Russian President Vladimir Putin has urged the world to adopt a new development model that moves away from the principles of neocolonialism, which, he argues, has long allowed a select elite to exploit resources at the expense of others.
Speaking at the St. Petersburg International Economic Forum on Friday, Putin emphasized that the current global system has disproportionately benefited the so-called “golden billion,” enriching a narrow group of elites while leaving ordinary citizens and middle classes with little benefit.
Putin pointed specifically to the United States as an example, stating that the country’s “super incomes” have not trickled down to the average person. He stressed that any political changes must improve the quality of life for people, including in areas like education, science, and infrastructure.
The Russian president called for a “fundamentally new development model,” one that steers clear of the exploitative systems of the past. He stressed that this model must be “free from political manipulation” and focus on meeting the needs of ordinary citizens, rather than serving the interests of a powerful few.
Putin also argued that the outdated mechanisms of globalization no longer serve their purpose and that there is no real effort to modernize them. Instead, he proposed that a new approach should be created, one that respects the national interests of all countries involved.
According to Putin, the global economy is undergoing one of the most significant transformations in decades, with shifting power dynamics and the rise of BRICS as a major player. He noted that BRICS now accounts for 40% of the global economy, a share that is only expected to grow as nations in the Global South continue to rise in influence.
