World facing prolonged stagflation, 'to breed' more violence and unrest

By Sudhansu R. Das 

The manner in which war, violence, intolerance and aggression are spreading across the world suggests that humanity may soon face physical and psychological suffering beyond its limits of endurance. The monstrous greed for wealth and power threatens to destroy the rich diversity of religions, cultures, skills, biodiversity, creativity and sustainable economic systems. It endangers water, air and soil, while undermining the very foundations of inclusive economic growth, social harmony and peace.

Greedy and dangerous leaders do not descend from other planets. They emerge from human society itself, which must urgently correct its course before the world becomes unliveable. The US-Iran-Israel conflict has already pushed up fuel prices, inflation and unemployment across the globe. Experts warn that the world may face prolonged stagflation, breeding further violence and unrest. A closure of the Strait of Hormuz could result in trade disruption causing economic losses estimated at around $435 million per day. The global economic impact of violence and conflict rose to nearly $19.1 trillion in 2023. The economic, social, emotional and cultural costs of the ongoing conflict are immense and may erase decades of development gains. Changing the mindset of war into a commitment to lasting peace has become the greatest challenge before humanity.

The present phase of the US-Iran-Israel conflict escalated after the October 7, 2023 attack, in which Hamas militants killed around 1,200 people in Israel and abducted more than 240 hostages. Israel, which had initiated several development projects in Gaza, was caught off guard by the attack. It later uncovered an extensive underground tunnel network and gathered intelligence suggesting plans aimed at the destruction of Israel itself. Out of fear, panic and retaliation, one of the deadliest conflicts of the 21st century unfolded.

History repeatedly demonstrates that brutality often provokes even greater brutality in response. During the medieval period, repeated invasions through India’s north-western frontier transformed the Sikhs from peace-loving followers of Hindu traditions into one of the world’s most formidable warrior communities. Determined to protect their land, culture and women, they cultivated immense physical courage and military skill from childhood. Punjab emerged as a powerful region, conveying the harsh lesson that strength is often considered essential for the preservation of peace in a cruel world.

Yet the permanent solution does not lie in crushing Iran militarily or merely denuclearising it. The deeper challenge is the de-radicalisation of religious extremism through meaningful education and social reform.

The world community must rediscover the transformative potential of education in building peace and prosperity. Education systems across nations should be reoriented so that every child learns to respect people of other faiths and cultures. Hatred towards those who are different often arises from ignorance. Schools should introduce children to the ethical and humane teachings common to all religions as part of their curriculum. They should also teach the importance of nature for human survival and encourage appreciation of the positive social, cultural and spiritual practices of different societies. The fundamental purpose of all religions is to promote peace, harmony and human well-being.

Human greed is a destructive psychological force that repeatedly breeds war and conflict. Education must therefore help children understand the deeper purpose of life — the pursuit of inner peace and spiritual fulfilment. This does not mean abandoning ambition or material success. Oriental philosophy teaches that one may achieve prosperity and professional success without becoming enslaved by material possessions. The art of achieving success without destructive attachment should become part of education.

Economic growth can multiply in an atmosphere of peace and cooperation. The international community must collectively resist any aggressive nation seeking to justify unlawful occupation or expansion through military force. Leaders who believe they can seize another country’s natural wealth through war eventually inherit only ruins. Likewise, politico-religious leaders dreaming of establishing religious empires often end up destroying their own nations.

Neither democracy nor communism has meaning if it fails to produce ethical and compassionate leadership. A democratically elected leader can easily become an autocrat. A corrupt communist leader may turn into an exploitative capitalist, while an irresponsible capitalist can make life unbearable for ordinary people. Similarly, a politico-religious leader can become a tyrant in the name of faith. The greatest challenge before the world community is therefore to nurture morally responsible human beings, regardless of ideology. At a time when unemployment, hunger and malnutrition continue to threaten millions, humanity urgently needs brave, wise and ethical leadership.