The global economy is shrinking for the first time since World War II, the AP reports. Economists at the IMF are predicting between a 1.5 and 2% reduction.. This translates to fifteen to twenty-five million people who will lose their jobs. That figure, of course, should be added to the millions already out of work.
I think this is a good time for questioning. It’s time to ask ourselves what kind of economic system we want and what foundation it will be built upon. The environmentally destructive consumer industry we’ve developed in the last half-century has proven to be unsustainable in more ways than one.
I will never forget October 23, 2008, when Allan Greenspan admitted that he had “found a flaw,” in the capitalist free market ideology. It was the first time in my life any institutional representative had ever admitted the possibility of an imperfection in the system we generally hold in high esteem. While I subscribe to capitalism (if only because I’ve generally personally benefited from the system), I do think honest, non-politicized dialogue about economic ideas are important. Cheer leading one system, without regard for the negative side affects of that system, is ludicrous.
I wonder how we can do it better.