This document discusses the limitations of traditional macroeconomics in addressing the global economic crisis. It argues that macroeconomics remains too narrow and tribal in nature, focused on individual nations rather than taking a universal, humanitarian approach. The document calls for a new field called "Universal Economics" that treats all humanity equally and aims to ensure peace, prosperity, food and knowledge for all people worldwide. Further research is needed to develop the principles and tools of Universal Economics to help policymakers address issues like recession, imbalance and inequality on a global scale.

1. MACROECONOMICS IN EXTINCTION:
IMPACTS OF THE GLOBAL
ECONOMIC CRISIS
DR. RAJU M. MATHEW

2. SOMETHING IS WRONG
• In spite of the Stimulus Packages in almost all
countries besides the brain storming sessions of the
World Economic Forum, deliberations of the UN,
IMF. OECD and World Bank and the Nobel Laureates
in Economics and advices of the Management Gurus,
the teaching and research works of the Harvard or
Stanford Business Schools, the world is at the grip
of the Great Depression II Lasting at least 2025.
• This is an Inquiry for the underlying causes of the Global
Economic Crisis and Failure of Economists ,
Management Experts and Rulers and Political
Leadership. It is an attempt to search for alterative
economic global strategies in stead of the familiar
Macroeconomics, including Keynesian
Economics.

3. ECONOMICS GETTING ineffective
• It is hearting to note that our economists, management
experts and strategists are getting ineffective to tackle
the global economic crisis, affecting the entire humanity,
except some oil exporting countries. It has grown to the
level of the Great Global Depression. Arts and science of
Economics spread across Micro or Macro or Keynesian
Economics and the associated Management Science are
getting irrelevant and toothless in the midst of the global
economic crisis, affecting more seriously the youth and
also the young children all over the world. One
generation is already lost; we have to save at lest the next
generation.

4. THE ROOT CUASE OF THE MALADY
• Some thing is seriously wrong with the philosophical,
theoretical, methodological and practical aspects of
Economics, especially Macroeconomics. It has not yet
grown to „universal ‟ unlike Science, but remains
parochial or regional or national with crude tools and
techniques.
• Economists, starting from Adam Smith, Marshall, Marx,
Keynes to the living Nobel laureates in Economics, could
not talk much about universal truth applicable to all
nations or peoples, but only in some countries or regions
that too only for a particular situation or context.
• Economists, including the World Economic Forum, are
grappled with identity crisis without any direction and
solutions for the basic problem of the humanity.

5. THE GREAT DEPRESSION OF 1929
• The Great Depression of 1929 shattered the faiths of
economists in Say’s Law which states, “supply creates its own
demand” and also the analytical techniques of ‘The Principles of
Economics’ (1890) of Alfred Marshall and his Microeconomics
that dominated over Adam Smith’s ‘The Wealth of Nations’
(1776) and the previous Mercantilism.
• Keynesian Economics emerged with „The General Theory of
Employment, Interest and Money’ (1936) of J. M. Keynes
whose remedies found to be very effective both in England and the
USA to tied over the Great Depression of 1929.
• However, the Keynesian remedies have been prescribed as a
panacea for all economic illness in almost all countries even in the
modern era. As a result, they have become counter productive for
their over dosage in the form of mounting deficit financing, public
borrowing and public expenditure for all economic maladies in
almost all nations, including the recent „Stimulus Packages‟.

6. THE FALL OF COMMUNISM
• With the fall of the USSR and the Socialist Bloc, and the naked
adoption of Capitalism in a different name by the Communist China
and the subsequent high level corruptions, „The Communist
Manifesto‟ (1848) of Karl Marx (1818-1885) and his subsequent „Das
Kapital‟ in four volumes (1867, 1883, 1885 and 1894) lost their
appeal to the young intellectuals.
• Karal Marx, for his Jewish background, was not free from the
tribalism and ideology of Abraham and Moses based on „the Chosen
People‟, War and Terror for „the Promised Land‟. Marxism starts
with Class War with in a society and end with Dictatorship leading
to high level corruptions and total inefficiency and mass
exploitation; that is what we learn from history. Transferring the
surplus value of the common people, both the Communist Party and
the Government in China become very rich, keeping people at
subsistence level. This is called the reverse application of Marxism.

7. THE GREAT DEPRESSION II
AND THE POST-KEYNESIAN ECONOMICS
• For the present Global Economic Crisis, that has
emerged as „The Great Depression II‟ lasting Till 2025,
the world is getting realized the ineffectiveness and
impotency of both Microeconomics and
Macroeconomics, including Keynesian, Post-Keynesian,
Neo-Marxian and Modern Islamic Economics to deal
with the Global Economic Problems. For they are too
narrow and designed only for a particular society or
economy without any solution to the global problems.
They crumble when applied globally for their
underlying primitive tribal ideologies.

