The End of Growth? The Capitalist Economy & Ecological Crisis

By Conor Payne and Chris Stewart - Socialist Alternative, August 11, 2021

Many ecologists, activists and academics argue that an obsession with economic growth is the cause of our current ecological crisis and a commitment to “degrowing” the economy is the solution.

Too often, however, this discussion lacks a sufficient class or anti-capitalist content and workers are blamed for our supposedly destructive “consumption patterns”. Instead, socialists should be clear that the cause of the climate crisis is the capitalist system and its incessant drive to accumulate profits, and that the only way to solve the crisis is to struggle for a socialist world where human need, including a sustainable relation to nature, comes before private greed.

Capitalism’s “boom and bust” cycle

Under capitalism, the driving force of the economy is the pursuit of profit. The competition between companies and even different capitalist powers for markets and resources means that this drive for profit is relentless and expansive. Therefore, capitalism also involves a continuous quest for economic growth.

At the same time, these companies will seek to “externalize” the cost of their activities, to leave them to be paid by someone else. The capitalist firm doesn’t care on what basis it grows; whether its products are useful or cause harm, or if its activities are environmentally sustainable.

Capitalism is a system of contradictions. The capitalists get their profits by exploiting workers, as well as the resources extracted from nature in the labor process. The constant need to accumulate more profits means capitalism extracts more and more resources in increasingly destructive ways, ultimately leading to the depletion of soils, minerals, forests, the life in our oceans etc — which undermines the system’s own sources of wealth.

Capitalism is increasingly coming up against the ecological barrier to its unrestrained development, as seen in mounting natural disasters, the recent shutdown of the power system in Texas, and a global pandemic, all at least partly attributable to humanity’s increasing incursions into nature.

Read the entire article here.

Disclaimer: The views expressed here are not the official position of the IWW (or even the IWW’s EUC) and do not necessarily represent the views of anyone but the author.