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Degrowth: new roots for the economy

As long as our economy is dependent on growth, a recession will be devastating. Instead we need a planned, sustainable, and equitable downscaling of the economy.

Degrowth: new roots for the economy
Image: Francesca Van Daele, CC0
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The Coronavirus pandemic has already taken countless lives and it is uncertain how it will develop in the future. While people on the front lines of healthcare and basic social provisioning are fighting against the spread of the virus, caring for the sick and keeping essential operations running, a large part of the economy has come to a standstill. This situation is numbing and painful for many, creating fear and anxiety about those we love and the communities we are part of, but it is also a moment to collectively bring new ideas forward.

The crisis triggered by the Coronavirus has already exposed many weaknesses of our growth-obsessed capitalist economy – insecurity for many, healthcare systems crippled by years of austerity and the undervaluation of some of the most essential professions. This system, rooted in exploitation of people and nature, which is severely prone to crises, was nevertheless considered normal. Although the world economy produces more than ever before, it fails to take care of humans and the planet, instead the wealth is hoarded and the planet is ravaged. Millions of children die every year from preventable causes, 820 million people are undernourished, biodiversity and ecosystems are being degraded and greenhouse gases continue to soar, leading to violent anthropogenic climate change: sea level rise, devastating storms, droughts and fires that devour entire regions.

For decades, the dominant strategies against these ills were to leave economic distribution largely to market forces and to lessen ecological degradation through decoupling and green growth. This has not worked. We now have an opportunity to build on the experiences of the Corona crisis: from new forms of cooperation and solidarity that are flourishing, to the widespread appreciation of basic societal services like health and care work, food provisioning and waste removal. The pandemic has also led to government actions unprecedented in modern peacetime, demonstrating what is possible when there is a will to act: the unquestioned reshuffling of budgets, mobilization and redistribution of money, rapid expansion of social security systems and housing for the homeless.