Table of Contents
Earth Overshoot Day: Addressing the Root Causes of Unsustainability
Rethinking the Economic System for a Sustainable Future
Earth Overshoot Day serves as a stark reminder that humanity is pushing the limits of our planet’s ability to support life. The Global Footprint Network’s analysis shows that we have exceeded Earth’s capacity to regenerate its resources. To create a sustainable future, we must recognize the interconnectedness of nature, society, and the economy and address the root causes of our environmental and social challenges. Greenpeace Nordic has brought together a group of global experts in economic system change to offer innovative solutions in their SystemShift podcast.
Recognizing the Problem: Outdated Economic Systems
Architect and visionary Indy Johar frames the issue as humanity being stuck in a 400-year-old economic system that no longer serves our needs. To overcome these challenges, we need to design a new, interconnected, and holistic economic model that fundamentally changes our relationship with energy, work, and ownership.
Growth Vs. Sustainability
One key root cause identified by the podcast experts is the prevailing paradigm of infinite economic growth. The pursuit of ever-greater economic growth, as measured by Gross Domestic Product (GDP), ignores the true costs of environmental degradation and social inequality. Tim Jackson, director of the Center for Understanding Sustainable Prosperity, advocates for an alternative economic system that shifts away from relentless growth-focused mindsets and restricts activities like fossil fuel extraction.
Eva Von Redecker, an author and philosopher, emphasizes the concept of environmental freedom and our right to a clean and healthy environment, free from pollution. Redesigning the economic system should prioritize regenerative practices and ensure the protection of our natural resources.
The Future of Work
The focus on infinite growth has also led to outdated notions about work. Juliet Schor, a professor of Sociology, argues that excessive work hours reduce productivity and devalue crucial aspects of life, such as care work and personal relationships. Reducing work hours and increasing leisure time can improve well-being, productivity, and the environment by reducing global carbon emissions.
Jayati Ghosh, a professor of Economics, emphasizes the need for greater voice and power for care workers and unpaid caregivers. Their marginalization contributes to the undervaluing of care work compared to the significant influence of financial institutions and corporations.
The Hidden Economic System
The experts also highlight the destructive aspects of the hidden economic system, which is exacerbated by a lack of public and democratic control over money creation and the profit-driven global monetary system. Ann Pettifor, director of the think tank Policy Research in Macroeconomics, calls for greater democratic control over money production and the re-regulation of global banking to reduce systemic risks and restore political and economic power to elected assemblies.
The Ongoing Impacts of Colonialism
The ghost of empire continues to shape our lives, contributing to socio-economic inequalities on a global scale. Kojo Karam, a lecturer at the School of Law, explains how the colonial legacy perpetuates centuries of inequality within the current economic model. The experts call for the immediate removal of tax havens and the veil of secrecy they provide to corporate players. Taxing wealth wherever it is held and ensuring multinational corporations pay their fair share can help address these issues.
The Effects of Inequality
Kate Pickett and Richard Wilkinson, academics and authors of “The Spirit Level: Why More Equal Societies Almost Always Do Better,” detail the detrimental effects of inequality on individual health and well-being, as well as its relationship with environmental degradation. Jayati Ghosh argues for a feminist economics framework that values the care economy, especially in its unpaid form. Additionally, Guy Standing, a former professor of Development Studies, proposes a Universal Basic Income system to ensure more equitable distribution of resources, countering fiscal austerity and neoliberal policies.
The Way Forward
Addressing the root causes of our unsustainable economic system requires collective action and government regulation. We must demand that our governments regulate corporations and financial markets to prevent further exploitation of our planet. The solutions proposed in the SystemShift podcast provide a starting point for deep discussions on economic system change.
We can no longer ignore the urgency of reimagining our economic systems. Each year, Earth Overshoot Day comes earlier, showing the urgency for transformative change. Let’s join forces and work towards a sustainable future for ourselves and the planet we call home.
<< photo by Aaron Burden >>
The image is for illustrative purposes only and does not depict the actual situation.