The perpetual quest for growth drives our economics. That’s why our environment and financial system lurch from crisis to crisis
There was “a flaw” in the theory: this is the famous admission by Alan Greenspan, the former chair of the Federal Reserve, to a congressional inquiry into the 2008 financial crisis. His belief that the self-interest of the lending institutions would lead automatically to the correction of financial markets had proved wrong. Now, in the midst of the environmental crisis, we await a similar admission. We may be waiting some time.
The sigh of relief from insurers and financiers when Irma changed course could be heard around the world