8. THE DEADLY TRIBAL IDEOLOGIES
• The Jews, the Christians and the Muslims believe that they were
originated from Adam ; ‘the Tribe of Abraham’ alone was ‘the
chosen people of the God’, entitled to loot, rape, conquer and
even exterminate the other tribes who were branded as the
enemies of the God, as described in the Old Testament. The God
even promised Abraham of the conquering of the Prosperous
Land of the people of Canaan flown with milk and honey, their
city, farm lands, cattle and even beautiful women by the children
of Abraham.
• The shrewd military strategist, Moses and his General Aaron on
their march towards ‘the Promised Land’ brutally and cold
bloodedly looted, raped and exterminated several peoples and
their kings as narrated in the Old Testament, especially
Deuteronomy.
• The Western Christian and the Arab Muslims worlds, besides the
Jews and their Economics and Political Science, have been built
up on these two primitive tribal ideologies – ‘the chosen people’
and ‘the promised land’ that give justifications for war and terror
besides branding anybody as the enemy of the God or the People.
This is the basis of the Holy War, Terrorism and Religious

9. THE TWENTY- FIRST CENTURY PARADOX
• The primitive tribal ideologies of Abraham and Moses, based on „The
Chosen People‟ and „the Promised Land‟, as glorified in the Bible and the
Quran, have a long lasting influence over the predominantly Jewish or the
Christian western societies.
• Such deadly ideologies are purely materialistic in which the God was made
the „Lord of the Armed Forces or Deadly Weapons‟ who might destroy the
other tribes or races, branded as „the enemies of the God‟. The same
strategy has been employed by the religious fundamentalists or terrorists as
well as those who declare war on terror.
• Economists, including the „Mercantilists‟ „the Classical‟ „the Neo-Classical‟,
„the Marxists‟, the Fascists and „the Keynesians‟ and the Modern were not
free from such dangerous ideologies. So also is the case with the Islamic
Economics and Islamic Financial System in the other parts of the world.
They are so deep-rooted in these societies that they could not think of
another alternatives in spite of the ever growing complex problems.
• The greatest paradox of the twenty first century is the embedding of the
Primitive Tribalism over the High-Tech and Globalized World causing
unresolved pain, growing strain and ever lasting blood shedding.

10. ECONOMICS OF THE TRIBES
• Tribal ideologies and instincts form the basis of Mercantilism, the
Classical, the Neo-Classical, the Keynesian, the Marxian, the
Muslim and Modern Economics, that can be brought under Micro
and Macro Economics. They are basically concerned with the well
being of a particular tribe or tribal-based economy, without
bothering about the misery or sufferings of other tribes or peoples
or nations.
• Even Marxism is founded on the war or clashes between two classes
in a tribal based society or economy. While the Communists in
Russia or China were concerned only about Russia or China the
Capitalist or the Socialist economists of America or Britain were or
are concerned only about America or Britain.
• In short, both Micro and Macro Economics are nothing but mere
Tribal Economics without taking into account the Humanity as a
whole or the Global Economy, treating everybody as „chosen‟ or
„equal‟, for the lasting influence of the primitive tribal ideologies of
Moses or Abraham.

11. GLOBALIZATION AND
INFORMATION TECHNOLOGY REVOLUTION
• Information Communication Technology Revolution of the late 1980s
facilitated Trans-border Data Flow and the emergence of Multi-
National Corporations, challenging the fundamental principles of
„Sovereignty‟ and „National Boundaries‟ of the Political Economy. They
have paved the way for „Globalization‟, the flow of capital, technology
and manpower across the borders and the dominance of „Service
Sector‟ over Agriculture and Industry. This has challenged the edifices
of both Micro and Macro Economics.
• As a defense mechanism, economists turned towards Data and Data
Analysis, Projections, Forecasting and Computer Simulations without
much knowledge of the working of an economy and without much
understanding of the emergence of a „Global Economy‟ in which both
the „chosen‟ and „cursed‟ nations or people have an equal role. The fate
of the chosen people of the industrialized nations has been
determined even by the people of „the Cursed Nations‟, now known as
Emerging Economies, including BRICS besides the poor nations.

12. • Business Management and Business Schools have emerged as
applied forms of Economics.AND heavily depend upon „Military
CONSUMERISM They CORPORTISM
Science‟ for launching aggressive Marketing and promoting
Consumerism that paved the way for „Corporatism‟, even
challenging Capitalism and Democracy. Corporatism has reduced
individuals or nations as mere tools to serve the corporate interest
over the humanity.
• The primitive tribalism and the tribal ideologies have been skillfully
embedded in Corporatism. Corporatism is powerful enough to
determine the policies of the American President, the Indian or the
British Prime Minister and besides the policies of even the leftist or
communist political parties. It is powerful enough to spread
terrorism or bringing war by financing religious fundamentalism or
terrorism or bribing rulers and law makers. Even Islam or
Christianity is not free from the shadows of Corporatism. In creating
and aggravating the Global Economic Crisis, Corporatism has
played a strategic role for its narrow interest and short sightedness.
•

