A Share from Amy Stewart-Cooper The latest by my favorite economist, Umair Haque: Maybe what’s practiced in the USA isn’t capitalism at all. It seems to be a toxic admixture of capitalism for the poor, who are ruthlessly whittled down, in brutal Darwinian contests; and socialism for the rich, for whom there appears to be no limit to bailouts, subsidies, and privileges. It’s a lethal cocktail of cronyism for the powerful; and endless struggle for the powerless. It’s neither fish nor fowl; but a chimera. So what is this system that is faltering, precisely, if it’s not quite capitalism? I’d call it “growthism.” It’s not just a system or a set of institutions. It’s a mindset; an ideology; a set of cherished beliefs. And one that’s hardened into dogma. A dogma which is palpably failing; but can’t be dislodged—because it’s become an article of faith, the central belief of a cult, whose priests and acolytes threaten mysterious, terrible, divine revenge whenever their authority is questioned. Growthism says: growth must be achieved at all costs. When growth is achieved; societies are said to be successful; when it is not, they are said to be failing.
Posted on: Tue, 05 Nov 2013 19:14:42 +0000
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