The main driver of social unsustainability and its remedy

Arif Malik

International Journal of Social Economics, 2018, vol. 45, issue 6, 973-988

Abstract: Purpose - The purpose of this paper is to emphasize on the need for a fair and just economic system to achieve sustainability. Design/methodology/approach - Using systems thinking approach it shows that climate change, ecological degradation, population growth, poverty and the resource scarcity, the problems of failing financial markets and economic recession are all intertwined with the present economic system, which has been responsible for transgressing the balance of nature. Findings - The paper shows that all the reforms or alternatives to the contemporary economic system proposed in the literature do not really address the root cause of all the problems, which is the built-in usurious system, made possible with the paper currency, in the economy that creates great injustices. The paper argues that solutions of science and technology to ecological problems are limited because of ecological shortsightedness and corporate greed. Originality/value - The paper introduces the concept of “fair and just” economic system for sustainable development of humanity and suggests future directions for its realization.

Keywords: Sustainability; Capitalism; Sustainable development; Poverty; Banking interest; Islamic economic system (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijsepp:ijse-01-2017-0005

DOI: 10.1108/IJSE-01-2017-0005

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