Monday, February 1, 2016

Research Blog Post #3: The Bridge at the Edge of the World - James Gustav Speth - Pages 559-776 - Chapter 2: Modern Capitalism: Out of Control

Our global economy has undergone a substantial amount of growth throughout the course of the 20th century, with the global spread of capitalism nationalism around the world, the economy is growing at a rate faster than ever. However, the way modern capitalism is functioning, it seems impossible to improve environmental conditions while maintaining the same pace of growth we see today. In fact, the course of economic growth can be summed up as "the sacrifice of the environment to economic growth”. Modern capitalism functions on the intake of profit and in output of goods. Corporations that fall short on output will fall behind and go out of business, which leads to externality by corporations in order to succeed. These externalities produce harmful subsidies towards the environment that are unavoidable with our current state of capitalism. This same process has corrupted our nations government causing them to cut corners as well, leaving our economic system flawed with no way to back out. In short, capitalism as we know is incapable of sustaining the environment, producing a harmful path with no end in sight without a powerful intervention by authority. There have been multiple theoretical theories to solve this crisis, most involving a drastic change in political and economic power, which nobody is ready to commit to.

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