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Managing without Growth, Second Edition

Slower by Design, not Disaster

Peter A. Victor

Ten years after the publication of the first edition of this influential book, the evidence is even stronger that human economies are overwhelming the regenerative capacity of the planet. This book explains why long-term economic growth is infeasible, and why, especially in advanced economies, it is also undesirable. Simulations based on real data show that managing without growth is a better alternative
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Chapter 10: The disappointments of economic growth

Peter A. Victor

Extract

Proponents of economic growth claim that it is essential for meeting a variety of goals. This chapter examines the extent to which progress has been made and goals have been reached in several OECD countries. Consideration is given to full employment, poverty reduction, reduced income and wealth inequality, and the environment. The performances of Canada, Sweden, the UK and the USA are compared using OECD data. The record is disappointing. While improvement has occurred in some circumstances, employment has seldom been full, poverty levels remain high, income and wealth inequality is increasing, and environmental conditions, especially at the larger regional and global scales, are worsening.

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