Saturday, January 7, 2012

Natural capital…

"The twin pillars of the capitalist system – private ownership and free markets – are undergoing a significant shift as a result of the financial meltdown. The days of companies "privatizing the profits" and governments "socializing the losses" are gone forever. … Capitalism is dooming itself because it is polluting and depleting its resource base – natural capital – in its frenetic pursuit of profits and growth. The tragedy of modern capitalism lies in its denial that there is a biophysical limit to exponential consumption and growth. … [We must revise] statistical accounting systems, such as Gross Domestic Product, so that they reflect externalities like pollution and public health. … Capitalism cannot be reformed until we reform our own consumption behaviour: until we learn to live with less, until we reduce our bloated ecological footprints and until we lower our material expectations."
-- Hugh Robertson, "Capitalism and Sustainability" -

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