The task
Read the text- Balser, E (2008) 'Capital Accumulation, Sustainability & Hamilton Ontario'.
Write a 500 word critical summary of the text which explicitly adresses the following questions
Write a 500 word critical summary of the text which explicitly adresses the following questions
- How is sustainability defined in the text?
- What are the main characteristics or tendencies of Capitalism
- Define a 'crisis of Capitalism'. Offer an example.
- What solutions have been offered to the sustainability question? Are these successful or realistic? - If not why are they flawed?
- Is the concept of sustainability compatible with Capitalism?
1.Sustainability is defined as inter- generational equity in the social, environmental, economic, moral and political society (Meadows). It is a communication concept. Through technology and individual the attempt to engage in sustainable lifestyle and make environmentally conscious decisions has fallen. Sustainability as as an environmental buzzword is relatively new. The most common definition of sustainability is from Brundtland commission's Our common future: " sustainable development is the development that meets the needs of the present without compromising the ability of the future generations to meet their own needs".
2. Capitalism is an economic system which the means of production are privately owned and operated for profit. karl Marx developed the idea of capital accumulation in his work Capital. Originating in both trade and expropriation, it arises from the constant need to realise surplus value. Capitalism is constantly looking for new things to commodify. Capitalism thrives on creating , then subsuming the other. Marx states "a precondition of production based on capital is therefore the production of a constantly widening sphere of circulation, whether the sphere is directly expanded or whether more points within it are created as points of production"
3 "crisis indicates a passage, which is the turning point in every systematic cycle of accumulation, from a first phase of material expansion (investment in production) to a second phase of financial expansion (including speculation)". The environmental orgins is a crisis for capitalism.
4.
2. Capitalism is an economic system which the means of production are privately owned and operated for profit. karl Marx developed the idea of capital accumulation in his work Capital. Originating in both trade and expropriation, it arises from the constant need to realise surplus value. Capitalism is constantly looking for new things to commodify. Capitalism thrives on creating , then subsuming the other. Marx states "a precondition of production based on capital is therefore the production of a constantly widening sphere of circulation, whether the sphere is directly expanded or whether more points within it are created as points of production"
3 "crisis indicates a passage, which is the turning point in every systematic cycle of accumulation, from a first phase of material expansion (investment in production) to a second phase of financial expansion (including speculation)". The environmental orgins is a crisis for capitalism.
4.
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