The Washington Post is currently reporting that the current financial crisis is the end of "American-style Capitalism"
Proponents of sustainability, specifically those of us who have been theorizing about the link between capitalism and sustainability, have known for some time that the United States has been operating under an economic system that is itself unsustainable. Not surprisingly, the right side of the political spectrum often labels those of us who have warned about over-consumption, corporate greed and the dire need for equity throughout the nation, as "socialists", "communists" or "liberals".
Regardless, it has become glaringly apparent that hyper-capitalism (which is the most appropriate label that we can give to our current economic system which has been encouraging unchecked consumption, greed and disparity to an alarming, unsustainable levels) has finally run its course.
This does not necessarily indicate, however, that we are shifting back to an agrarian, trade-based economy or that we are simply going to abandon over one hundred years of economic evolution simply because the greedy have begun to panic as they can see the end of their selfish, consumptionist lifestyles. We will most likely return to a normal, somewhat sustainable and manageable form of capitalism.
Rhetoric reminds us that "from the ashes a phoenix shall rise", and the current economic crisis is no different than the opportunities which we are presented with following a catastrophic natural disaster. Our return to a normalized capitalist system is a golden opportunity for America to instill an equitable and more sustainable approach to our national lifestyle.
We have seen evidence of the influence that hyper-capitalism has imposed on our nation's social, cultural and environmental planning and development choices. There is no better example of this influence than the inequity that had been fostered in the City of New Orleans for decades, and was placed on international display in the days, weeks, months and years that have followed since Katrina.
The time has come for a new breed of capitalism, one that instills social, economic and ecological equity into our developmental and planning choices (keep in mind that the onset of this downfall can be directly linked to the greed of the mortgage industry and the housing industry).
Sustainability, sustainable development and environmental justice are the concepts that must drive our new brand of American capitalism. A brand that highlights, celebrates and fosters these concepts so that we may live in a truly democratic society.
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