Is this the moment to change the way we think about economic growth? |
Economic growth, particularly in energy-intensive nations, is slowing as the Middle East war continues to throttle exports of oil, plastics and fertiliser.
The International Monetary Fund in its World Economic Outlook and Australian Treasurer Jim Chalmers have forecast slowing economic growth in industrialised economies.
But perhaps the current crisis is an opportunity to discuss an alternative to the economic orthodoxy of constant growth.
Supporters of economic theories known as “degrowth” or “post-growth” say that capitalism’s pursuit of growth, along with the relentless consumption and production needed to sustain it, has run its course.
They point to rising inequality, exceeding natural planetary boundaries and geopolitical struggles over scarcer energy resources.
If slower economic growth is where we’re heading, degrowth and post-growth thinkers have already been exploring ways to make that transition smoother.
Leading post-growth and degrowth advocates include economists Tim Jackson and Giorgos Kallis. They see a radical departure from capitalism, especially in its current neoliberal form, as a necessary next step in economic and political reform.
Degrowth proposals seek to redirect policy and economic activity away from how fast........