Is environmental sustainability compatible with capitalism and economic growth being reconciled with environmental protection?
Yes, economic growth can be reconciled with environmental protection through the concept of sustainable development. Sustainable development aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. However, this positive trajectory has come at a high cost to the environment and the depletion of natural resources. The limitations of economic growth at the expense of the environment are evident. Sustainable economic prosperity can only be achieved in the long run if it is coupled with ecological sustainability. Capitalism and sustainable development are mutually exclusive. To protect the environment we need to develop alternative economic systems, even if some predict the next man-made mass extinction is already inevitable. Capitalist systems are often destructive to the environment as well as certain individuals without access to proper representation. However, sustainability provides quite the opposite; it implies not only a continuation, but a replenishing of resources. Having that in mind, we frequently face this question knowing the answer, sustainable capitalism can coexist, but achieving sustainability requires significant changes to how our daily lives and capitalism currently operate. With the data analyzed, we can see that capitalism suits the environment. The greater the economic freedom, the better the environmental quality indexes. The “cleaner” countries do not export their pollution by relocating companies. In fact, “cleaner” countries do not even invest in the “dirtiest” countries. By embracing sustainable practices like renewable energy development, green infrastructure, and circular economy principles, societies can achieve economic growth while preserving ecosystems and minimizing carbon emissions. The relationships between economic growth and environmental quality may change the sign when the country reaches a certain level of economic performance as people can afford more efficient and environment-friendly production resulting in a cleaner environment.
Am in agreement with your observations Rk Naresh that a next generation economic system is needed to reconcile economic growth with development, i.e. an eco-economic market system is surely possible without financial (state) capitalism. The concept of the common good economy moves away from pure profit and growth thinking.
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