What is Degrowth?
Degrowth is a concept that aims at abolishing economic prosperity as the primary aim for society. It questions the global capitalist system that desires growth at all costs, causing environmental destruction and human exploitation.
The proponents of this idea advocate the establishment of communities that prioritize social and ecological well-being instead of profits, over-production, and excess consumption.
Origin of the Word “Degrowth”
The word “degrowth” became prominent after the first international Degrowth Conference, held in Paris in 2008. It has since then been established in media as well as academic writing and is used by social workers and practitioners.
What is Degrowth Economy?
A degrowth economy is all about relying on consumer power to reduce the demand for environmentally harmful production. In a degrowth economy, the net business investment is reduced, accompanied by a shift in investment from private to public goods. Additionally, innovation would become a key factor, but it would be targeted towards sustainable goals. The focus of investments would increase towards areas like renewable energy, clean technology, green business, and climate adaptation.
Is Degrowth a Good Idea?
For western economies, degrowth may appear like a good idea, but for the developing economies with rampant poverty, economic growth and higher output would make a significant difference to living standards.