Intelligent students and teachers in Economics must ask questions on the usefulness or competency of Economics in solving the Global Economic Crisis, before trying to solve the crisis. This presentation is only for the Intelligent and Questioning Students and Teachers or Professionals about the future of the Humanity. It examines the underlying causes and solutions of the Global Economic Crisis.

1. REDEFINING
ECONOMICS AMDIST
THE GLOBAL ECONOMIC CRISIS:
QUESTIONS ASKED BY THE INTELLIGENT
STUDENTS AND TEACHERS IN ECONOMICS
DR. RAJU M. MATHEW
( A Teacher and Researcher in Economics
with multi-disciplinary background)

2. ECONOMICS IN IDENTITY CRISIS
• Thanks to Information Technology, hundreds of nations, thousands of races
and tribes and millions of societies are brought under a single network,
facilitating the interdependence between peoples, irrespective of any religion,
nationality or culture; nobody can survive without others.
• As a result, the familiar tribal or national economies have become the integral
part of the Global Economy, a new phenomenon quite unfamiliar to our Micro-
or Macro-economists, including Keynesian, Marxist, Islamist and Management
Experts. To them Economics or Management is only for protecting the ‘tribal
or racial or religious or national interest’ or ‘selfish interest’ and nothing to do
with the problem of the humanity.
• The present global economic crisis shattered the faiths of Economists and
Management Experts in their own ability to solve the crisis. Not only the
Governments but also the common people question the worth of Economics
and Management Science.
• As a discipline, Economics is in an identity crisis. Even the Nobel Laureates in
Economics have become the laughing stacks. The students, teachers or faulty
members and researchers in Economics or Management Schools all over the
world too are in crisis or confusion.

3. THIS IS THE GREAT DEPRESSION II
• In spite of the Stimulus Packages of America, European Countries , India , China
and etc besides the brain storming sessions of the World Economic Forum,
deliberations of the UN, IMF. OECD and World Bank and the Nobel Laureates in
Economics and advices of the Management Gurus, the teaching and research
works of the Harvard or Stanford Business Schools, the world is at the grip of
the Great Depression II Lasting at least 2025.
• Though many prefer to call it ‘Global Financial Crisis’, it cannot be solved
with mere financial remedies for it is economic and global in dimension
rather than financial and regional.
• This is an Inquiry in to the underlying causes of the Global Economic Crisis and the
failures of Economists , Management Experts and Rulers and Political Leadership.
It also suggests in Redefining Economics and proposing alterative Global
Strategies under ‘Mega or Universal Economics’ in stead of the familiar Micro
and Macro Economics, including Keynesian Economics, Marxian Economics
or Islamic Economics or Finance.

4. ECONOMICS GETTING TOOTHLESS
• It is sad to note that our great economists,
management experts and strategists do not have
effective methodological and theoretical tools and
practical measures to tackle the global economic crisis,
affecting the entire humanity, except some oil
exporting countries.
• The crisis has grown to the level of the Great Global
Depression. Arts and Science of Economics spread
across Micro or Macro or Keynesian Economics and the
associated Management Science are getting irrelevant
and toothless in the midst of the global economic
crisis, affecting more seriously the youth all over the
world.

5. OUTDATED PHILOSOPHY, METHDOLOGY
AND THEORIES
• Some thing is seriously wrong with the philosophical, theoretical,
methodological and practical aspects of Economics. It has not yet grown
to the level of ‘universal truth’ unlike Science, but remains parochial or
regional that cannot be put into application universally.
• Economists, starting from Adam Smith, Marshall, Marx, Keynes to the
living Nobel laureates in Economics, could not talk much about universal
truth applicable to all nations or peoples, but only in some countries or
regions that too only for a particular situation or context.
• Economists, including the World Economic Forum, are grappled with
identity crisis without any direction and solutions for the basic problem of
the humanity.

