On a day where the world focuses on poverty alleviation, a cause very much a the heart of Vision of Humanity, we would like to take this opportunity to share with you some thoughts, facts and statistics related to peace and economic development.
What comes first, the chicken or the egg? The same question can be applied to peace and economic prosperity. Steve Killelea wrote about this question for the Peace Innovation journal earlier this month. He said:
"Just as economic development takes place within a context of greater peace, peace tends to manifest when there is external and internal economic development. External economic stresses, such as sudden increases or decreases in food prices, especially in conjunction with insufficient social safety nets, can heighten community tension and potentially lead to conflict."
The article goes on to explore how a vicious cycle between economics and peace can perpetuate itself. Yet, if peace and economics can also reinforce each other in a virtuous cycle, then the potential benefit for global well-being is worth embracing.
Read the full article: Peace Pays for Itself
Killer Facts on the Global Cost of Violence
The Institute for Economics and Peace (the brains behind the Global Peace Index) investigates the global economic cost of violence. The Insitute believes the economic benefits of peace can and should be quantified, and that the policy impetus for peaceful societies will be advanced if civil society, governments, and business leaders understand the significant economic benefits associated with peace.
The global economic impact of containing violence was estimated at US $9.46 trillion in 2012. That's 11% of Gross World Product.
Were the world to reduce its expenditure on violence by approximately 50% it could repay the debt of the developing world ($4,076billion), provide enough money for the European stability mechanism ($900 billion) and fund the additional amount required to achieve the annual cost of the Millennium Development Goals (60 billion).
Highlights from the University of San Diego's conference on adding peace to the bottom line.
Imagine having to pick just one of your children to save, while leaving the others to face death.
Vision of Humanity is an initiative of the Institute for Economics and Peace (IEP). IEP have offices in New York and Sydney. For more specific inquiries related to the peace indexes and research, please contact IEP directly.