Dare to declare capitalism dead – before it takes us all down with it

George Monbiot asks, “Do we stop life to allow capitalism to continue, or stop capitalism to allow life to continue?” In terms of the present Canadian political scene this equates to , “Do I vote for  neoliberalism  or do I choose social democracy?”  Your opinion and you vote matters.

The economic system is incompatible with the survival of life on Earth. It is time to design a new one

Refugees at the Greek-Macedonian border in 2016. ‘In the 21st century rising resource consumption has matched or exceeded the rate of economic growth.’ Photograph: Dimitar Dilkoff/AFP/Getty Images

… as I’ve grown older, I’ve come to recognise two things. First, that it is the [capitalist] system, rather than any variant of the system, that drives us inexorably towards disaster. Second, that you do not have to produce a definitive alternative to say that capitalism is failing. The statement stands in its own right. But it also demands another, and different, effort to develop a new system.

Capitalism’s failures arise from two of its defining elements. The first is perpetual growth. Economic growth is the aggregate effect of the quest to accumulate capital and extract profit. Capitalism collapses without growth, yet perpetual growth on a finite planet leads inexorably to environmental calamity.

The second defining element is the bizarre assumption that a person is entitled to as great a share of the world’s natural wealth as their money can buy….

Our choice comes down to this. Do we stop life to allow capitalism to continue, or stop capitalism to allow life to continue?

So what does a better system look like? I don’t have a complete answer, and I don’t believe any one person does. But I think I see a rough framework emerging. Part of it is provided by the ecological civilisation proposed by Jeremy Lent, one of the greatest thinkers of our age. Other elements come from Kate Raworth’s doughnut economics and the environmental thinking of Naomi KleinAmitav GhoshAngaangaq AngakkorsuaqRaj Patel and Bill McKibben. Part of the answer lies in the notion of “private sufficiency, public luxury”. Another part arises from the creation of a new conception of justice based on this simple principle: every generation, everywhere, shall have an equal right to the enjoyment of natural wealth. MORE

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