The world, currently undergoing transformation, requires a fundamentally new model of development—one that does not serve the interests of the so-called “golden billion,” Russian President Vladimir Putin said during the plenary session of the St. Petersburg International Economic Forum (SPIEF).
“What we need is a fundamentally new model of development—not one based on neo-colonial rules, where the so-called 'golden billion' extracts resources from the rest of the world in the interests of a narrow circle of elites,” Putin stated.
The president pointed out that the unfair distribution of windfall profits has already had significant consequences. “If you look at how wealth has accumulated in the United States over the past few decades, it's clear that most of the gains have gone to the elites. These are open data. The average citizen, the middle class, has seen little benefit from these excess profits,” he said. “This may well be the root of the political changes we’re seeing unfold there.”
GSV "Russia - Islamic World"
Photo: Marjan Blan/Unsplash
Based on materials from TASS