th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 Forum: The Economic Committee
Issue: Measures to Promote Sustainable Capitalism
Student Officer: Arav Dalwani
Position: Head Chair
Introduction
Be it the diminishing oil reserves or the deforestation of thousands of acres of forested land every passing minute, most of us today live in an economic system that is increasingly proving itself to be unsustainable. Sustainability as a concept, defined as the long-term maintenance of the well-being of society across generations, is one that has eluded humanity throughout its history. Human society will always have to consume resources and energy for its development and functioning, as they are essential for even the most basic activities. Under capitalism, humanity has sought to maximise resource allocation and energy extraction. However, we must take a step back and ask: If resources continue to be depleted at the current rate under our modern capitalist system, will future generations of humanity be able to survive and sustain themselves at all? If we continue consuming these resources in the same manner, how can we justify the unsustainable and relentless pollution and damage to our environment? And further, in light of the various socio-economic disparities present today, how sustainable is capitalism itself as a system of human development? It is the existence of these very questions and problems that have brought forth the urgent need for Measures to Promote Sustainable Capitalism worldwide.
Capitalism has always been based on the tenet that private actors who own the means of production will act out of their self-interests to maximise profit and satisfaction. The competition between these individual agents to achieve their interests largely leads to economic growth and expansion. The extent of economic freedom and competition in these markets are matters of politics and policy and vary across different models of capitalism. Most of the existing capitalist economies are mixed economic systems that combine the main elements of free markets with government intervention and with central planning in some regions. This capitalist system, premised largely on laissez-faire or free-market economics, is strongly correlated with economic growth.
With the disintegration of the former Soviet Union in 1991, capitalism became the dominant global economic system. Most nations, including those that have retained socialistic political systems,
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 have moved towards a market-based, capitalistic economy. The popularity of capitalism is supported by more than two centuries of unparalleled economic productivity in industrial economies around the world. The combination of capitalism and industrialism has resulted in the most productive economies ever witnessed in human history, at least in terms of material wealth.
st As we entered the 21 century, however, the ecological and social impacts of capitalism raised major questions about sustainability. Despite impressive records of productivity, many people worldwide are concerned about whether capitalistic economies are sustainable over time, ecologically, socially, or even economically. The introduction of capitalism was accompanied by the introduction of fossil fuels as the primary source of energy. During the industrial revolution, the economic growth from capitalism was largely spurred by using these fuels (oil, coal, and gas). However, the emission of toxic gases from the combustion of fossil fuels results in the unsustainability of energy production in capitalism, with 85% of the energy generated coming from non-renewable sources. Further, capitalism creates a host of other environmental problems due to its emphasis on growth, efficiency and consumption. The damage done from capitalism to different areas concerning the environment has the potential of harming human populations themselves. This highlights how our current system of capitalism needs to be modified if there are any hopes for environmental sustainability.
At the same time, capitalism may fail to address socio-economic problems across different sections of society because of its nature. Wealth accumulation is one of the most significant problems with capitalism in the last 40 years because of the imbalance of prosperity that it creates. A large proportion of wealth is controlled by a few individuals at the top, while others at the bottom may struggle to even meet ends. The way capitalism works also creates inequity, as relatively poor people often have access to fewer opportunities and information. This means that poor individuals often stay stuck in poverty, working lower-paying jobs and sometimes being exploited by firms for their labour. Market dominance is another problematic aspect of capitalism, as gaining control or power over a particular industry allows a firm to abuse the system and suppress their competition. Capitalism has unquestionably led to unprecedented economic progress in the past but these unsustainable socio-economic problems that capitalism may fail to address must be tackled.
In an economic world focused on maximising profit and satisfaction, we cannot lose sight of our purpose as a human race. Our purpose is to develop as a community without putting our future in danger and without leaving other people behind. This is the essence behind changing established economic practices to establish a more sustainability centric model of capitalism, with nations working together to adopt appropriate measures.
