Brexit is beginning of end of globalisation as it has failed to accomplish cited objectives: Shahid Rasheed Butt

Islamabad, July 03, 2016 (PPI-OT): Islamabad Chamber of Small Traders on Sunday said Brexit is the beginning of the end of globalisation as it has failed to accomplish the cited objectives. Free market economy increased the concentration of wealth, augmented the number of billionaires and pushed million below the poverty line to live in abject poverty, it said.

Now, tor the first time a major economy has said that we will be better off doing things by ourselves, and making our own decisions which has shaken the world, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. In a statement issued here today, he said that globalisation failed to eradicate extreme poverty, rather it has only worsened the problem by throwing world into acute crisis.

Economic globalization could not increase integration and interdependence of national, regional and local economies across the world through cross-border movement of goods, services, technologies and capital. It also failed to minimise conflicts, ensure sustainable peace, and improve quality of goods, bridge gap between rich and poor and saving people from colonisation.

Shahid Rasheed Butt said that globalisation has increased number of billionaires all the countries while hurting poor, environment and natural resources; 20 percent rich now controls 86 percent of the world’s resources. The veteran business leader said that free market has triggered exploitation of labour, increased incidence of child labour, human trafficking, tax frauds, money laundering and social inequality.

Many countries damaged their economies due to trade agreements while world saw a number of global economic crises hurting every human on earth. Pakistan should frame its own policies in the greater national interest and start taking critical economic decisions by itself so that country can develop and masses can be soothed through just distribution of wealth.

For more information, contact:
Jahangir Akhtar
Secretary General
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad
Cell: 0344-5111174