Why the Economy Should Stop Growing—And Just Grow Up
Published on
Monday, May 09, 2016
by YES! Magazine
How do we grow the economy? is an obsolete question. Local initiatives across the world are looking for maturity instead as they rebuild caring, place-based communities and economies.
byDavid Korten
Listen to the political candidates as they put forward their economic solutions. You will hear a well-established and rarely challenged narrative. We must grow the economy to produce jobs so people will have the money to grow their consumption, which will grow more jobs
Grow. Grow. Grow.
But children and adolescents grow. Adults mature. It is time to reframe the debate to recognize that we have pushed growth in material consumption beyond Earths environmental limits. We must now shift our economic priority from growth to maturitymeeting the needs of all within the limits of what Earth can provide.
Global GDP is currently growing 3 to 4 percent annually. Contrary to the promises of politicians and economists, this growth is not eliminating poverty and creating a better life for all. It is instead creating increasingly grotesque and unsustainable imbalances in our relationship to Earth and to each other.
The
assets of the worlds 62 richest individuals equal those of the poorest half of humanity3.6 billion people. In the United States, the 2015
bonus pool for 172,400 Wall Street employees was $25 billionjust short of the $28 billion required to give 4.2 million minimum wage restaurant and health care workers a raise to $15 an hour.
Humans now consume at a rate 1.6 times what Earth can provide. Weather becomes more severe and erratic, and
critical environmental systems are in decline.
These distortions are a predictable consequence of an economic system designed to extract Earths natural wealth for the purpose of maximizing financial returns to those who already have more than they need.
Restoring balance is necessarily the work of living communities, of people who care about one another, the health of their environment, and the future of their children.
http://www.commondreams.org/views/2016/05/09/why-economy-should-stop-growing-and-just-grow