“Our economic system is not designed to meet human needs; it is designed to facilitate capital accumulation.”
No surprise, since capitalism is an economic system —socioeconomic system, actually — that favors capital (ownership) over labor (workers) and land (the environment) because capital formation and accumulation lead to growth and therefore lift all boats through trickledown.
Neither distribution nor social concerns are material to capitalism. It is only about accumulation on the assumption that capital accumulation optimizes life by raising the living standard most efficiently in allocating scarce resources.
But is this the only criterion, or the best criterion available? That is to say, is economics the final arbiter as some claim.
Jason HickelIs the world poor, or unjust?
Is our lifestyle sustainable?
ReplyDeleteThat may be a criterion to consider.