Economic Growth Versus Wellbeing and Sustainability

Abstract

In this study my purpose is to analyze the relationships between the conceptual categories of poverty and economic growth, as well as sustainable economic development and well-being. Based on the results of my analysis I will show that an economic policy giving priority to liberalization and deregulation, and favouring the intentions and activities of global actors that take advantage of the expansion of international trade, does not result in a shift towards sustainability and well-being. In this regard, compared to expectations, this economic policy and the activities of global companies bring much smaller benefits and opportunities for societies. Global companies seek to maximize the benefits generated through global economic processes while passing the burden, costs and responsibilities to consumers and to developing countries in a weaker economic position and their citizens. They also pass on the environmental burdens of the technologies used in producing their goods, as well as the resulting negative effects. In many cases, global companies can pose a threat to micro-, small and medium-sized enterprises representing the interests of the national economy, as well as to the maintenance of public services. As a result, global companies contribute to the further narrowing of opportunities for disadvantaged social groups to assert their interests, as well as to the persistence of the segregation and disadvantaged condition of these groups over generations, and to the deepening of poverty.