Definition of Key Terms
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 Capitalism
Capitalism is an economic system in which a society’s trade and industry are controlled by private individuals and firms with ownership of resources. The production of goods and services is based on supply and demand in the market rather than on the state. 1 Sustainability
Sustainability was defined as the ability to meet the needs of the present without compromising or hampering the ability of future generations to meet their own needs by the United Nations Brundtland Commission in 1987. 2 Sustainable Capitalism
Sustainable capitalism is a conceptual form of capitalism based upon sustainable practices that seek to preserve the environment and reduce externalities while bearing a resemblance of capitalist economic policy. 3 Market Failure
Market failure is the economic situation defined by an inefficient distribution of goods and services in the free market. It occurs when individuals acting in rational self-interest produce a less than optimal or economically inefficient outcome because of externalities or other factors. 4
Negative Externalities
Negative externalities occur when the consumption or production of a good causes a harmful effect to a third party or to society as a whole. They can also be said to have spillover costs generated in the consumption or production of a commodity. 5
Allocation of Resources
1 Investopedia Staff, “Capitalism,” Investopedia, April 6, 2020, https://www.investopedia.com/terms/c/capitalism.asp.
2 “Sustainability,” Text, April 1, 2014, https://academicimpact.un.org/content/sustainability.
3 B. Mitra et al., “The Convergence of Sustainable Capitalism,” in 2011 IEEE International Professional Communication Conference, 2011, 1–7, https://doi.org/10.1109/IPCC.2011.6087226.
4 Micheal Boyle, “Market Failure Definition,” Investopedia, accessed December 11, 2020, https://www.investopedia.com/terms/m/marketfailure.asp.
5 Tejvan Pettinger, “Negative Externalities,” Economics Help, accessed December 11, 2020, https://www.economicshelp.org/micro-economic-essays/marketfailure/negative-externality/. Research Report | Page 3 of 16
th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 In economics, resource allocation is the assignment of available resources to various uses. In the context of an entire economy, resources can be allocated by various means, such as markets or planning.6
Taxation
Taxation is a term for when a taxing authority, usually a government, levies or imposes a tax. The term "taxation" applies to all types of involuntary levies, from income to capital gains to estate taxes.
Eco-Capitalism
Eco-capitalism, also known as green capitalism, is the view that capital exists in nature as "natural capital" and governments should use creative policy instruments to resolve environmental problems where natural resources are difficult to protect. 7
Circular Economy
A circular economy is defined as one that seeks to: maximise the value of the materials that circulate within the economy; minimise material consumption, prevent waste from being generated; reduce hazardous components in waste and products. 8 Monopoly
A monopoly refers to when a company and its products dominate the market for an industry. Monopolies are considered to be an extreme result of free-market capitalism where the absence of any restrictions, a single firm becomes powerful enough to own all of the market. 9 Market Dominance
Market dominance is defined as the excess strength of a brand, product, service, or firm, relative to the competition, exemplified by control of a large proportion of power in a particular market.
Background Information
6 “Allocation of Resources,” accessed December 11, 2020, https://www.britannica.com/topic/allocation-of-resources.
7 “Eco-Capitalism,” accessed December 11, 2020, https://www.collinsdictionary.com/dictionary/english/eco-capitalism.
8 “Circular Economy - Waste and Materials,” May 29, 2020, http://www.oecd.org/environment/environment-at-a-glance/Circular-economy-waste-and-materials-May-2020.pdf.
9 Will Kenton, “Monopoly,” Investopedia, accessed December 11, 2020, https://www.investopedia.com/terms/m/monopoly.asp. Research Report | Page 4 of 16
th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 Characteristics of a capitalist system
In free-market capitalism, the market mechanisms are relied upon with minimal or no regulation over the allocation of resources and the pricing mechanism. The capitalist system, in fact, distributes goods and services according to the laws of supply and demand, at the point where there is market equilibrium. Wage labour or paid labour under formal or informal employment by a firm play a prominent role in capitalism. Most capitalist economies entail support for highly competitive markets and private ownership of the means of production. Individual economic agents, including both consumers and producers, compete with each other to maximise satisfaction or revenue in free-market capitalism which leads to economic growth and expansion. This profit-maximization motif causes economic agents to allocate resources in ways that are conducive to growth and dynamism. However, this focus on efficiency and optimized profit means raw materials and factors of production must be extracted and utilised on an immense scale. Since the focus in a capitalist economy is on maximising profit and individual benefit, the implications of economic actions for other stakeholders and the environment are often disregarded.
Sub-topic 1: Role of firms and businesses
Firms and businesses in any capitalist society play an important role in achieving sustainable capitalism because they are one of the biggest generators of economic activity. Almost all goods and services owned by households go through a production, transportation and supply process under firms which have an environmental footprint.
