ABSTRACT
We have seen in earlier chapters that understanding the complex dynamics of the ocean vis-à-vis the blue economy has been hugely challenging. The change in climate and its implications on every aspect of human endeavor appear to have resulted from the malfunctioning of the prevailing economy. Hence, there is a need to redefine the way success and profit are perceived today. For instance, richness does not necessarily mean earning more, or spending more or saving more, rather richness is when you probably need “no more.”
Considering various resources (food, minerals, and energy), services (shipping, transport, tourism, and leisure), threats (climate change, geopolitics, and human mindset), and processes (carbon sequestration, bio-invasion, monsoon and natural disasters) that the ocean is famous for, it becomes necessary that a more sustainable and responsible mechanism governs the area of three-quarters of this planet. Such a mechanism calls upon ethics to be a part of the governance. Consequently, this chapter designs an ethical paradigm for the blue economy involving rational reforms in various sectors of governance. Modeling a possible transformation of the IOR into a hub of excellence in human values, ethics and sustainable economy following the principled doctrine are also examined and road-mapped. Although the concept of such governance could be country-specific, the approach may be global in scope and holistic in theme.
