Even those with only a very limited interest in politics must have noticed that the first priority of politicans (except of course the Greens), the mantra which straddles the political parties, is that 'economic growth' is crucial if the capitalist system on which our very lives have come to depend is to continue and flourish. Of course even a child can see that continual physical growth is impossible on a finite planet.
David
Harvey:
‘Continuity of flow in the circulation of
capital is very important. The process cannot be interrupted without incurring
losses. There are also strong incentives to accelerate the speed of
circulation. Those who can move faster
through the various phases of
capital
circulation accrue higher profits than their competitors. Speed-up nearly always pays off in higher
profits. Innovations which help speed
things up are much sought after[1].’
‘Growth’
is seen by many as a basic flaw in the very nature of capitalism. Marx believed that capitalism, in its quest for
higher profits and new markets,
inevitably contains ‘the seeds of its own destruction.’
Similarly,
Tim Jackson[2] sees growth
as the profound dilemma faced by society:
‘To resist growth is to risk economic and social
collapse. To pursue it relentlessly is to endanger the ecosystems on which we
depend for long-term survival ….. for the most part, this dilemma goes
unrecognised in mainstream policy. It is only marginally more visible as a
public debate.’I've still not quite got to the nub of the problem - just why is growth essential to the capitalist system? I'll see what I can find out about that.
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