COVID-19: Calling for an economy of life
LWF General Secretary: "Economic systems must prioritize people over profit"
(LWI) – Online conferences on 17 and 24 April, brought together some 25 participants to reflect on the socio-economic-ecological impacts of the COVID-19 crisis and how it offers the world an opportunity to rethink and reshape financial and economic systems in order to invest in the health and well-being of communities and the planet.
The initiative was co-sponsored by the Lutheran World Federation, Council for World Mission, the World Communion of Reformed Churches, and the World Council of Churches (WCC).
“Our economic systems must prioritize people over profit. We must not forget to protect the livelihood and basic needs of people”, said Rev. Dr Martin Junge, general secretary of the Lutheran World Federation. “COVID-19 is further calling us to a theological and ethical renewal where we address inequality, poverty, and public policies to ensure enough resources and equal access to health services. Now is the moment to reinvigorate this conversation”, added Junge.
“In the harsh light of COVID-19, we see more clearly the great inequality of income and wealth. We see the massive gender inequities and generational disparities of our economies,” said Prof. Dr Isabel Apawo Phiri, WCC deputy general secretary. “Our responses to the pandemic could very well rewrite the world for the better, and fundamentally transform the way we live, what we eat and buy, what we produce, how we distribute goods and where we invest,” she added.
The “Economy of Life in a Time of Pandemic“ e-conference sessions were part of an initiative of the four organizations called “New International Financial and Economic Architecture (NIFEA).” The initiative seeks to promote an alternative financial system that should emerge from and be driven by those who have so far been left out of social-economic and political decision-making.
Rev. Dr Chris Ferguson, World Communion of Reformed Churches general secretary, stressed that the current global scenario calls us “to show up and carry forward the core visions and core themes of NIFEA and that these have to necessarily be transformational,” he said. “We need to raise the questions about debt and taxation. Our next steps, including our short term steps, cannot be less than radical.”
For Council for World Mission general secretary Rev. Dr Collin I. Cowan, “the shape and magnitude of the pandemic may have obscured us but the writings, which have been on the wall for a very long time, all pointed to some global catastrophe for which we would be little prepared because self-serving nationalism, callous disregard for the poor and xenophobic attitudes and behavior have kept us cornered, cocooned and ill-prepared for any disaster of this magnitude,” he said.
The speakers brought up historical and political factors that have led up to and continue to frame the crisis, as well as the theo-ethical and moral implications and the necessary short and long-term transformations in policies, institutions and systems that are needed to prevent further suffering, but also, more critically, to tackle the roots of the crisis.
The two sessions led to the development of a common message from the convening organizations, which will also be the basis of advocacy towards key financial and economic institutions such as the International Monetary Fund, World Bank, G20 and United Nations.