According to self-reported numbers, the top 15 food and beverage businesses or firms in the United States generate nearly 630 million tonnes of greenhouse gases each year. The company Procter and Gamble, for example, in its operations in the tissue sector, has a significant impact on the world’s remaining intact forests and is a source of 17 million tons of greenhouse gas emissions. Even within the tissue sector, similar practices are followed by P&G’s competitors. This issue is widespread in businesses in most industries, from automobiles to the technology manufacturing sector, thus constituting unsustainable business practices.
While small and medium enterprises are major generators of employment and economic growth, they have a high environmental footprint. According to an OECD report, SMEs contribute up to 60-70% of all industrial pollution in Europe. Particularly, SMEs in the manufacturing sector account for a large share of global resource consumption, pollution and waste generation and are thus critical for a transformation towards sustainability. However, they can also play a major role in achieving sustainability targets; for example, in Finland and the UK, SMEs represent more than 70% of clean tech businesses.
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 Sub-Topic 2: Government-led Environmental Sustainability
Consumption is essential to the efficient workings of capitalism and keeps the capitalist machinery working. The issue underpinning this consumption is that it leads to an incessant cycle of production and often causes wastage of goods at both the household and production levels. Consequently, natural resources have to be utilised heavily to satisfy consumption and consumer demands in the market.
Depletion of Natural Resources
The growth generated from capitalism has been largely premised upon the employment of fossil fuels to generate energy; however, most of these now are under the threat of running out completely. Unfortunately, most energy produced falls on the use of fossil fuels, with 72% of energy generated coming from fossil fuels and 25% from renewables. The BP Statistical Review estimates that oil reserves are projected to only be enough to supply the world’s demands for the next 46.2 years. Natural gas is expected to be exhausted shortly afterward, in 53 years. Specific countries such as Indonesia and South Africa face the prospect of having their coal reserves run out completely by 2030-2050. Recent studies have also found that the loss of wetlands, which are essential ecosystems, has been as high as 64% since 1900 AD, leading to the loss of vegetation and soil. 20% of the Amazon biome has already been lost due to unsustainable capitalist growth and expansion, and is expected to reach 27%, the tipping point, by 2030. More than 60 percent of Myanmar’s mangroves have been deforested in the past 20 years itself and converted to other uses As a result, the current economic order of consumption is unsustainable as both fossil fuels and forests could be depleted in the near future.
Loss of Species
Capitalism itself is a significant driver of biodiversity loss due to its emphasis on commodity production. The Living Planet report from the World Wildlife Fund states that capitalism is to blame for a 60% decline in wild animal populations since 1970. Capitalism in its current form ignores the many ways that natural systems prop up the generation of food and wealth. A 2019 UN report found that one million species are headed for extinction, many of them within decades. 40% of amphibian species, one-third of marine mammals and one-third of reef corals will disappear unless dramatic action is taken. Extinction of species and wildlife loss is not just detrimental to the environment, but also has far-reaching consequences for human populations.
Pollution
Increased consumption and production has resulted in tremendous increases in pollution worldwide, especially in developing countries with capitalist economies. Air pollution caused by
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 vehicles (gases and particles) and industrial production under capitalism kills 9 million people a year—800,000 in Europe alone. At the same time, due to excessive production and consumption in capitalism, industries discard chemical effluents and pollutants into water bodies in excess. The soil and water are often polluted because fertilizers are overused to increase agricultural productivity, which once again is a side effect of capitalism. This creates a situation of a negative externality (see the appendix) where the costs to the society or the social costs are greater than the private costs of production. There is a situation of overproduction of energy from fossil fuels and of polluting goods, which comes with an external cost to the environment and the society. This external cost often manifests in various forms of pollution and contamination of nature by the producers, which in turn is harmful to other humans and society as a whole.
Climate Change
Under our current economic order, we collectively emit approximately 50 billion tonnes of carbon each year. This is more than 40% higher than the carbon emissions in 1990, caused in large part by growth fuelled by capitalism. Carbon emissions inadvertently lead to the warming of the environment, which is projected to rise at least more than 2 degrees by 2100. Climate change and global warming, both of which are fuelled by capitalism, threaten millions of humans living in vulnerable locations, and is thus another unsustainable aspect of capitalism.
