The crisis triggered by Covid-19 has exposed many weaknesses of the growth-obsessed capitalist economy.
Life and wellbeing should be at the centre of the economy, instead of growth and wasteful production, according to signatories of an open letter titled ‘New Roots for the Economy’.
The letter, signed by 1,100 scientists, academics and activists from over 70 organisations worldwide, states that the crisis triggered by Covid-19 has exposed many weaknesses of “the growth-obsessed capitalist economy”, such as healthcare systems crippled by years of austerity.
Authors of the letter argue that as long as the economic system is dependent on growth, a recession will be devastating. Instead, degrowth – where the economy is downscaled in a planned and equitable way – will lead to a future where people can live better with less, the letter says.