Earth Capitalism

Book excerpt: Today a deepening global recession is causing economic hardships for all kinds of businesses. Earth Capitalism attributes the crisis to inappropriate macroeconomic policies and excessive expansion of financial institutions in blind pursuit of profit, lack of self-discipline among financial institutions, and the failure of supervision and regulation to keep up with financial innovations. Collectively, these are some of the main causes of the current global economic malaise. Petit argues that human greed and insatiability are the true source of disparities around the world. Greed is the reason why we are depleting the Earth’s natural resources and destroying its ecosystems. He argues that instead, a good life should be based on balanced give-and-take. When we take something from society or the Earth, we have to maintain a balance by giving something equivalent back. Happiness is founded on gratitude for what one has, and one should engage in an overall appraisal of life, not what one lacks. He believes the same principle should be applied to management of the Earth’s natural resources and goods. The current global crisis impels us to create a responsible capitalism, one that benefits all living beings on this planet. It reminds us to live a simpler life based on true well-being and life-satisfaction, but simple living is not about living in poverty. As its subtitle suggests, Earth Capitalism’s contributors present leading edge economic concepts, business models, and best practices that show the path toward creation of responsible capitalism—a viable scenario emerging from the current global economic and financial crisis.