This is the basis too of Western dominance of world culture and economic activity which is now beginning to falter under the combined threats of overpopulation, forced migration, environmental damage and resource depletion.
We urgently need a "New Ecological Enlightenment" to guide us. The overweening power of hyper capitalism must come to an end. and a new communal societal model, not communist, has to be constructed.
Interesting that Japan has raised its interest rates for the first time in twenty years. We're told the Japanese economy has "stagnated" all this time, yet its large, densely populated country has not fallen over. society functions tolerably well. Japan's society is very egalitarian economically speaking, not so much in gender perhaps, so that any benefits or pains are shared out equally. We could learn a lot from what's been happening in Japan and their regard for economic fairness and wealth distribution.
The idea that growth is the sine qua non of wealth is a lie, and is impossible in a finite planet. Yet I've just heard Rachel Reeves on a Biritish podcast explaining her vision. She does recognise the need for a more robust manufacturing economy, but "growth" is still the mantra.
https://www.oxfam.org.uk/media/press-releases/richest-1-grab-nearly-twice-as-much-new-wealth-as-rest-of-the-world-put-together/
The total private wealth, according to other figures, in the UK was around £15 trillion four years ago. The top 10% own around 70% of this, the top 1% about half of that number. ie the top 1% must have assets of around £5 trillion.
The idea that one must have growth to enrich the population or merely to look after the population is nonsense. The wealth is there, it has been locked away, providing no productive benefit, and needs to freed up to allow governments to invest in a working economy and a fair reward for all its citizens.
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