Madam, - The past week has seen heavy media coverage of the G8 meeting and discussion of a new approach to development. However, one issue has been largely ignored, although it lies at the heart of both poverty and climate change: the unchecked power and influence of multinational corporations and financial institutions in the running of world affairs.
A corporation's sole purpose is to make money for its share holders however it can. In the past this has often been achieved by bankrolling despots and having them sell the natural resources of the their country.
This theft has been facilitated by Western banks. Countries such as Nigeria, which has one of the largest oil reserves in the world, is still one of the poorest because of collusion between the oil companies and the various military juntas that have held sway there.
If year-on-year profits don't increase, panic sets in and and whole manufacturing plants are closed or moved to less regulated countries where worker exploitation and environmental negligence are the norm.
This system can also act as a catalyst for terrorism in already volatile situations. Unfortunately our futures are tied up in the perpetuation of this system of exploitation since most of us are reliant on private pension schemes.
Sustainable development is the only way forward. If the profit motive is not held in check, then poverty, conflict and environmental degradation are inevitable - a fine legacy for future generations. - Yours, etc,
BARRY WALSH, Blackrock, Cork.