6. SAY’S LAW AND
THE GREAT DEPRESSION OF 1929
• The Great Depression 1929 shattered the faiths of economists in Say’s Law which
states, “supply creates its own demand” and also the analytical techniques of ‘The
Principles of Economics’ (1890) of Alfred Marshall and his Microeconomics that
dominated over Adam Smith’s ‘The Wealth of Nations’ (1776) and the previous
Mercantilism.
• Keynesian Economics emerged with ‘The General Theory of Employment, Interest
and Money’ (1936) of J. M. Keynes whose remedies found to be very effective to
tied over the Great Depression of 1929.
• However, the Keynesian remedies have been prescribed for the all economic
illness in almost all countries even in the modern era. They have become counter
productive for their over dosage prescriptions in the form of deficit financing,
public borrowing and public expenditure for all economic maladies in almost all
nations, including the recent ‘Stimulus Packages’, as is in the case of the over
dosage of antibiotics for fever or headache.

7. THE FALL OF THE USSR AND
THE SOCIALST BLOC
• With the fall of the USSR and the Socialist Bloc, and the
naked adoption of Capitalism in a different name by the
Communist China and the subsequent high level
corruptions, ‘The Communist Manifesto’ (1848) of Karl
Marx (1818-1885) and his subsequent ‘Das Kapital’ in four
volumes (1867, 1883, 1885 and 1894) lost their appeal to
the young intellectuals.
• Karal Marx was not free from the tribal ideology of
Abraham and Moses based on ‘the Chosen People’, War
and Terror for ‘the Promised Land’ for his Jewish
background. Marxism starts with Class War with in a
society and end with Dictatorship leading to high level
corruptions and total inefficiency and mass exploitation;
that is what we learn from history.

8. THE GREAT DEPRESSION II
AND THE POST-KEYNESIAN ECONOMICS
• For the present Global Economic Crisis, that has
emerged as ‘The Great Depression II’ lasting Till
2025, the world is getting realized the
ineffectiveness and impotency of both
Microeconomics and Macroeconomics, including
Keynesian, Post-Keynesian, Neo-Marxian and
Modern Islamic Economics to deal with the
Global Economic Problems. For they are too
narrow and designed only for a particular society
or economy without any solution to the global
problems. They crumble when applied globally
for their underlying primitive tribal ideologies.

9. THE DEADLY TRIBAL IDEOLOGIES
• The Jews, the Christians and the Muslims believe that they were originated from Adam ;
‘the Tribe of Abraham’ alone was ‘the chosen people of the God’, entitled to loot, rape,
conquer and even exterminate the other tribes who were branded as the enemies of the
God. The God even promised Abraham of the conquering of the Prosperous Land of the
people of Canaan flown with milk and honey, their city, farm lands, cattle and even
beautiful women by the sons of Abraham.
• The shrewd military strategist, Moses and his General Aaron on their march towards ‘the
Promised Land’ brutally and cold bloodedly looted, raped and exterminated several
peoples and their kings as narrated in the Old Testament, especially Deuteronomy.
• The Western Christian and the Arab Muslims worlds, besides the Jews and their Economics
and Political Science, have been built up on these two primitive tribal ideologies – ‘the
chosen people’ and ‘the promised land’ that give justifications for war and terror besides
branding anybody as the enemy of the God or the People. This is the basis of the Holy War,
Terrorism and Religious Fundamentalism.

10. THE TWENTY FIRST CENTURY PARADOX
• The primitive tribal ideologies of Abraham and Moses, based on
‘The Chosen People’ and ‘the Promised Land’, as glorified in the
Bible and the Quran, have a long lasting influence over the
predominantly Jewish or the Christian western economists,
including the ‘Mercantilists’ ‘the Classical’ ‘the Neo-Classical’, ‘the
Marxists’, the Fascists and ‘the Keynesians’ and the Modern. So also
is the case with the Islamic Economic or Financial System in the
other parts of the world.
• They are so deep-rooted in these societies that they could not think
of another alternatives in spite of the ever growing complex
problems. The greatest paradox of the twenty first century is the
embedding of the Primitive Tribalism over the High-Tech and
Modern World causing unresolved pain, growing strain and ever
lasting bleeding.