Sub-topic 3: Socio-economic Sustainability
Wealth Concentration
In the United States, the top 1 percent own 35 percent of all wealth and the bottom 80 percent own just 7 percent of the nation’s wealth. Despite rising productivity, wages for labour and the middle class have been flat or declined in the past 40 years. In the UK, the richest 1 percent own 12 percent of the wealth and the richest 10 percent own 44 percent of the wealth. In France, the figures are 24 % and 62 % respectively. Upper-income families were the only income tier able to build on their wealth from 2001 to 2016, adding 33% at the median. On the other hand, middle-income families saw their median net worth shrink by 20% and lower-income families experienced a loss of 45%. Income inequality based on race and gender is also growing in many countries. The problem with wealth concentration at the highest strata of the economic class is that it is unsustainable as a system for a much larger percentage of the population and stunts their progress.
Inequity in Opportunities
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 In recent decades, income growth has been the most rapid for the top 5% of families and this phenomenon has been even more profound for those at the top. According to the Pew Research Center, income inequality has increased by approximately 20% from 1980 to 2016, which clearly reflects how individuals who are already rich stand to gain more from capitalism. Some of the policies implemented, such as the Tax Cuts and Jobs Act of 2017 in the United States have further exacerbated this issue. People who already have greater wealth have greater opportunities in capitalism because of the functioning of the system. With lesser ability to afford better quality education and healthcare for their families, low-income individuals are often left behind as they make little investments and can afford goods less easily. Racial and religious minorities who in many situations have lower pre-existing wealth are also disadvantaged. Since such people are likely to be employed in unskilled jobs, the capitalist system may lead to their exploitation as firms purposefully overwork them while paying limited wages.
Market Dominance
While capitalism calls for high levels of competition in the market and greater freedom, many unregulated and less regulated economies face the critical issue of monopolies or oligopolies gaining market dominance. An increase in the market power of specific firms across the United States for example has resulted in a system that is not true capitalism, since competition is crushed and economic freedom is restricted. In the field of computer operating systems, there are two main firms, Apple and Microsoft competing to sell their software to consumers and Amazon largely dominate the e-commerce sector. In both cases, the market power these firms wield means that they can raise prices at their will, squeeze consumers and underpay workers. The market power of Facebook in the social media industry has been particularly concerning due to consumer surveillance and manipulation, while buying out competitors. The dangers of having such powerful companies mean that modifications need to be made to prevent unsustainable market dominance.
Barriers to Change
While in an ideal world, the aforementioned problems could be resolved and sustainability achieved, this is not the case in real life. Oil, coal, lumbering and chemical industries could all have to limit their activity, but that could lead to permanent unemployment of people employed in these firms. The question then arises of what kind of alternative employment can be created, especially since the workforce of many regions are heavily dependent on fossil fuels for jobs. At the same time, human growth in population is expected to continue unbounded for at least another few decades before peaking, which means that more resource extraction and production will have to occur to satisfy the higher market demand. Developing countries and LEDCs may be reluctant to incur an economic cost to achieve
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 sustainability in the economic system, due to the lack of monetary reserves and investment. Political ignorance and inaction itself remain one of the foremost barriers to refocusing capitalism towards sustainability, because politicians often prioritize growth and profit.
Major Countries and Organizations Involved
United States
Being the second-largest consumer of energy worldwide, the United States has a major role to play in achieving sustainable capitalism. The United States is also one of the biggest producers and importers of oils and other fossil fuels such as coal and natural gas, and a large part of the industrial expansion that occurred in the US was due to this. The neoliberal policies and tax cuts of 2017 have also been criticised by UN experts as having worsened income inequality.
People’s Republic of China
China has the largest energy consumption worldwide and is the world’s biggest coal consumer and second-largest oil consumer. However, China is also a leader in sustainable investment, pushing close to $400 billion as investments into green technologies since 2017 and an additional $250 billion in other countries. Public transportation in numerous cities such as Shenzhen has been converted to electric vehicles. In 2020 itself, President Xi Jinping pledged to make China carbon neutral by 2060.
