policies, improving international cooperation, fostering the strength of civil society, and creating a world that is just and fair. This is definitely a question whose urgency cannot be understated, and proactive measures must be applied to protect individuals, communities, and nations from these destructive impacts of economic violence.
The author is an independent researcher having keen interest in foreign policy, geopolitics, and international relations.
Economic Violence: Jeopardizing Global Security – The Spine Times
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