I have followed the recent Budget debate in Barbados with great interest. One of the things that still remains firmly in my mind is the extensive discussions that took place in relation to whether as a Government one ought to focus on the economy or society.
One political party has been advancing the argument that it is interested in building a sound Barbadian society as opposed to simply paying attention to the economy.
The other has been accused of emphasizing the maintenance of a vibrant economy, overlooking in the process the broader and more important goal of creating a just society in which all can live and work comfortably.
Admittedly, this debate comes as no surprise. However, I have to confess that the pronouncements I am familiar with do make for interesting reading.
What is even more alarming is the notion that somehow there is a separable and distinct parallel that can be drawn between the economy and society.
Put differently, if one follows closely the inferences drawn and the ideas as presented by both sides, he or she may very well come to the realization that there is a clear distinction between the economy and society that merits significant attention and illumination. Is that so?
I would be amazed if anyone in Barbados actually believed that a debate based on the “economy versus society” is really meritorious at this critical juncture in our country’s financial and economic history.
There is no real or practical distinction between the economy and society. In other words, to think of the economy and society as being separable is to be like the proverbial ostrich and bury one’s head in the sand.
There is no practical dichotomy in the conceptualization of the economy versus society because the achievement of societal goals – whether those goals relate to the creation of social safety nets to protect the poor and vulnerable among us or to the provision of good education and health – requires a solid economic foundation. Social engineering cannot be accomplished without getting economic fundamentals right!
But what phenomenon consents to inseparability between the economy and society? The answer is quite simple: economic growth and development.
Therefore, whether as a Government its developmental targets remain the reduction or elimination of poverty, the enlargement of the country’s human resources, improvements in life expectancy and nutrition, infant or adult mortality, or even diminutions in income and wealth inequality across society, only a sustained strategy to grow and develop the economy will allow for the accomplishment of these broad socio-economic goals.
In essence, then, the moral of the story is that a Government cannot focus on building a strong society without a solid economic platform.
On the other hand, one can ask: why would a Government seek to get the economic fundamentals right if it is not interested in creating a society that brings justice and equity to all and sundry?
There is no meaningful distinction between the economy and society.
Hence, any debate that can be categorized as “economy versus society” has to be misguided and adds no value in terms of altering the status quo vis-a-vis the current and/or future state of the country’s financial and economic health.
