Capitalism worst possible economic system for a planet ravaged by climate change

Photo: Rachel Docherty/Flickr

Ill fares the land, to hastening ills a prey, Where wealth accumulates, and men decay.  –Oliver Goldsmith

Twenty years ago, I wrote an op-ed in which I described free-market capitalism as “the most unjust and barbaric economic system ever devised, and one that now oppresses and abuses most of the world’s people.” I was scorned and vilified by neoliberal pundits, and even chided by some progressives who thought that calling the dominant economic system “barbaric” was going too far.

This is how I responded to my critics at that time:

Look up the word “barbaric” in your dictionary, and you’ll find several synonyms, including brutal, cruel, and savage. They all apply to the current capitalist system — and even more so to its leaders. These suave chief executives don’t look or act like Attila the Hun. They dress smartly, talk smoothly, and their table manners are impeccable. But strip away the glossy veneer, and you find the ruthless autocrats beneath the surface.

These modern barbarian chieftains don’t personally lead their hordes to invade other countries. They don’t physically destroy cultures, openly loot and pillage cities, or brutalize their citizens. But they engage in the equivalent of all these barbaric activities from the seclusion of their boardrooms, sometimes with just a phone call or a tap on a computer key. MORE