“Neoliberalism’s triumph also reflects the failure of the left. When laissez-faire economics led to catastrophe in 1929, Keynes devised a comprehensive economic theory to replace it. When Keynesian demand management hit the buffers in the 70s, there was an alternative ready. But when neoliberalism fell apart in 2008 there was … nothing. This is why the zombie walks. The left and centre have produced no new general framework of economic thought for 80 years.
Every invocation of Lord Keynes is an admission of failure. To propose Keynesian solutions to the crises of the 21st century is to ignore three obvious problems. It is hard to mobilise people around old ideas; the flaws exposed in the 70s have not gone away; and, most importantly, they have nothing to say about our gravest predicament: the environmental crisis. Keynesianism works by stimulating consumer demand to promote economic growth. Consumer demand and economic growth are the motors of environmental destruction.
What the history of both Keynesianism and neoliberalism show is that it’s not enough to oppose a broken system. A coherent alternative has to be proposed. For Labour, the Democrats and the wider left, the central task should be to develop an economic Apollo programme, a conscious attempt to design a new system, tailored to the demands of the 21st century.”
-George Monbiot, author of How Did We Get into This Mess?
“The denial of climate change, while out of tune with the science, is consistent with—even necessary for—the outlook of almost all the world’s economists. The continuous growth described by modern economics, whether informed by Marx, or Keynes or Hayek, depends on the notion that the planet has an infinite capacity to supply us with wealth and absorb our pollution. In a finite world, this is impossible. Pull the rug out from under the dominant economic theories, and the whole system of thought collapses.
And this, of course, is beyond contemplation. It mocks the dreams of both left and right, of every child and parent and worker. It destroys all notions of progress. If the engine of progress—technology and its amplification of human endeavour—have merely accelerated our rush to the brink, then everything we thought was false. Brought up to believe that it is better to light a candle than to curse the darkness, we are now discovering that it is better to curse the darkness than burn your house down.
Our economists are exposed by climatologists as utopian fantasists, the leaders of a millenarian cult as mad as, and more dangerous than, any religious fundamentalism. But their theories govern our lives, so those who insist that physics and biology still apply are ridiculed by a global consensus founded on wishful thinking.”
George Monbiot, from his book Bring on the Apocalypse: Essays on Self-Destruction