Kathmandu, Nov.10 - Prime Minister Pushpa Kamal Dahal ‘Prachanda’ Monday said parliamentary democracy and market-led neo-liberal economic policies had further marginalized the poor and the helpless under the disguise of globalisation.

"The developed countries are now realising the drawbacks of complete deregulation of the financial sector and free market economy," he said.

Also the issues of financial, food, and energy crises and the natural devastation and catastrophe of global warming and climate changes were directly related to the market-led capitalist globalisation system, he said.

PM Prachanda made this remark speaking at the inaugural session of the Conference on Democracy, Development and Peace in Asia jointly organised by LDC Watch, South Asia Alliance for Poverty Eradication (SAAPE), Asian Regional Exchange for New Alternatives (ARENA) and Korea Democratic Foundation.

"Democracy must include participation, representation, accountability, transparency, responsiveness and unity of people. Development ensures prosperity and people’s progress, which eventually contribute to strengthen democracy as well as sustainable peace."

Present political transformation of Nepal over the past couple of years was not a cosmetic change but a complete metamorphosis that swept away the tyrannical regime of entrenched feudalism and aristocracy, PM Prachanda said.

The oligarchy, the remnants of the defeated feudalists, and the people who wanted to maintain status-quo would try to thwart the gains made possible by the heroic struggle of the people, he added.

CPN-UML leader Madhav Kumar Nepal said today’s magnifying economic crisis after the great depression of 1929 clearly pointed out that the neo-liberal economic regime was not a solution for sustainable development and durable peace. "The greedy capitalism has proven to be producing temporary prosperity for a few but ultimately ending up in serious crisis."

Political economist Professor Samir Amin said that the development of capitalism had not benefited the developing countries like Nepal, but it increased the state of their dependency. Recent financial crisis was the result of capitalistic economy and the utilitarian system of the capitalism should be ended, he added.

NC leader and Constituent Assembly (CA) member Dr. Narayan Khadka stressed on the institutionalization of democracy to achieve sustainable peace and development.

CA member and president of Nepal Sadbhabana Party Sarita Giri said that the politics of consensus should be promoted in Nepal for sustainable peace and development.

Professor Babu Mathew of India said that the present mode of development failed to develop those communities who needed it.

Prof. Lee Jung Ok of Korea said without peace and development democracy could not sustain, as democracy was seen fragile because of the lack of sustainable peace and development in the Asian region.