In the words of Professor Jeffrey D. Sachs, President of the Sustainable Development Solutions Network, the pursuit of sustainable development is not hindered by a lack of solutions, whether technological or economic. The key challenge lies in our institutional cooperation on a global scale to implement the necessary collaborative initiatives. Professor Sachs envisions that if executed correctly, could not only resolve pressing issues but also usher in a golden age within 50 years, offering increased opportunities for a larger global population. The observed potential in phenomena such as recent economic convergence further supports this optimistic vision for the coming decades.
THE 4 PILLARS OF SUSTAINABLE DEVELOPMENT
Sustainable development encompasses four pivotal pillars that collectively form the foundation for a thriving global future. Firstly, “economic development” stands as a cornerstone, fostering growth that benefits all segments of society. “Social inclusion” follows suit, ensuring that development initiatives embrace and uplift every member of the community, leaving no one behind. The imperative for “environmental sustainability” acknowledges the need of technological transformations rooted in carbon-zero resources to mitigate the impact on our planet. Finally, “peace and cooperation” emerge as the most challenging yet foundational elements. Without progress in the last pillar, advancements in any other Sustainable Development Goal become elusive. Collectively, these four pillars highlight the need for a comprehensive and integrated approach, constituting the very bedrock for tackling the intricate challenges that confront our global community.
WHAT CAN WE LEARN FROM THE WORLD OF ECONOMIC CONVERGENCE?
In the context of economic convergence, where nations with lower GDP per capita catch up to those with higher levels, Professor Jeffrey D. Sachs provides insights into the reasons behind this phenomenon. The conditional nature of this convergence emphasizes the pivotal role of effective policies in shaping economic outcomes, as demonstrated in successful models like Japan. Collaborative efforts between the public and private sectors in nations such as Japan highlight the significance of such partnerships in fostering economic development. Additionally, technological advancements, exemplified by innovations like internet-accessible QR code payment systems, act as transformative catalysts propelling economic progress. These innovations not only reshape economic transactions for greater efficiency but also foster global connectivity across sectors. This process is complemented by an improvement in regional integration, the process by which neighboring countries collaborate and coordinate their policies, regulations, and infrastructure to foster closer economic and political ties, representing collaborative endeavors among neighboring countries to harmonize policies and leverage collective strengths for sustainable development.
Overall, the world is confronted with myriad global challenges that demand collective action. In addition to technological development, economic convergence relies on collective actions, such as partnerships at the local, national, and regional levels, emphasizing the importance of united and cooperative efforts in addressing the intricate issues shaping our shared future.