Advances in Economics and Business Vol. 4(7), pp. 323 - 331
DOI: 10.13189/aeb.2016.040701
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Examining the Impact of Socio-economic Dimensions of Capitalism on Global Security and Sustainable Development: A Strategy for Poverty Eradication towards Sustainable Development


Michael O. Mojekeh *
Department of Marketing, Anambra State University, Nigeria

ABSTRACT

Any decision on sustainable economic development, must address three fundamental questions, which among others include what has been happening to poverty; unemployment and inequality or economic injustice. If all these three variables have declined from high levels, then there has been a period of development in the affected country. A descriptive approach was adopted from secondary source of data. Today we are witnessing a growing precarious economic situation of glaring distortion, disequilibrium and disharmony globally. Neo-liberal capitalism promotes individualism, greed, self-interest, primitive accumulation and economism - (which regard human societies primarily, as economic systems in which financial considerations alone, govern choices and decisions). Other fundamental values, such as faith spirituality, justice, love, compassion, sympathy, empathy and co-operation, are unwittingly neglected. This paper examined and highlighted the impact of socio-economic dimensions of capitalism on sustainable development and proffers avenues for realistic and sustainable socio-economic stability and peace. Cognizance of the above facts, the recommendations among others, are that the economies and societies around the world, should be encouraged to promote and connect economic efficiency with economic ethics and justice. This entails that the curricula of Business Schools, Universities and other Higher Institutions, must contain both the doctrines of capitalist ideology and true human values of morality and spirituality, for the world to enjoy global peace, security and sustainable development. Also, to build an "Economy of Communion" for the "Common Good of all", which signifies not just a clarion call for less inequality but also, for more fairness and economic justice for the ultimate good of all. If the "Economy of Communion" is established and adopted, one would be inclined to believe, that it will go a long way in eradicating "Corporate Greed" and exploitation, which will culminate into discouraging the likes of Occupy the Wall Street Movement" that keeps reverberating all over the world.

KEYWORDS
Capitalism, Economic Justice, Poverty, Socio-economic Dimensions, Sustainable Development

Cite this paper
Michael O. Mojekeh . "Examining the Impact of Socio-economic Dimensions of Capitalism on Global Security and Sustainable Development: A Strategy for Poverty Eradication towards Sustainable Development." Advances in Economics and Business 4.7 (2016) 323 - 331. doi: 10.13189/aeb.2016.040701.