S R Nayak delivers Karnataka Bank Founder’s Day lecture

S R Nayak delivers Karnataka Bank Founder’s Day lecture

Mangalore Today News Network

Mangalore, February 18: “Globalization intends to integrate the world into one capitalist political economy operating under a neo-liberal free market ideology,” said State Human Rights Commission Chief Nadoja S R Nayak. He was delivering the Founder’s Day lecture on ’Globalisation, Global Recession and Their Impact on Human Rights’ held at the auditorium of Karnataka Bank, Pumpwell on Feb 18, Thursday.

Nothing that economic globalization is not a new phenomenon, he said that it has been evolving rapidly from the past several years. He said that what can be observed today is a shift from world economy based on national market economies to a borderless global market economy.

Admitting that he is neither a banker nor an economist and has absolutely no experience in the aforementioned fields, Nayak said that he spoke as a client and requested his listeners not to consider his observations as expert opinion.

He referred to the UNCTAD report and said that transnational companies encroach on areas traditionally monopolized by the national governments, owing to which governments of developing countries can no longer control the capital flow and their own national economies.

Labeling recession as an “economic disease,” Nayak said that this disorder grows over a period of time, before experiencing a slow down in growth. He said that recession usually takes place when consumers no longer have any confidence in the economic growth and spend lesser than usual, adding that, according to a prediction of the International Labour Organisation, millions will be lost and millions will lose their jobs owing to recession.

Chairman of Karnataka Bank Ananthakrishna delivered the presidential address. K H Shivarama proposed the vote of thanks. Managing Director of Karnataka Bank P Jayaram Bhat was one of the dignitaries on the dais.