SOCIETY ON THE PATH TO COLLISION: HISTORICAL OVERVIEW AND THE NEED FOR DEVELOPMENT OF A MORE EQUAL NEW ECONOMY

Patricija Pavlisic ()
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Patricija Pavlisic: Juraj Dobrila University

Economic Thought and Practice, 2016, vol. 25, issue 1, 217-238

Abstract: With the development of economic thought and social awareness, the vision of economic prosperity and progress in the future cannot be perceived without considering the social dimension of the future sustainable economic development. This social dimension requires a more detailed research of the existing economic and social inequalities and sustainability of social justice. The current distribution of the world wealth indicates a growing social gap, which is in complete contrast with the new values of social cohesion, advocated by the international community. Therefore, in this paper the existing concept of new economy is viewed from the global perspective of historical overview of deep social changes and growing social inequalities, which indicates a need to form a more just new economy. By analysing the existing condition we come to a conclusion that the contrasting goals - globalization (aspiration to make profit) and social cohesion (fulfilment of social needs) must be overcome, since there will be no economic stability without trust and involvement of every individual into social community. In future the building of quality social and human capital is required, emphasising the new paradigm of intelligent, sustainable and inclusive growth, the growth in which each individual is given the opportunity to fulfil his developmental individual potentials. The society of the future is a society in which man and his dignity are at the forefront, a society in which there is no room for ignorance and prejudice towards those who are different, because man and his motivation lie behind all great ideas, innovations and accomplishments.

Keywords: new economy; economic and social inequalities; social justice; social cohesion (search for similar items in EconPapers)
JEL-codes: A13 F63 O15 (search for similar items in EconPapers)
Date: 2016
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