Economic Immorality

The very notion of ‘sustainable growth’ is an oxymoron when applied to economic output of goods and services on a finite planet with a burgeoning human population. Yet Christine Legarde, the Director of the World Bank, uses the term with no hesitation or qualification. Even worse, a former senior economist in the USA, Laurence Summers, who oversaw the deregulation of the financial markets that led to the 2008 economic collapse, demonstrated alarmingly how economic thinking can completely ignore a concern for the well-being of poor people living in the least prosperous parts of the world. This article from Resilience entitled The Global Economy’s ‘Impeccable Logic’ is an almost unbelievable illustration of economic immorality. The obsession with economic growth and capital accumulation appears to override ethical concerns for the well-being of both people and the planet.

The question of the ethics of climate change is the theme of this book “A Perfect Moral Storm:  The Ethical Tragedy of Climate Change” by philosopher Stephen  M. Gardiner.  He argues that it is immoral to take modest economic benefits now while leaving massive environmental and economic costs for those who will live after us. Such an ethical stance seems indefensible.

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