We have to change our economic model

AS another G8 summit comes and goes we are again left with, judging from previous summits, potentially empty pledges on poverty and the usual frustrations in relation to the battle against climate change. To bring about any significant improvement in the levels of global poverty and make any impact on climate change, the current economic model pursued globally needs to change from a growth model to a sustainable one.

Despite the compelling evidence that the free market model has failed we continue to see slavish attempts at resuscitating this economy through the bailout of the financial system which created the mess.

This bailout will cost the ordinary taxpayer in the quality of social services provided by governments and hinder the ability of future generations to reach their potential.

The only hint of reform is a promise of relatively tighter regulation on financial institutions which, coming from its current levels, is not much.

We are told this is a normal economic cycle but it is only normal in the context of the model currently in operation. As long as corporate interests are put before social interests such as sustainability we will fail in the battle against both poverty and climate change.

Barry Walsh

Church Road

Blackrock

Cork