If we don’t get rid of it, capitalism is going to destroy society. It’s a system geared around delivering ever-increasing profits to big business, and enriching the sociopathic corporate elite that runs the economy. To do that, it needs constant economic growth. To fuel that growth, it needs fossil fuels and never-ending consumerism – and in one mad, 150-year binge after 200,000 years of relative human sobriety, it’s brought the ecosystem that supports us to the brink of catastrophic breakdown.
But we’re not doing anything about it. That’s despite melting icecaps, acidifying oceans, soaring temperatures, the loss of half the planet’s wildlife in the past forty years, and the loss of a third of its farmable land in the last thirty. Continue reading
Economics is supposed to be the study of how limited resources can be used to meet unlimited needs. We’re well on the way to shredding the ecosystem with our frenzied excess, so we need it to be that more than ever.
But modern economics isn’t that at all. For a lot of people, that definition doesn’t have anything to do with the E-word as they understand it.
The way economics is presented to us, you’d think it was all about money, banks or business – and those things are definitely hugely important to the type of economics that we’re stuck with at moment. But it would be equally possible to have economics that didn’t involve any of those things.
The reason that suggestion strikes most ordinary modern people as insane is because, in the mainstream, the E-word has been reduced to unsubtle cheerleading for an incredibly specific, biased and ethically dubious way of conducting human affairs. Economics has basically become the study and practice of capitalism. And so, if you’re looking to explain modern economics, that’s where you need to start. Continue reading