U.S. Capitalism

As usual Diane Rehm had a really interesting show on the other day. This one about American capitalism. The discussion included a brief examination of European versions of capitalism. The problem of high European unemployment was mentioned, as was the lack of real economic growth for most Americans over the past generation under our model (not to mention our long-standing problem of fueling growth by taking on excessive debt). Personally I think the greater of these evils is spending your life thinking you're doing swell only to find out it was all an illusion and that you're hopelessly broke whilst getting sicker by the day (with no health insurance).

A conservative commentator on the program gave a simple definition of a well-functioning economy as one in which per capita income increases year over year (indefinitely). Sure. But leaving aside inflation, that becomes impossible. And if that is something for all economies to aspire to, there aren't enough resources on the planet to support the continuous purchasing power expansion for everyone. Unless, of course, humanity collectively decides not to convert their ever-expanding financial wealth into material goods that pillage or pollute our shared natural resources. In the real world, though, we have to find a balance. Sustainable growth. It's the imperative of globalization and global population growth. We have no choice any more but to share. Furthermore, does having a GDP that isn't growing have to mean we're dying?