11. ECONOMICS OF THE TRIBES
• Tribal ideologies and instincts form the basis of Mercantilism, the Classical, the
Neo-Classical, the Keynesian, the Marxian, the Muslim and Modern Economics,
that can be brought under Micro and Macro Economics. They are basically
concerned with the well being of a particular tribe or tribal-based economy,
without bothering about the misery or sufferings of other tribes or peoples or
nations.
• Even Marxism is founded on the war or clashes between two classes in a tribal
based society or economy. While the Communists in Russia or China were
concerned only about Russia or China the Capitalist or the Socialist economists of
America or Britain were or are concerned only about America or Britain.
• In short, both Micro and Macro Economics are nothing but mere Tribal Economics
without taking into account the Humanity as a whole or the Global Economy,
treating everybody as ‘chosen’ or ‘equal’, for the lasting influence of the primitive
tribal ideologies of Moses or Abraham .

12. GLOBALIZATION AND
INFORMATION TECHNOLOGY REVOLUTION
• Information Communication Technology Revolution of the late 1980s
facilitated Trans-border Data Flow and the emergence of Multi-National
Corporations, challenging the fundamental principles of ‘Sovereignty’ and
‘National Boundaries’ of the Political Economy. They have paved the way for
‘Globalization’, the flow of capital, technology and manpower across the
borders and the dominance of ‘Service Sector’ over Agriculture and Industry.
This has challenged the edifices of both Micro and Macro Economics.
• As a defense mechanism, economists turned towards Data and Data Analysis,
Projections, Forecasting and Computer Simulations without much knowledge
of the working of an economy and without much understanding of the
emergence of a ‘Global Economy’ in which both the ‘chosen’ and ‘cursed’
nations or people have an equal role. The fate of the chosen people of the
industrialized nations has been determined even by the people of ‘the Cursed
Nations’, now known as Emerging Economies, including BRICS besides the poor
nations.

13. CONSUMERISM AND CORPORTISM
• Business Management and Business Schools have emerged as
applied forms of Economics. They heavily depend upon ‘Military
Science’ for launching aggressive Marketing and promoting
Consumerism that paved the way for ‘Corporatism’, even
challenging Capitalism and Democracy. Corporatism has reduced
individuals or nations as mere tools to serve the corporate
interest over the humanity.
• The primitive tribalism and the tribal ideologies have been
skillfully embedded in Corporatism. Corporatism is powerful
enough to determine The American President, the Indian or the
British Prime Minister and their decisions besides the policies of
the leftist or communist political parties. It is powerful enough to
spread terrorism or bringing war by financing religious
fundamentalism or terrorism or bribing rulers and law makers.
Even Islam or Christianity is not free from the shadows of
Corporatism. In creating and aggravating the Global Economic
Crisis, Corporatism has played a strategic role for its narrow
interest and short sightedness, though they too have become its
victims.
•

14. MICRO AND MACRO ECONOMIC FRAMEWORKS
• Within the framework of Micro and Macro Economics, an economy is
just a summation of millions of individual national economic production
or consumption units and it can be amenable to computerized data
collection, computation, manipulations, projections, simulations and
forecasting.
• They cannot treat the Global Economy as a whole entity rather than
mere a summation of the autonomous national entities. Inter-sector
and inter-regional imbalances, besides over exploitation of the natural
resources are the integral element of Micro and Macro Economics that
breed Recessions and Depressions.
• Even though some regional economic entities, including European
Union, have been set up under Macroeconomics, they cannot survive
long. Autonomous Regional Economic Entities cannot be fitted within
the framework of the Global Economy that demands a different
Economics.

15. THE EXTINCT SPECIES
• Economists, including Nobel Laureates and Management Experts
have become warriors without any weapon in the rising tide of the
Global Economic Crisis, emerged as the Great Depression II lasting
till 2025. Now nobody trusts upon the wisdom or remedy of the
Micro and Macro Economists, including Keynesian, Modern,
Marxian , Islamic and Post-Modern Economists. They have become
an extinct specie, just like the Dinosaurs of the primitive age, for
the counter productiveness of their teachings, theories, laws,
principles, solutions or remedies.
• The ignoble fall of Micro and Macro Economics has already been
started for the primitive elements and ideologies imbibed or inbuilt
within them that make them ineffective. With tribal mindset and
ideologies nobody, including Micro or Macro economist, can solve
the Global Economic Crisis, emerged as the Great Depression II
affecting the entire nations and the humanity as a whole.

