Hats off to Mary MacDonald for her insightful and timely analysis of our current "economic growth" fixation and the perils that it portends (Thursday, June 14 Citizen).
Karl Polanyi wrote the classic book, The Great Transformation. In his foreword to the 2001 edition of the book, Nobel Prize winning economist Joseph Stiglitz says "because the transformation of European civilization is analagous to the transformation confronting developing countries around the world today, it often seems as if Polanyi is speaking directly to present day issues."
One of the central themes in Polanyi's book speaks to the relationship between societal values and economic systems. He points out that throughout human history the economy has been subordinated to politics, religion and social relations. The great transformation to which Polanyi refers began in the mid twentieth century when "instead of the economy being embedded in social relations, social relations (became) embedded in the economic system." In short, the demands of the economic system with its ostensibly self-regulating markets began to take precedence over the social needs of society.
This phenomenon is clearly and increasingly on display in the United States where developing an understanding of decisions taken and policies enacted requires one basic strategy - follow the money.
Sadly and as Mary MacDonald so eloquently points out, we seem to have turned down that same path and appear to be proceeding at a breakneck pace.
Bob Harris
Prince George
