At the Festival of Economies for Life, international economists urged transforming the current economic model due to its inequality and colonial logics. Experts like Jayati Ghosh, Pedro Rossi, and Fadhel Kaboub advocated sovereign industrial policies and south-south cooperation. The event, organized by the Ministry of Education and the Progressive International, runs until May 4.
The Festival of Economies for Life, organized by Colombia's Ministry of Education and the Progressive International, started this week to discuss a new progressive economic model. On its second day, focused on work, industry, and international trade, international panelists agreed on the urgency to change the current economic model, described as deeply unequal and marked by colonial logics.
Indian economist Jayati Ghosh, professor at the University of Massachusetts, noted that big capital receives support like favorable long-term credit and technology transfer, benefits not extended to emerging economies or cooperatives. She insisted on differentiated policies to close knowledge gaps in Latin America and reduce global inequalities.
Brazilian economist Pedro Rossi, chief economist at the Global Fund for a New Economy, proposed green industrial diversification for sovereignty, avoiding “green colonialism.” He warned that income redistribution requires productive transformations, strengthening public procurement in sectors like health.
Tunisian-American economist Fadhel Kaboub, associate professor at Denison, criticized the IMF, World Bank, and WTO for perpetuating the Global South as a raw materials provider. He proposed regional blocs for economies of scale and fair technology transfers. Panelists emphasized an “economy for life” centered on equity and sustainability.
