Relying heavily on economic data to measure progress, they see the near 10-fold growth in the world economy since 1950 and the associated gains in living standards as the crowning achievement of our modern civilization. During this period, income per person worldwide climbed nearly fourfold, boosting living standards to previously unimaginable levels. A century ago, annual growth in the world economy was measured in the billions of dollars. Today, it is measured in the trillions. In the eyes of mainstream economists, our present economic system has not only an illustrious past but also a promising future.
Mainstream economists see the 2008–09 global economic recession and near-collapse of the international financial system as a bump in the road, albeit an unusually big one, before a return to growth as usual. Projections of economic growth, whether by the World Bank, Goldman Sachs, or Deutsche Bank, typically show the global economy expanding by roughly 3 percent a year. At this rate the 2010 economy would easily double in size by 2035. With these projections, economic growth in the decades ahead is more or less an extrapolation of the growth of recent decades.
A study by a team of scientists led by Mathis Wackernagel aggregates the use of the earth’s natural assets, including carbon dioxide overload in the atmosphere, into a single indicator—the ecological footprint. The authors concluded that humanity’s collective demands first surpassed the earth’s regenerative capacity around 1980. By 2007, global demands on the earth’s natural systems exceeded sustainable yields by 50 percent. Stated otherwise, it would take 1.5 Earths to sustain our current consumption. If we use environmental indicators to evaluate our situation, then the global decline of the economy’s natural support systems—the environmental decline that will lead to economic decline and social collapse—is well under way. More
