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Sustainable Development as an answer to Economic and Financial Crisis
As seen over and again during recurrent financial crises in both developing and advanced economies (DEs and AEs), including the recent global crisis originating in the US and Europe, financial instability and boom-bust cycles undermine all three ingredients of sustainable development – economic development, social development and environmental protection.

The management of both renewable and non-renewable resources is rendered extremely difficult by increased financialization of commodity markets. Rapid entry and exit into commodity derivatives resulting from changed perceptions of risk/return profiles of alternative assets and expectations regarding the evolution of demand conditions tend to accentuate instability in commodity prices. This was seen during 2008 when oil prices peaked at some $150 dollars before the collapse of Lehman Brothers but fell to $30 subsequently and food prices fell by almost one third in a matter of a few months.

Click on the link below to read the speech delivered by Dr Yılmaz Akyüz, Chief Economist of the South Centre on the Sustainable Development Dialogue Roundtable on the Global Financial Crisis, UN Conference on Sustainable Development 2012, in Rio de Janeiro on 16 June 2012.

   
Story Source Link: http://www.southcentre.org/index.php?option=com_content&view=article&id=1788%3Asb64&catid=144%3Asouth-bulletin-individual-articles&Itemid=287&lang=en