Juliet Schor: Why Recent Bad Economic News Means It’s Time for Working Less

[Articles and opinion pieces published in this blog do not necessarily reflect the polices and opinions of the organizers of the International Conference on Degrowth in the Americas. They are posted here to stimulate discussion and debate on issues relevant to degrowth.]

The economic news of the last few weeks has not been encouraging. In Europe, the various national debt crises remain unresolved, with a continued monopoly of banker-friendly austerity programs, and their predictable consequences of rising unemployment and stagnation. Debtor countries are being forced into the same financial orthodoxies that prolonged the depression of the 1920s and 30s, so we shouldn’t be surprised at the failures they will bring. More recession may also be the future of the countries enforcing these once-discredited policies, as weak demand across the region represses consumer demand, investor confidence, and government spending.

Socialist Project • E-Bulletin No. 520 June 24, 2011

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