28 Jul '11, 2pm

The UN has officially recognised that GDP doesn't accurately reflect quality of life @theneweconomics

The UN has officially recognised that GDP doesn't accurately reflect quality of life @theneweconomics

Since the birth of the development industry, ‘development’ has been overwhelmingly characterised by economic growth and its assumed trickle down effects – so much so that the two are often treated synonymously. From the mid 1940s, when the Bretton Woods institutions (the IMF and World Bank) adopted the Marshall Plan for the reconstruction of Europe, throughout the 1950s and 1960s when development attention turned to the newly independent ex-colonies and state-led modernisation held sway, even through the 1970s when the NGO sector and its notions of alternative development, participatory development and empowerment enjoyed a certain ascendancy, economic growth remained the order of the day. Throughout the 1980s, neoliberalism and its focus on free market economic growth tightened its grip on the world economy, with Structural Adjustment and Stabilisation programmes imposed ...

Full article: http://www.neweconomics.org/blog/2011/07/28/well-being-an...

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