Earlier this week, finance ministers gathered for another G20 meeting. And as the custom goes with similar summits, groups of protesters always gather outside the meeting headquarters to voice angry anti-institutional complaints regardless of their reasonability or feasibility. What these protestors and many other impassioned spectators watching from the comfort of their living rooms seem to misunderstand every time is that such financial and economic summits couldn't care less about you. Economic policies are all about the big picture. The fact that you might have recently lost your job is irrelevant. You’re a statistic. What matters is the overall wellbeing of a community over a period of time – usually a long one, which means that by then you will have either found another job, learned a new skill, or died.
The truth is world economy has witnessed dozens of crises and adjustment policies are always painful. There will always be a gap between countries depending on their development levels. But what adds insult to injury is that media focuses single-mindedly on the victims and neglects to mention the groups that actually do end up being better off. Just as there is a group of losers, there is a group of winners. But again, no place for individuals here.
The truth is world economy has witnessed dozens of crises and adjustment policies are always painful. There will always be a gap between countries depending on their development levels. But what adds insult to injury is that media focuses single-mindedly on the victims and neglects to mention the groups that actually do end up being better off. Just as there is a group of losers, there is a group of winners. But again, no place for individuals here.
Economics at times might seem too harsh and impersonal. The best thing to do in that case is shut the news channel and grab a feel-good self-gratifying flick.
Painting by Salvador Dali