Have we been too greedy?

Dr Kanwaljit Soin, Today Online 15 Oct 08;

THE effects of hyper-capitalism and a rampant free market appear to have brought the United States to its financial knees in recent days.

Yet, this is the same economic model that has for many years been touted for the rest of the world to adopt.

Perhaps, it is time to pause and reconsider.

The prevailing modern free market society is fixated with consumption. Its mantra is: More, Further, Quicker, Richer. Where will this lead us? And is such a philosophy sustainable?

The answer, I feel, may lie in the writings of the late economist Dr E F Schumacher. In 1973, he wrote a book called Small is Beautiful which includes a chapter entitled “Buddhist Economics”.

In his book, Dr Schumacher discusses the absurdity of societies pinning their hopes on achieving exponential economic growth, of measuring success solely in terms of Gross Domestic Product (GDP), and of ignoring the social and environmental “externalities” of contemporary consumerism.

He argued: “An attitude to life which seeks fulfilment in the single-minded pursuit of wealth and materialism does not fit into this world, because it contains within it no limiting principle, while the environment in which it is placed is strictly limited.”

But do politicians and big business realise this? Was “greed is good” not the ethic of Wall Street? Did not the much-revered Deng Xiaoping issue an edict to his billion-odd country men and women that “to be rich is glorious”?

This pursuit of unfettered economic growth needs to be questioned on at least two counts; the availability of basic resources and the capacity of the environment to cope with the degree of interference implied.

We have to evolve a new lifestyle, with new methods of production and consumption. Buddhists believe that when consumption enhances true well-being, it is said to be successful consumption. However, the compulsive consumption that is encouraged by advertisers breeds inherent dissatisfaction.

The media often imbues the public with a predilection for indulgence; we are conditioned to become perfect consumers who have no higher purpose in life than to consume the products of modern industry.

The infinite growth of material consumption in a finite world is impossible.

Another issue that has to be addressed is the notion of the “free market”.

Markets today are neither free nor are they always efficient: They exacerbate wealth differentials and accelerate environmental degradation. Yet any activity that is deemed “uneconomic” is dismissed by politicians and big corporations. The market has, in my view, become the main if not the sole arbiter of social and economic benefits.

This has to be challenged. Many of us aspire to, or long for, a far more human-sized, human-centred, emotionally-mature way of living. Instead, it seems that values are determined by corporations and brands, not individuals and ideals.

Some of you may justifiably ask how a few of us can ever hope to change the overwhelming materialistic paradigm of development so that life becomes more meaningful for the human race. Well, we can make a start by becoming more aware ourselves and then creating understanding and advocating our cause. Our perception that our existence has gone somewhat awry will force us to find alternatives.

It may take a long time, but we have to take the first step in this difficult human enterprise. We should be encouraged by what anthropologist Margaret Mead once said: “Never doubt that a small group of thoughtful committed citizens can change the world; indeed it is the only thing that ever has.”

The writer is the president of thenon-profit organisation Women’s Initiative for Ageing Successfully and a former NMP.