CIO Letter - Economic development, the climate wall and the human factor. Part 1: human after all

"It is no measure of health to be well adjusted to be a profoundly sick society"
(Jiddu Krishnamurti)

The COVID crisis has highlighted just how fragile globalised and deregulated economic models based on free trade are, as well as the intensive use of finite natural resources and taking an overly optimistic view of labour and capital. This model is now showing its limitations, since its effects have become an obvious hindrance to creating economic value: the impact on the climate, biodiversity, deepening social inequalities and the formation of economic bubbles. The path that humanity is currently on has now reached a turning point: for the first time in history, the solution to one of humanity’s problems requires cooperation on a global scale. If one of the major economic powers refuses to cooperate, everybody loses. Despite this, the desire for growth at any cost has been promoted by leaders of the world economy as a guarantee of freedom, prosperity and even happiness. This is a strange paradox for a system responsible for causing such a massive problem, that humanity is forced to curb this system in order to resolve the problem. Given that this economic model has spiralled out of control, the relatively clear observation that it is dysfunctional, to the point of threatening the existence of humans on our planet, leads us to ask ourselves the following question: how can those advocating for this model carry on trying to impose it on as many people as possible by discrediting all alternatives, even though this could lead to our downfall in a relatively short space of time?

Now is the time to set aside what would be appropriate to write about if we wished to maintain the current system that guarantees a certain social order – which we are likely a part of – as well as a comfortable position and a clear conscience. How so? By looking back at the key periods that contributed to raising the status of a globalised, free trade capitalist model based on the desire for infinite growth to the level of a quasi-religion. Here, we will explore arguments from those who promote alternative paths, with the sole aim of comparing them with what is often presented to us as the only possible option.