Whereas the New Deal needed only to restore growth, the Green New Deal has to generate growth and reduce emissions. The problem is that growth and emissions are, by almost every measure, profoundly correlated. The Green New Deal thus risks becoming a sort of Sisyphean reform, rolling the rock of emissions reductions up the hill each day only to have a growing, energy-hungry economy knock it back down to the bottom each night.
It’s easy to get lost in the weeds here and lose sight of the essential. In every scenario, on each sad, warming planet, the Green New Deal fails because capitalism. Because, in capitalism, a small class of owners and managers, in competition with itself, finds itself forced to make a set of narrow decisions about where to invest and in what, establishing prices, wages, and other fundamental determinants of the economy. Even if these owners wanted to spare us the drowned cities and billion migrants of 2070, they could not. They would be undersold and bankrupted by others. Their hands are tied, their choices constrained, by the fact that they must sell at the prevailing rate or perish. It is the class as a whole that decides, not its individual members. This is why the sentences of Marxists (and Marx) so often treat capital as agent rather than object. The will towards relentless growth, and with it increasing energy use, is not chosen, it is compelled, a requirement of profitability where profitability is a requirement of existence.
"...For reference, there is about $300 trillion of total wealth on the planet, most of it in the hands of the owning class. The global Gross Domestic Product, the value of all the goods and services produced in a year, is around $80 trillion. If you propose to wipe out $50 trillion, one-sixth of the wealth on the planet, equal to two-thirds of global GDP, you should expect the owners of that wealth to fight you with everything they have, which is more or less everything..."
posted 298 days ago