Prince Alfred: New approach needed

The Nation - Wednesday, November 12, 2003

A new paradigm for the world economy is needed in order to address global economic inequalities, said Prince Alfred of Liechtenstein in Bangkok yesterday.
"We need a fundamentally new approach to economics at micro and macro levels," he said, adding that business hierarchies should be transformed into networks, because they are the best way to organise work.

"We have to find a new equilibrium at a higher level," he said during his address at a meeting jointly organised by the International Peace Foundation, to which he is an adviser, and the Social Venture Network Asia yesterday at Chulalongkorn University's faculty of political science.

Alfred said the present economic paradigm failed to explain the phenomenal level of poverty, numbered in billions of people, around the world and warned that outdated economic strategies could be "completely disastrous" to the world.

The lecture was part of a series of talks by eminent speakers, including Nobel laureates, entitled "Bridges: Dialogues Towards A Culture of Peace".

In an address entitled "Towards new Paradigms in Economics?" Alfred said what was once considered a rational approach to reality may not remain so amidst the growing problems facing the world.

He said new theories, such as chaos theory and non-linear thinking, should be applied to create a new system in which humans are at the centre of the global economy instead of capital.

The prince will talk on "From Civil Society to World Civil Society" at Thammasat University's auditorium today at 2pm.

Pravit Rojanaphruk

The Nation