13. MICRO AND MACRO ECONOMIC
FRAMEWORKS
• Within the framework of Micro and Macro
Economics, an economy is just a summation
of millions of individual national economic
production or consumption units and it can
be amenable to computerized data
collection, computation, manipulations,
projections, simulations and forecasting.
• They cannot treat the Global Economy as a
whole entity rather than mere a summation
of the autonomous national entities. Inter-
sector and inter-regional imbalances,
besides over exploitation of the natural

14. THE EXTINCT SPECIES
• Economists, including Nobel Laureates and Management
Experts have become warriors without any weapon in the
rising tide of the Global Economic Crisis, emerged as the
Great Depression II lasting till 2025. Now nobody trusts
upon the wisdom or remedy of the Micro and Macro
Economists, including Keynesian, Modern, Marxian ,
Islamic and Post-Modern Economists. They are turning to
extinct species, for the counter productiveness of their
teachings, theories, laws, principles, solutions or remedies.
• The ignoble fall of Micro and Macro Economics has already
been started for the primitive elements and ideologies
imbibed or inbuilt within them that make them ineffective.
With tribal mindset and ideologies nobody, including Micro
or Macro economist, can solve the Global Economic Crisis,
emerged as the Great Depression II affecting the entire
nations and the humanity as a whole.

15. UNIVERSAL; NOT TRIBAL
• It is time for Islam and Christianity to develop a true universal mindset and
ideology quite different from the narrow and dangerous primitive tribal
ideologies based on „The Chosen People‟ and „The Promised Land‟ ,
„Glorification of War and Terror‟ and adding misery of the common people
as the Will or Commandments of the God.
• It is time for Islam and Christianity and their Economists to recognize the
universality of the entire humanity, treating everybody, every tribe or race
or religion or nationality , as chosen or equal without glorifying the crimes
committed by one or two tribes against the humanity.
• The Humanity has a known history of 60,000 years where as Christianity
has just 2000 years and Islam mere 1400 years. Humanity will survive
without them as was in the case of Communism or Fascism, in spite of
indoctrination of the children. Any Ideology or Religion founded on „Hate‟,
„Revenge‟ and „Selfishness‟ cannot survive when people are getting
enlightened. In aggravating the Global Economic Crisis, religions and
ideologies too have played a very important role by spreading hate and
making unity and cooperation among people or nations impossible.

16. MERCY, CHARITY AND DONATIONS
• It is time for Islam and Christianity to realize that with mere deeds of
Charity, Mercy and „Shakat‟ or Donations, human misery due to
global inter-sector and inter-regional imbalances, cannot be
eradicated rather than sustaining the inequality between the rich
and the poor in a society or the rich and poor nations globally. Global
problems can be solved only with a universal and global solutions.
• Islam and Christianity must adopt Universalism and Spiritualism, in
stead of Tribalism and Materialism and Monopolizing the God or
Paradise for their blind followers or „yes men and women‟ without
any brain, including martyrs and murderers . Living for the faith or
religion and let living others is greater and nobler than dying or
killing for the faith or religion. Hell is created for the murderers and
oppressors even in the name of faith or religion. They are the
worshippers of the Devil or Satan and not the God.

17. THE RISE OF MEGA OR
UNIVERSAL ECONOMICS
• The rise of Mega or Universal Economics,
treating the entire world as a Mega Economy and
giving equal importance to all men or people or
nations on earth, is a historical necessity to solve
the basic problem of the humanity, ensuring
Food, Dignity and Knowledge for All; insulting
the Global Economy from Recession and
Depression and ensuring Inter-Sector and Inter-
Regional Balances. It ensures the optimal
utilization of the wealth and talents for the
benefit of the humanity as a whole.

18. BASIS OF UNIVERSAL ECONOMICS
• Universal Economics aims at ensuring lasting peace and prosperity for
the entire humanity, irrespective of any race, tribe, religion or
nationality. It incorporates the basic elements of Spirituality and
Humanism.
• Universal Economics is quite different from the familiar Micro and
Macro Economics, including Keynesian, Marxian, Islamic, Fascist or the
Western Economics, that deny Humanism , Spirituality and the
Universal Well- being of the Mankind.
• Universal Economics treats the entire humanity as a whole and the
social production processes as the means for the well being of the entire
humanity without the „Dictatorship‟ of any tribe or class or people over
others, ensuring inter-sector and inter-regional balances.

19. MORE RESEARCH AND STUDIES
ARE REQUIRED
• Further studies and research are required to develop Mega or
Universal Economics as a major field of study, recognizing the
limitations of the familiar Micro and Macro Economics. Fresh brains
must come forward with wonderful ideas and strategies acceptable to
the people around the world.
• Universal Economics has been designed to equip Economists, Policy
Makers and Management Experts with effective tools to tied over the
Great Depression II and lead the Humanity for the lasting Peace and
Prosperity.
• Some of the underlying principles of Universal Economics have been
discussed in my earlier writings on the Global Economic Crisis,
Education, Information Technology, Knowmatics, Knowledge Industry
and Knowledge Banks appeared in the Market Oracle (UK) or
presentations at www.slideshare.net/drrajumathew