Denmark
Denmark has been particularly focused on making buildings more energy-efficient and going carbon-neutral as early as 2030. A significant landmark in Denmark’s capital is Copenhill, which converts waste into energy to supply tens of thousands of homes and businesses. The approach taken by Denmark towards sustainability is one that can be modelled by other countries,
United Kingdom
The UK is a country with a sizable population that has implemented a Sustainable Development Strategy, recognising the need for a clean and healthy environment. The UK has increased its share of municipal waste recycling from 12 to 39% from 2001 to 2010. The UK government came up with both a 25-year environment plan and Clean growth Strategy in 2019, and this approach can be suitably followed by countries of similar and larger size.
United Nations Development Programme
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 As the lead UN development agency, the UNDP is important as the 17 Sustainable Development Goals or SDGs are managed and implemented by them. The UNDP works in over 170 countries to help achieve the SDGs through integrated solutions. Some of the SDGs that the UNDP works with are especially pertinent to sustainable capitalism.
United Nations Environmental Programme
The UNEP is the leading environmental organisation in the UN system, with activities focused on addressing wide-ranging ecological problems. Since capitalism in many cases leads to environmental problems, the UNEP could play a major role in tackling this issue as well.
United Nations Sustainable Development Solutions Network
The UN SDSN, set up in 2012, has the function of mobilizing global scientific and technological expertise to promote practical solutions related to sustainability, collaborating with universities and other educational institutions.
United Nations High-Level Political Forum on Sustainable Development
This organization is aimed at fostering debate and collaboration between countries at an international level to help achieve the SDGs and sustainable practices.
World Resources Institute
The World Resources Institute is an international non-profit research organization established to promote environmental sustainability, human well-being and economic opportunity. WRI is focused on the preservation of seven main resources – food, forests, water, energy, climate, etc.
Timeline of Events
Date Description of event
In his book titled ‘The Wealth of Nations”, Economic Theorist Adam 1776 Smith presented ideas that formed the foundation of modern-day capitalism
1780s The First Industrial Revolution gains speed in Western Europe, ushering in change in production and labour organization
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021
At the turn of the 19th century, the adoption of industrial capitalism 1800s results in sustained productivity gains in capitalist production
th The Soviet Union or USSR is established, becoming the first December 30 , 1922 communist and specifically anti-capitalist state in the world
1945-60s In the aftermath of World War 2, many Eastern European countries and Asian countries established communist or socialist economic systems
Environmental concerns gain traction and widespread public 1960-70s support as witnessed from the first Earth Day demonstrations in 1970
1980s China implements reforms to the economy by including market elements and the UK and USA adopt neoliberal capitalism under new leaders
th The USSR and the entire Soviet bloc is formally dissolved, with most of December 26 , 1991 the newly formed republics including Russia opting for market capitalism
The United Nations Conference on Environment and Development is June 1992 held, as a platform for Member states to collaborate to achieve sustainability
Commission on Sustainable Development created under the ECOSOC – December 1992 one of the first organizations exclusively focussed on sustainability. Similar conferences were held both 10 and 20 years afterward, in 2002 & 2012
th December 14 , Vice President Al Gore and David Blood publish a ‘Manifesto for 2011 Sustainable Capitalism’ covering 10 key aspects targeted at businesses
2012 UN Sustainable Development Solutions Network created to support the implementation of solutions
September 2013 UN High-Level Political Forum on Sustainable Development replaces the CSD and acts as a subsidiary body to both the ECOSOC and UNGA
September 2015 The 17 Sustainable Development Goals for 2030 are set and adopted, coming into force from the next year
nd President Donald Trump signs the Tax Cuts and Jobs Act into Law, December 22 2017 making significant modifications to tax policy in the United States
2020 Studies and estimates show that the Amazon has lost 20% of its rainforest due to economic activity Research Report | Page 11 of 16
th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021
Relevant Treaties and Events
● United Nations Framework Convention on Climate Change (UNFCCC): This was one of the first
international environmental treaties concerning sustainability, signed at the UN Conference for Environment and Development in 1992 ● Paris Accords of 2015-16: This is a landmark climate agreement signed in April 2016 to keep increases in global temperature below 2 degrees
● Kyoto protocol: The Kyoto Protocol implemented the objective of the UNFCCC to reduce the onset of global warming
● World summit on sustainable development: This was the first conference explicitly tied to
sustainable development resulting in the Johannesburg Declaration
● Financial Inclusion for Sustainable Development, 18th January 2018, (A/RES/72/206), passed by the United Nations General Assembly
● Sustainable Development, Report of the Second Committee of the General Assembly, 16th
December 2015, (A/70/472): Covered some of the important aspects falling under sustainable capitalism
● Transforming our World: The 2030 Agenda for Sustainable Development, 25th September 2015,
(A/RES/70/1): Established the 17 Sustainable Development Goals and was a landmark resolution
● Addis Ababa Action Agenda, 15th July 2015: A global framework that seeks to align financing
flows and policies with sustainable growth and priorities.
