There is a critical need to reassess the focus on continuous growth in the global economic system. The concept of “degrowth” challenges the necessity of perpetual economic expansion for human prosperity, suggesting it contradicts ecological sustainability on a planet with finite resources. Despite some resistance, especially from the business sector, the arguments supporting degrowth underscore the inextricable link between economic growth and environmental degradation, proposing a shift toward more sustainable business practices and a reevaluation of the myths surrounding “sustainable growth,” such as the effectiveness of energy transitions and efficiency improvements, which often overlook significant environmental impacts and dependencies on existing energy infrastructures. The article advocates for a societal movement toward reducing consumption and over-production, while embracing values of care and redistribution, challenging traditional market-first ideologies.
In May 2023, the Beyond Growth conference was held at the EU Parliament in Brussels. Headlined by government leaders and academics, its agenda was the urgent need to change the current economic system. The culmination was a manifesto that stated: “Our world is facing an eco-social crisis…driven by the global capitalist system, centered around perpetual economic expansion (growth) and accumulation. Our obsession with economic expansion clashes with finite planetary boundaries.”
Christopher Marquis is Sinyi Professor of Chinese Management at Cambridge Judge Business School. He is also the author of The Profiteers: How Business Privatizes Profits and Socializes Cost (PublicAffairs, 2024).