Like coal, capitalism has brought many benefits. But, like coal, it now causes more harm than good. Just as we have found means of generating useful energy that are better and less damaging than coal, so we need to find means of generating human wellbeing that are better and less damaging than capitalism.
There is no going back: the alternative to capitalism is neither feudalism nor state communism. Soviet communism had more in common with capitalism than the advocates of either system would care to admit. Both systems are (or were) obsessed with generating economic growth. Both are willing to inflict astonishing levels of harm in pursuit of this and other ends. Both promised a future in which we would need to work for only a few hours a week, but instead demand endless, brutal labour. Both are dehumanising. Both are absolutist, insisting that theirs and theirs alone is the one true God.
So what does a better system look like? I don’t have a complete answer, and I don’t believe any one person does. But I think I see a rough framework emerging. Part of it is provided by the ecological civilisation proposed by Jeremy Lent, one of the greatest thinkers of our age. Other elements come from Kate Raworth’s doughnut economics and the environmental thinking of Naomi Klein, Amitav Ghosh, Angaangaq Angakkorsuaq, Raj Patel and Bill McKibben. Part of the answer lies in the notion of “private sufficiency, public luxury”. Another part arises from the creation of a new conception of justice, based on this simple principle: every generation, everywhere shall have an equal right to the enjoyment of natural wealth.
I believe our task is to identify the best proposals from many different thinkers and shape them into a coherent alternative. Because no economic system is only an economic system, but intrudes into every aspect of our lives, we need many minds from various disciplines – economic, environmental, political, cultural, social and logistical – working collaboratively to create a better way of organising ourselves, that meets our needs without destroying our home.