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“We have a tendency to describe capitalism with familiar, well-worn words like ‘markets’ and ‘trade’. But this isn’t quite accurate. Markets and traders were around for thousands of years before capitalism, and they are innocent enough on their own. What makes capitalism different from most other economic systems in history is that it’s organised around the imperative of constant expansion, or ‘growth’: ever-increasing levels of industrial extraction, production and consumption, which we measure as Gross Domestic Product (GDP). Growth is the prime directive of capital. Not growth for any particular purpose, mind you, but growth for its own sake. And it has a kind of totalitarian logic to it: every industry, every sector, every national economy must grow, all the time, with no identifiable end-point.”

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“Consider this thought experiment: if Portugal has higher levels of human welfare than the United States with $38,000 less GDP per capita, then we can conclude that $38,000 of America’s per capita income is effectively ‘wasted’. That adds up to $13 trillion per year for the US economy as a whole. That’s $13 trillion worth of extraction and production and consumption each year, and $13 trillion worth of ecological pressure, that adds nothing, in and of itself, to the fundamentals of human welfare. It is damage without gain. This means that the US economy could in theory be scaled down by a staggering 65% from its present size while at the same time improving the lives of ordinary Americans, if income was distributed more fairly and invested in public goods.”

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“Upper-middle income and high-income nations – countries over the threshold of $10,000 per capita – could in theory deliver flourishing lives for all, achieving real progress in human development, without needing any additional growth in order to do so. We know exactly what works: reduce inequality, invest in universal public goods, and distribute income and opportunity more fairly.”

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“Once we grasp the scale of national and global inequalities, then the narrative that seeks to cast GDP growth as a proxy for human progress begins to seem a bit tendentious – perhaps even a bit ideological. And by ideology I mean in the technical sense: a set of ideas promoted by the dominant class, which serves their material interests, and which everybody else has internalised to such an extent that they are willing to go along with a system they might otherwise reject as unjust. The Italian philosopher Antonio Gramsci has called this ‘cultural hegemony’: when an ideology becomes so normalised that it is difficult or even impossible to reflect on it.”

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“Under capital’s growth imperative, there is no horizon – no future point at which economists and politicians say we will have enough money or enough stuff. There is no end, in the double sense of the term: no maturity and no purpose. The unquestioned assumption is that growth can and should carry on for ever, for its own sake. It is astonishing, when you think about it, that the dominant belief in economics holds that no matter how rich a country has become, their GDP should keep rising, year after year, with no identifiable end point.”

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“The vast majority of major, collaborative infrastructure projects around the world have been guided by government policy and funded by public resources: sanitation systems, road systems, railway networks, public health systems, national power grids, the postal service. These are not the spontaneous outcomes of market forces, much less of abstract growth. Projects like these require public investment. Once we realise this, it becomes clear that we can fund the transition quite easily by directing existing public resources from, say, fossil fuel subsidies (which presently stand at $5.2 trillion, 6.5% of global GDP) and military expenditure ($1.8 trillion) into solar panels, batteries and wind turbines.”

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“Today, nearly every government in the world, rich and poor alike, is focused single-mindedly on GDP growth. This is no longer a matter of choice. In a globalised world where capital can move freely across borders at the click of a mouse, nations are forced to compete with one another to attract foreign investment. Governments find themselves under pressure to cut workers’ rights, slash environmental protections, open up public land to developers, privatise public services – whatever it takes to please the barons of international capital in what has become a global rush towards self-imposed structural adjustment. All of this is done in the name of growth.”

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Book:Less Is More: How Degrowth Will Save the World
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