Previous Attempts to solve the Issue
In the past, the United Nations has worked to help achieve sustainability, especially the UNDP under which the 17 Sustainable Development Goals have been established. At the same time, the UN has played a major role in promoting dialogue on an international scale related to sustainable development, such as through the Earth Summit in 1992 where the UNFCCC was negotiated. This is
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 coupled with research attempts done by the Worldwatch Institute and other International Governmental Organizations (IGOs) worldwide.
One of the most significant attempts to resolve this issue came in Vice President Al Gore and David Blood’s manifesto in 2011. It was one of the first proposals focussed entirely on achieving ‘sustainable capitalism’, centered around business and social practices that could lead to environmental benefit. However, the issue of sustainable capitalism with a focus on capitalism has not witnessed substantial action, especially on an international level, with most efforts relating to the SDGs. There is also the economic aspect of unsustainability in capitalism, which has been by and large not addressed by the United Nations or any international forum to date.
Possible Solutions
Implementing sustainable business practices: Sub-Topic 1 There are a wide variety of solutions that should be incorporated at the business level as a solution to the first sub-topic in this issue. The first and foremost of this is firms and producers innovating and using technology for minimising waste production and achieving sustainable best practices, as has already been done by many companies. This can be extended to help in the greening of the supply chain, by introducing more eco-friendly modes of supplying commodities. Firms should also raise awareness among their employees about the sustainability practices being followed and periodically publish results. There are also specific proposals from Al Gore and David Blood’s manifesto from 2011 that can be related to investments and corporate social responsibility that can be implemented to bring in environmental full-cost accounting at the business level.
Government-led Environmental Sustainability initiatives: Sub-Topic 2 In recent years, carbon taxes levied by governments have become one of the most popular ways of disincentivising producers from using fossil fuels, particularly in the case of heavy emitters in the transport and energy sector. Investments in renewables and in a circular economy can be made to reduce the negative externalities of energy production and decarbonize the energy industry. There are also a significant number of proposals related to the use of eco-capitalism such as green advertising and green labelling that work to influence consumer behaviour through nudge theory. Government encouragement or subsidisation of new technologies such as electric and hydrogen-fuelled vehicles would reduce vehicle emissions significantly. Governments also have many options in introducing environmental regulations and standards in the economy as well as a carbon trading scheme as has been done in the EU.
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th th The Hague International Model United Nations 2021 | 25 January 2021 – 29 January 2021 Socioeconomic Sustainability: Sub-Topic 3 To help solve the socioeconomic issues capitalism can fail to address, there are a set of measures governments should embark on. Greater progressive taxation and small wealth taxes can be considered by governments, and the lowest tax bracket could be lowered marginally so that those people are able to retain more of their income. The Labour Department or Ministry of countries should prioritize the enforcement of rules on the fair treatment and employment of labour. At the same time, low-cost education programs could be provided or a fund created to support scholarships for low-income individuals to increase their access opportunities and have greater equity. Large corporations and firms with high levels of market power should be frequently audited and anti-trust legislation would have to be enforced on firms abusing their power and dominance.
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Appendix or Appendices
i. Market Failure and Externalities: https://www.economicsonline.co.uk/Market_failures/Externalities.html#:~:text=A%20negative%20 externality%20is%20a,resource%20that%20is%20indirectly%20affected. ii. Five Ways to Reign in Capitalism: https://www.forbes.com/sites/ericagies/2012/02/21/five-ways-to-rein-in-rogue-capitalism/?sh=182f 114c2767 iii. The 2030 Agenda for Sustainable Development: https://sustainabledevelopment.un.org/post2015/transformingourworld iv. Capitalism will Starve Humanity by 2050 - Forbes : https://www.forbes.com/sites/drewhansen/2016/02/09/unless-it-changes-capitalism-will-starve-hu manity-by-2050/.
v. Market Failure: https://www.investopedia.com/terms/m/marketfailure.asp
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