Degrowth
Rethinking Economic Expansion for Sustainability and Well-Being
The concept of Degrowth challenges the nonstop growth of economics. The idea prioritizes the importance of sustainability over the growth in economy, promoting social equity, shifting focus on resource-based economy, and the value of human well-being and environment health.
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As plundering natural resources is only a destructive means of production, our economic expansion will and should hit a limit. Therefore, the importance lies in finding alternative and sustainable ways for a steady economic growth without sacrificing environmental preservation.
The Fossil Fuel Dilemma
Fossil fuels, including oil, coal, and natural gas, are popular among the populace due its high energy density and relative ease of utility; and the already established infrastructure. This fossil capital has historically benefited the consumers, driven economic growth and improved living standard. To the distributors on the other hand, they profit immensely from the sale, and this embodies capitalism. However, fossil fuel like any other resource takes time to regenerate and the extraction process becomes strenuously harder by the day. Due to the capitalistic framework, distributors strive for competitive prices, and often lean on the cost cutting measures which transfers the impact away from their wallet towards environmental and safety standards. These measures can include cutting the purification process which can not only increase the pollution, but also damage the engines, and compromise the safety and standards of the worker.
And the concept of degrowth suggests just the right attempt of taking a step back to view the broader picture. The solution for fossil fuel consumption is right at the palm of our hands, if only we work collectively to transition to renewable energy sources and shift our attention to resource and preservation methods.
The Case for Sustainable Business Practices
The main motive of capitalism is maximizing profit while disregarding its effects on human well-being and the environment. As mentioned, once there’s a shift from resource exploitation to a more preserving attempt i.e. degrowth, nature will no longer deteriorate and by extension, our well-being. Despite the undeniable necessity of profit to sustain a business, the ultimate goal is to demonstrate a movement committed to a stabler functional system with healthcare, education, community development, where all are recognized and well-funded by corporations.
Taking the previous example of fossil fuel, but instead put the continuously improving working environment for the workers on the rig. Implementing this approach not only introduces a more sustainable business model by reducing the fatality rate but also fosters a longer-lasting relationship with the employees.