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Uncontrolled Capitalism and Sustainability of The Earth
Uncontrolled Capitalism and Sustainability of The Earth
ESSAY
PREPARED BY:
FAZILLAH BINTI KHAZALI
(S-IM0069/20)
LECTURER’S NAME:
DR MARK HARRIS ZUKNIK
Global greenhouse gas (GHG) emissions, the conflict between uncontrolled
capitalism and the betterment of the country, market-based climate change solutions
that do not work, and overexploitation of the earth’s natural resources for the sake of
maximising profits are all contributing to an increase in global warming and climate
change (Upadhyay, 2017). The sustainability of the earth’s natural resources is
critical for dealing with the threat of climate change and human survival. This is
because natural resource utilisation is related to all three sustainability facets: social
justice, environmental health, and economic growth (Bansard & Schröder, 2021).
However, we are seeing a natural resource grab by wealthy countries, richer people
within developing countries and private sector companies (Christian Aid, 2012). This
situation is making the tiny group of the wealthiest people get richer, and the world
poorest will bear the brunt of the consequences (OXFAM, 2021).
The rise and expansion of capitalism have made it the dominant economic
system outscoring socialism and communism (Klusener, 2017). During the capitalist
age, global population, consumption and production have grown unprecedentedly
through the exploitation of natural resources, lifting millions of people worldwide out
of absolute poverty (King, 2021). However, overexploitation of the natural resources
caused by a tiny group of the rich capitalist is making people and ecosystems
worldwide more susceptible to extreme and unpredictable weather, endangering
lives and livelihoods. The emergence of neoliberalism ideology exacerbates the
situation because its policies foster class-based economic inequality and a disregard
for human welfare (Longley, 2021). Neoliberalism was responsible for the financial
catastrophe, environmental devastation, and even the ascent of Donald Trump.
To deal with the rapidly expanding crisis, green growth policies were
promoted as less harmful to the environment (Althouse et al., 2020). In theory, the
green growth policies could accelerate economic growth and benefit employment,
sustainability, and even global equality (Altenberg & Assmann, 2017). Therefore,
increasing economic growth is universally regarded as a good thing that can help
improve a country’s social and environmental sustainability (Pollin, 2019). In
contrast, research showed that green growth policies are an overarching goal, and
different strategies are needed to prevent global warming over 1.5°C or 2°C (Hickel
& Kallis, 2020). According to Prof Wiedmann, while technology can help us consume
more efficiently, such as saving energy and resources, these technological
improvements cannot keep pace with our ever-increasing consumption levels
(University of New South Wales, 2020). Moreover, if our existing economic structure
and population growth continue, we will not be able to attain environmental
sustainability in both high and low-income countries (Cumming & Von Cramon-
Taubadel, 2018).
Pursuing economic growth at the expense of the environment is no longer an
option (Harvey, 2019). Climate change adaptation and mitigation strategies required
to protect human society must also be intended to protect human rights, promote
social injustice, and avoid creating new or exacerbating existing problems for
vulnerable communities (Levy & Patz, 2015). It is time for another revolution in food
production and consumption, according to Tim Searchinger, an expert from
Princeton University and the World Resources Institute (Fiona Harvey, 2019). We
urgently require global action against industrial farming to avoid a global catastrophe
(979 words)
References:
Altenburg, T., & Assmann, C. (Eds.). (2017). Green Industrial Policy. Concept,
Policies, Country Experiences. Geneva, Bonn: UN Environment; German
Development Institute / Deutsches Institut für Entwicklungspolitk (DIE).
Althouse, J., Guarini, G., & Gabriel Porcile, J. (2020). Ecological macroeconomics in
the open economy: Sustainability, unequal exchange and policy coordination in
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https://doi.org/10.1016/j.ecolecon.2020.106628
Bansard, J., & Schröder, M. (2021). The Sustainable Use of Natural Resources: The
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