How Can Capitalism Achieve Sustainability?
If market economies are to carry the world into a new era, they must achieve stability, equity and sustainability. Of these three, sustainability will likely prove the most challenging.
What's the Latest Development?
The Great Recession naturally led some to question the primacy of market-capitalist systems which, free from strict government regulation, have proved disastrous to many families and businesses since 2007. Nobel economist Michael Spence says capitalist economies must achieve stability, equity and sustainability if they are to carry the world past the current recession. Of these three, he says, sustainability will prove the most difficult because countries have grown complacent about placing massive financial burdens on future generations.
What's the Big Idea?
Despite recognizing the political and social ills created by market economies, Spence maintains that capitalism's growth model is the only viable economic plan for the world. The result will be the tripling in size of the world economy in the next 25 years, putting greater pressure on natural resources than ever before. Spence argues that sustainable economies will be born from the bottom-up, i.e. by citizens holding their politicians accountable. There should be more emphasis on education and concern for future generations' financial security than ever before.
Photo credit: shutterstock.com
- The meaning of the word 'confidence' seems obvious. But it's not the same as self-esteem.
- Confidence isn't just a feeling on your inside. It comes from taking action in the world.
- Join Big Think Edge today and learn how to achieve more confidence when and where it really matters.
- Prejudice is typically perpetrated against 'the other', i.e. a group outside our own.
- But ageism is prejudice against ourselves — at least, the people we will (hopefully!) become.
- Different generations needs to cooperate now more than ever to solve global problems.
The controversial herbicide is everywhere, apparently.
- U.S. PIRG tested 20 beers and wines, including organics, and found Roundup's active ingredient in almost all of them.
- A jury on August 2018 awarded a non-Hodgkin's lymphoma victim $289 million in Roundup damages.
- Bayer/Monsanto says Roundup is totally safe. Others disagree.
The team caught a glimpse of a process that takes 18,000,000,000,000,000,000,000 years.
- In Italy, a team of scientists is using a highly sophisticated detector to hunt for dark matter.
- The team observed an ultra-rare particle interaction that reveals the half-life of a xenon-124 atom to be 18 sextillion years.
- The half-life of a process is how long it takes for half of the radioactive nuclei present in a sample to decay.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.