Economics is bunk!
This was the title of the BBC Radio 4 programme presented by Edward Goldsmith (former editor of the Ecologist magazine) on 25th Sept 1994. Many of the arguments supporting his case are as valid today as they were then. The free mobility of capital combined with globalisation has replaced the principle of 'comparative advantage' in free market trading. There has been an increase in 'futures' (derivatives) trading i.e. gambling on the price of commodities that have not yet been produced. Huge wage differentials across the world have also led multinational companies to transfer business operations and manufacturing to countries where labour is cheap (notably China). This is also happening in service industries. This trend has led to a massive increase in energy use and greenhouse gas emissions as products are made by factories with poor emissions standards (usually using coal as the fuel source) and are transported very long distances.
Because of the way in which capital is accumulated through exploitative interest payments, economic growth inevitably involves an increasing gap between the rich and the poor across the world.

The direct link between economic growth and the use of fossil fuels will almost inevitably cause a world recession as oil and gas reserves are unable to meet demand. In this situation all societies will suffer - but some more than others. Nuclear power is not a viable, economic or safe alternative source of energy and many of its advocates have not properly considered its shortcomings. The move to develop renewable sources of energy by governments have been extremely slow because short term economic considerations have been put before common sense. Governments and ordinary citizens in affluent societies have exhibited reckless irresponsibility by putting short term convenience and pleasures before the basic needs of future generations and the world's poorest people.

Most scientists now agree that global warming will have serious economic implications in the future even if stringent measures are taken now to cap and then reduce the use of fossil fuels year on year.
Banks and multinational companies play a prominent role in compounding the environmental and social crises developing across the world.
In Britain social breakdown is being manifested in statistics for violent crime, drug addiction, binge drinking, teenage pregnancies, sexually transmitted diseases, obesity and personal debts. Many social and environmental indicators place Britain at or near the bottom of European league tables.
Economic growth is measured in a ridiculous way that gives no indication of its social and environmental impact i.e. by gross national product (GNP) which lumps together the output of all goods and services even those that have negative social and environmental outcomes.

Is now the time for the development of a new science that can reflect true sustainability and a fair distribution of wealth between people across the world? See Philonomics - A Science of Common Sense.