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Why does market capitalism fail to deliver a sustainable environment and greater equality of incomes?

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  • Christine Greenhalgh

Abstract

I argue that free-market capitalist economies are biased against inventing/using green technology and against supplying the basic needs of the poor. With no mechanism for setting globally optimal prices for non-renewables, entrepreneurs choose labour-saving resource-intensive production methods. Further pressure on labour costs comes from finite individual lifetimes combined with rising access to goods. R&D creates technologies/products geared to saving worker and consumer time, instead of conserving non-renewable resources. Demand for positional luxury goods by the rich crowds out the basic needs of the poor. Technology caters for the demands of the rich, accentuating inequality, as prices fall/quality rises with innovation. I conclude with policies to redress imbalances. Copyright 2005, Oxford University Press.

Suggested Citation

  • Christine Greenhalgh, 2005. "Why does market capitalism fail to deliver a sustainable environment and greater equality of incomes?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 1091-1109, November.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:1091-1109
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    File URL: http://hdl.handle.net/10.1093/cje/bei085
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    Cited by:

    1. Veldhuizen, Caroline, 2021. "Conceptualising the foundations of sustainability focused innovation policy: From constructivism to holism," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    2. Christine Greenhalgh & Mark Rogers, 2007. "The Value of Intellectual Property Rights to Firms," Economics Series Working Papers 319, University of Oxford, Department of Economics.
    3. Jérôme Creel & Paul Hubert & Fabien Labondance, 2017. "Financialisation risks and economic performance," SciencePo Working papers Main hal-03471756, HAL.
    4. Mostafa Shahen & Koji Kotani & Tatsuyoshi Saijo, 2020. "Does perspective-taking promote intergenerational sustainability?," Working Papers SDES-2020-12, Kochi University of Technology, School of Economics and Management, revised Sep 2020.
    5. repec:spo:wpmain:info:hdl:2441/4712tvppdq9m6q5i7t579thpvf is not listed on IDEAS
    6. Gregor Devine & Michael Furlong, 2007. "Insecticide use: Contexts and ecological consequences," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 24(3), pages 281-306, September.
    7. Chen, Zhuo & Meltzer, David, 2008. "Beefing up with the Chans: Evidence for the effects of relative income and income inequality on health from the China Health and Nutrition Survey," Social Science & Medicine, Elsevier, vol. 66(11), pages 2206-2217, June.
    8. Mostafa Shahen & Koji Kotani & Tatsuyoshi Saijo, 2020. "How do individuals behave in the intergenerational sustainability dilemma? A strategy method experiment," Working Papers SDES-2020-1, Kochi University of Technology, School of Economics and Management, revised May 2020.
    9. Mostafa E. Shahen & Wada Masaya & Koji Kotani & Tatsuyoshi Saijo, 2020. "Motivational Factors in Intergenerational Sustainability Dilemma: A Post-Interview Analysis," Sustainability, MDPI, vol. 12(17), pages 1-16, August.
    10. repec:hal:spmain:info:hdl:2441/4712tvppdq9m6q5i7t579thpvf is not listed on IDEAS

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