I am not an economist (that much will become clear)….but seems to me that economic collapse is not a problem, rather it is a symptom. It is a symptom of a fundamentally flawed economic model rolled out again and again, seemingly oblivious to the fact it is now obsolete. It also seems to me that it is becoming beyond us to treat the symptoms without addressing the sickness…
I am sure financial puppet-masters much cleverer than I are frantically number-crunching now to figure out a way to delay the inevitable. Subsidies, borrowing from (wait, who has money left? Oh yes, China) other countries, tax changes, further externalising of environmental costs all distort the growing recognition by society that something’s gotta give. But not forever.
My question is not how we are going to escape, avert, avoid or get through economic collapse globally, but rather to wonder what the endgame is. The rhetoric in the media and political circles would seem to be that we are waiting for ‘recovery’.
Recovery is defined by dictionary.com as “restoration or return to any former and better state or condition.”. Freedictionary.com defines it as “to get back: regain”. Urbandictionary.com defines it as “Eminems 7th studio album”….well, you get the idea.
Recovery is typically a retrospective process of restoration, the removal or galvanisation against a temporary ailment or pressure. The use of the fundementally flawed neo-liberal market model cannot be ‘recovered’ from. We cannot return to pre-2008 times, the old model just doesn’t work.
So when we talk about recovery and coming out of a recession – what are we going towards? Enlighten me….