Global wealth, poverty and health

Is our current system of exponential economic growth viable for the well being of future generations especially considering already evident impacts to Earth's biosystems?

I’d like to bring in a different stream of consciousness into our conversation today. One that is not only focused on self development but also deeply connected with our relationship to the whole. There is a deep interplay here. This is something that has been brewing for me for a while and I’d love to bring this in to hear your thoughts!

Here’s how Chat GPT answered this question -

“Your question strikes at the core of one of the most urgent and complex challenges of our time. The short answer is: No, the current system of exponential economic growth is not viable for the long-term well-being of future generations—especially given its impact on Earth's biosystems.”

I asked many other questions. Here’s a synopsis of what I learned.

Wealth & Poverty - We have enough wealth in the World that EVERY person on Earth could have >$100K USD to their name. Every single person. Yet 40% of the World lives in poverty with 10% in extreme poverty.

Exponential Growth - Our current economic system (mainly stock markets) demand that we keep on producing and consuming, not just the same as last year but more every year i.e we must have exponential economic growth which means accelerated degradation of the natural environment. With this approach, we would need an infinite supply of natural resources on a finite planet.

Planetary Health - We’re already on track to destroy the planet as it is. We’re on track for a sixth mass extinction on the planet. 6 out of 9 critical planetary boundaries have already been crossed. The multitudes of natural disasters we see across the World are clear evidence of this. The number of billion-dollar disasters in the US have risen from around 3 per year in the 1980s to 19 annually in the last 10 years. The years 2023 and 2024 saw 28 and 27 such disasters respectively i.e. 10x.

In light of all this, how can this approach of exponential economic growth ever create the beautiful world and life we desire for ourselves and our children?

We have been told that the only way to prosperity for all of us is through never ending economic growth but that narrative is starting to have major holes as it destroys the very planet we’re dependent upon.

There is also a deep interplay with personal consciousness and actions here. Ultimately, it is we the consumers who are fueling the system. The companies and the stock markets will only grow revenues and extract natural resources to the extent that we’re purchasing their goods and services. Through our choices, we decide what to consume and how much of it.

Can we blindly keep on consuming more at an ever increasing rate without consequences?

Can an exponential growth economic system ever be viable on a planet with finite resources?

What are your thoughts on this? What am I missing?

I’d love to hear your thoughts!