LOCAL HUMAN DEVELOPMENT IN THE CONTEXT OF THE PRESENT CRISIS

Abstract

Among the foreseeable consequences of the financial crisis on initiatives of sustainable local human development, according to Francisco Alburquerque, is the difficulty to access financial resources for projects of territorial development. Moreover, the financial crisis goes hand-in-hand with other problems – climate change, the food crisis – that have a specific impact on countries of the South. The crisis raises doubts about the hegemonic concepts of Anglo-Saxon liberalism and requires a radical rethinking in which territorial economic development must play a primary role. For this reason, argues Alburquerque, it is necessary that Central Banks come under public control and that of representative democratic institutions, and that monetary policies are committed to objectives of sustainable local economic development, thus requiring them to promote productive initiatives that are consistent with environmental sustainability, job-creation, equity and social welfare.

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