The monopolizing dynamics of the economy under capitalism are not dealt with by economics as science, , and, economics as social policy fails to protect those marginalized by concentrated economic power.
Economics has usurped, through success of its believers, the role of managing society but it is not managing the whole of society but only the dynamics of wealth while exploiting and or marginalizing the rest.
Are w stuck with capitalism and collapse, or are we smart enough to think our way to a new culture? Sounds unlikely but hey we need a good challenge. If economics could see capitalism as one system among several and dispassionately give narratives for each so we can chose, the alternatives might have a chance. (capitalism is monopolistic, socialism feels like bureaucratic capitalism. Is there another way?
Joseph Tainter who wrote (1990) the widely read Collapse of Complex Societies has now written a paper that suggests three scenarios.
Complexity is a primary problem-solving strategy, which is often successful in theshort-term, but cumulatively may become detrimental to sustainability. Historicalcase studies illustrate different outcomes to long-term development of complexityin problem solving. These cases clarify future options for contemporary societies: collapse, simplification, or increasing complexity based on increasing energy subsidies.
Complexity is costly and fragile. Don’t go there
What forces sustain the hegemony (from Greek leader) pf economics.
• There is no alternative
• Leadership requires mystification and economics does that
• Economics is a strange attractor.
• Things are terrible, economy offers hope so people bet on it.
• Psychology of mind: abstraction resonating plus needs creates social power
• We can do capitalist economics, we cant see our way to doing anything else.
• The rich can hire a proportion of the poor to protect themselves from the rest of the poor.
• Better to stay rich now and die (or our children) in a few years than live poor from now into the future.
It seems like the distribution of power is the glue that holds the economy and society together. The problem is we are speeding toward a dead end. The mainstream economists say trust us even now. They won’t give up.
Awareness of climate collapse is wide-spread, talking about it is catching up. Potential leadership doing the necessary to stay under 1.5 is badly dividing up into conflicting interests.