Today, despite many significant achievements in science, technology, medicine, transportation and communications, and a vast increase in world trade, the globalised world economy is facing serious socio-economic, political, cultural and environmental problems, of potentially catastrophic proportions.

Although many attempts have been made through neo-classical and neo-liberal policies of market economy, free trade, deregulation and privatisation to raise living standards, the dire poverty of billions of people and the widening gap between rich and poor, both within and between nations, point to the failure of these policies. Today, at the dawn of the third millennium, over three billion people have to survive on less than $2 a day. This is less than the daily subsidy provided for each cow in the European Union (EU). Moreover, every day 24,000 people worldwide die of starva-tion or malnutrition &endash; for want of food and water, the basics of life, in this supposedly globalised world of plenty. At the same time 7000 people, mainly in Africa, die every day of Aids for want of the drugs which are abundantly available in the West.

Consequently, we face global crises of inequality, injustice, poverty, marginalisation, exclusion and environmental degradation. There has also been a huge rise in crime, corruption, sleaze and now terrorism. Economic and political failures have resulted in mass migrations across national borders, causing further problems of xenophobia, fear, mistrust, racism and intolerance which are threatening the fabric of societies all over the world.

So, what has gone wrong? Dr Mofid, who has taught economics at university for over 20 years, argues that the root of the problem lies in the way economics is taught, with its narrow focus on ‘self-interest’ ‘competition’ and the relentless drive for ‘profit-maximisation’ as the sole motivating factors in economic activity. This ignores equally important considerations like compassion, cooperation and the common good, which are essential for a prosperous and harmonious society. The recent collapse of major companies, such as Enron, Marconi, Railtrack &endash; to name but a few in a long list of failures &endash; clearly demonstrates the urgent need for a re-think of the current dominant socio-economic and political ideology

Globalisation today is regarded by many as a means of securing for richer individuals, corporations and nations an ever larger slice of the wealth produced, polluting the environment in their greedy pursuit of more, and locking billions into hopeless poverty. In Globalisation for the Common Good, the author argues that it is possible to achieve a balance between economically efficient production and an equitable distribution of the wealth in a sustainable environment, so that everybody can share in the benefits of globalisation. He puts forward an alternative economic model which has firm theological, spiritual and ethical foundations.

Publication 20th Feb. 2002 Price £12.95 Postage UK £1, Europe £1.50, elsewhere £3

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