The Economic Crisis: An Opportunity for Sustainability?

Is now the time to integrate sustainable principles into a new economic system? The world’s governments are focusing on bailouts and austerity measures but what is also needed is a similar response to deal with the global environmental crisis. Progress has accelerated techno-science, but what progress has there been for the community, which we have moved away from in favor of large cities and globalization. What progress has been made environmentally, ethically or even spiritually? Part of the problem is that we continue to treat the economy and the environment as mutually exclusive and in conflict. In fact, the economy and the environment are inextricably connected; the economy cannot exist without a healthy environment.

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The economic ethos has always steered towards expansion, or our perception of the 'good life' despite it not really bringing happiness. This is a culture of consumerism. Changing current patterns of over-consumption and expansion will require considerable effort. It means finding ways to transform lifestyles while maintaining a reasonable level of comfort. Albert Einstein once said that we can’t solve problems by using the same kind of thinking that created them. The goal is to redefine what we need as opposed to what the market tells us what we need; a market shaped around environmental and communal values.

Because of the economic crisis, social and corporate interest in sustainability will become more politically relevant. Since the sudden drop in exports back in the financial crisis of 2008, Germany turned its focus towards green technologies for business investment. In Germany, improved production methods and processes make better use of existing resources which steers the economy away from 'limited growth' towards 'smart growth'. When equipped with the means there can be ways to work around the consequences of short term thinking.

 

These crises are all symptoms of a larger global system that is out of balance. There is a need for a new economic paradigm, but the need for sustainability in economics is much greater. It is important to remember that not only are there alternatives to the current system, but that they can be good too.