16. GLOBAL ; NOT TRIBAL
• It is time for Islam and Christianity to develop a true universal
mindset and ideology quite different from the narrow and
dangerous primitive tribal ideologies based on ‘The Chosen People’
and ‘The Promised Land’ and ‘Glorification of War and Terror’ as
the Will or Commandments of the God.
• It is time for Islam and Christianity and their Economists to
recognize the universality of the entire humanity, treating
everybody, every tribe or race or religion or nationality , as chosen
or equal without glorifying the crimes committed by one or two
tribes against the humanity.
• It is time for Islam and Christianity to realize that with mere deeds
of Charity, Mercy and ‘Shakat’ or Donations, human misery due to
global inter-sector and inter-regional imbalances, cannot be
eradicated rather than sustaining the inequality between the rich
and the poor in a society or the rich and poor nations globally.
Global problems can be solved only with a universal and global
solutions.

17. THE RISE OF MEGA OR UNIVERSAL ECONOMICS
• It is the need of the hour to develop Mega or
Universal Economics, treating the entire world as a
Mega Economy and giving equal importance to all
men or people or nations on earth, is a historical
necessity to solve the basic problem of the humanity,
ensuring Food, Dignity and Knowledge for All;
insulting the Global Economy from Recession and
Depression and ensuring Inter-Sector and Inter-
Regional Balances. It ensures the optimal utilization
of the wealth and talents for the benefit of the
humanity as a whole.

18. BASIS OF UNIVERSAL ECONOMICS
• Universal Economics aims at ensuring lasting peace and
prosperity for the entire humanity, irrespective of any race,
tribe, religion or nationality. It incorporates the basic
elements of Spirituality and Humanism.
• Universal Economics is quite different from the familiar
Micro and Macro Economics, including Keynesian, Marxian,
Islamic, Fascist or the Western Economics, that deny
Humanism , Spirituality and the Universal Well- being of the
Mankind.
• Universal Economics treats the entire humanity as a whole
and the social production processes as the means for the
well being of the entire humanity without the ‘Dictatorship’
of any tribe or class or people over others, ensuring inter-
sector and inter-regional balances.

19. MORE RESEARCH AND STUDIES
ARE REQUIRED
• Further studies and research are required to develop Mega or Universal
Economics as a major field of study, recognizing the limitations of the
familiar Micro and Macro Economics.
• Universal Economics has been designed to equip Economists, Policy
Makers and Management Experts with effective tools to tied over the
Great Depression II and lead the Humanity for the lasting Peace and
Prosperity.
• Some of the underlying principles of Universal Economics have been
discussed in my earlier writings on the Global Economic Crisis, Education,
Information Technology, Knowmatics, Knowledge Industry and Knowledge
Banks appeared in the Market Oracle (UK) or presentations at
www.slideshare.net/drrajumathew

20. AN APPEAL TO THE YOUNG ECONOMISTS
• New problems cannot be solved with old remedies. The present
Global Economic Crisis is basically a New Problem affecting
severely the Young Generation, including the newly enlightened
women. With narrow interests and primitive instincts glorified
and projected by Ideologies, Religions, Nations, Races or Tribes,
nobody can address the Global Problems. It is time on the part of
the Youth and Women to think universally and bring out urgent
Global Solutions.
• The Young Economists, including students and teachers,
Management Experts and above all Scientists and Technologists
must join together to save the Humanity from further crisis,
misery and sufferings. The life on the Earth must also be made as
beautiful as the life in the Heaven or Paradise after death; other
wise Heaven or Paradise is a Big Lie. Humanism and Spirituality
are Divine and the basis of all Religions and without them, the
Hell is the only alternative. Without Humanism and Spirituality,
any religion turns in to Fascism and the Devil or Satan reigns.