A lesson from Hurricane Irma: capitalism can’t save the planet – it can only destroy it

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The perpetual quest for growth drives our economics.

That’s why our environment and financial system lurch from crisis to crisis.

There was “a flaw” in the theory: this is the famous admission by Alan Greenspan, the former chair of the Federal Reserve, to a congressional inquiry into the 2008 financial crisis.

His belief that the self-interest of the lending institutions would lead automatically to the correction of financial markets had proved wrong.

Self 1aNow, in the midst of the environmental crisis, we await a similar admission.

We may be waiting some time.

For, as in Greenspan’s theory of the financial system, there cannot be a problem.

The market is meant to be self-correcting: that’s what the…

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