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In both capitalist and socialist nations, industrial growth has destroyed the natural world, intensified social inequalities, and abrogated intergenerational equity. The greatest obstacle on the path to sustainability is the hegemony of developmentality, which equates affluence with happiness, measures development in terms of GNP growth, and accepts development to be the destiny of civilization. To arrest further destruction of the natural world and build a sustainable society, the economy must terminate growth. State economic institutions must eventually introduce, and be accustomed to, zero rates of interest and profit. This revolutionary proposition seems absurd to the layman, policymakers and the traditional Left alike. Public acceptance of a new economic order – where money cannot buy any resource that could yield rent in perpetuity, where internalization of environmental costs would nullify profit, and where saving in banks would yield no interests – would seem extremely difficult at the outset. But from ecological economic perspective, zero-growth economy is our only option if we really want to save our common future.
ISBN - 9788189654542
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Pages : 583
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