Blackspot

The Last Boom-Bust Cycle

Can our planet sustain an economic recovery?

All eyes are on the economy as startling statistics are released daily: the Dow Jones Industrial Average dropped 35% this year, jobless claims are at a 26 year high in the United States and over twenty-five banks failed in the US alone in 2008.

Given the constant litany of bad news, most people now understand that years of unsustainable growth based upon overzealous money lending and rampant financial speculation have pushed the world into a major economic depression. In other words, the capitalist roller coaster ride has reached the summit of a period of economic boom and we are now racing to the bottom of an economic bust.

Cries for help resound from all sides. But all these urgent calls seem to have one common assumption: that what we need is an economic recovery. Is this necessarily the case? I wonder whether an economic recovery is really in our collective best interest or whether it will simply mean the resumption of a period of unsustainable growth in anticipation of another (even worse) economic collapse.

And then there is the question of whether our weary, devastated planet can even sustain another period of economic growth.

Is it time we stopped calling for an an economic recovery and started demanding an economic rethinking?

Micah M. White is a Contributing Editor at Adbusters Magazine and an independent activist. Micah is currently writing a book of philosophical meanderings into the future of activism. He lives in Binghamton, NY with his wife and two cats. www.micahmwhite.com

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30 comments on the article “The Last Boom-Bust Cycle”

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Bob Williamson

Industrialised, developed or developing nations sleepwalk to the inevitable absence of resources needed to maintain or continue the drive for economic growth. Finite means going, going, gone in any logical assessment of out current course. This I deal with in detail in my book ZERO Greenhouse Emissions - The Day the Lights Went Out - Our Future World see www.strategicbookpublishing.com/ZEROGreenhouseEmissions.html In the chapter Designed for demise the message is clear and irrefutable. Sustainable and economic GROWTH indefinately is finite and designed for demise. Our leaders both in Industry (they control us with our tacet permission)and governments know this. What will you do? Hopefully we will wake up from our sleepwalk and cheange before it has (going, going) gone. Bob Williamson Founder & Chair Greenhouse Neutral Foundation.

Bob Williamson

Industrialised, developed or developing nations sleepwalk to the inevitable absence of resources needed to maintain or continue the drive for economic growth. Finite means going, going, gone in any logical assessment of out current course. This I deal with in detail in my book ZERO Greenhouse Emissions - The Day the Lights Went Out - Our Future World see www.strategicbookpublishing.com/ZEROGreenhouseEmissions.html In the chapter Designed for demise the message is clear and irrefutable. Sustainable and economic GROWTH indefinately is finite and designed for demise. Our leaders both in Industry (they control us with our tacet permission)and governments know this. What will you do? Hopefully we will wake up from our sleepwalk and cheange before it has (going, going) gone. Bob Williamson Founder & Chair Greenhouse Neutral Foundation.

Anonymous

The problem with capitalism is that its profit driven, and at the beginning it was an unjust, raw, bloody accumulation of capital. it was a very bad start... The sad thing is that socialist and communist countries functioned more or less on the same principles of economic growth. The main difference was that the gap between rich and the poor the was not so grate, and the society tendencies were aimed at providing better working and social conditions for everybody (free education, health care... ). The problem is that after a while the system started to become dormant and inefficient...

Anonymous

The problem with capitalism is that its profit driven, and at the beginning it was an unjust, raw, bloody accumulation of capital. it was a very bad start... The sad thing is that socialist and communist countries functioned more or less on the same principles of economic growth. The main difference was that the gap between rich and the poor the was not so grate, and the society tendencies were aimed at providing better working and social conditions for everybody (free education, health care... ). The problem is that after a while the system started to become dormant and inefficient...

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