TITLE:
Why Do Human Development and Globalization Worsen American Inequality and Debt-to-GDP Ratio?
AUTHORS:
Gordon Bechtel
KEYWORDS:
Ghandian Economics, The Human Development Index, The KOF Index of Globalization, Fractional Polynomial Prediction Coefficients, Data Authenticity
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.10 No.6,
June
30,
2022
ABSTRACT: Mahatma Ghandi rejected the
concept that underlies classical economic thinking;
namely, that “the human being is a rational actor always seeking to maximize material self-interest”. His bottom-up
capitalism has been tragically updated by Russia’s invasion of Ukraine,
which has convinced the world that only common people can bring governments to
heel. The Russian assault has worsened
America’s debt-to-GDP ratio, exacerbating the Federal Reserve’s struggle
to control inflation, unemployment, and the trade war with China. The United
States is the largest national economy, with the greatest impact on all other
national economies. This paper shows that the leading global assets, human development and globalization, increase
American inequality and debt-to-GDP ratio,
threatening the global economy as well. We conjecture that Mahatma
Ghandi’s bottom-up capitalism and Alperovitz’s (2017) “Pluralist Commonwealth”
will transform both corporate capitalism and traditional state socialism
into a new global configuration, elucidating why two leading global assets like
human development and globalization worsen America’s inequality and debt-to-GDP
ratio (http://thenextsystem.org/principles/).