World Economic Order

This book deals with some of the critical problems ailing the world community. The main contribution of this study is the setting down of the approach on the basis of which restructuring of the world economic order might be attempted This approach calls for the adoption of the concept of ‘One World’ whereby all of mother nature’s global resources belong to all mankind to be used to the collective advantage of humanity. It has been designated as “Humanism” and is conceived as the Socio-economic Philosophy of the future. Basic structural changes may also involve the abandoning or modification of the monetary mechanism, the market oriented economy and international lending and borrowing. The functioning of a demonetized world economic order is described and shown to operate to the advantage of all countries. Because of its novelty and radicalism, features which preclude its immediate adoption, the existing monetary system is refashioned to suit in a better manner, national and international needs. In respect of the former, the introduction of a “self-generating monetary standard” has been proposed. To facilitate the requirements and smooth working of an international trading system, it is proposed that free convertibility of national currencies be agreed by all nations and an international currency be introduced to disencumber international payments between trading nations.