If communism failed the people, capitalism has failed the planet.
Privately owned corporations big and small are committed to one simple obsession: maximising returns to their shareholders. They pursue this by growing revenues, cutting costs, and playing the system. There is no reward or incentive to voluntary raise their cost base – for example, to account for the indirect costs of damage to the environment as a result of their activities – for the sake of the public good (unless customers reward them for it). That is where governments (are supposed to) step in. While businesses play their end of the game commendably well, the public sector has been woefully ineffective in its role as guardian of the environment. And is there a greater public good?
Economic growth raises all boats, is the elixir to all social ills, and must be pursued at all costs. The maxim that economic growth must be the guiding national priority is held by world leaders of every industrialised country and most all learned men of the dismal science, as we roast through Saharan summers and freeze through Arctic winters. Lower the unemployment rate? Grow the economy. Balance the budget? Grow the economy. Get re-elected? Grow the economy.
From the perspective of a flu-ridden planet swinging from sweats to chills, capitalism and the free market economy is badly in need of overhaul. It is creating immense wealth for a shrinking affluent class, but doing little to address the looming climate disaster.