The current environmental and climate crisis is not simply a market failure because nature is not simply a form of capital. Putting a price on nature under the label of the ‘Green Economy’ is an attempt to expand the reach of finance capital and privatize our planet.
Today we are facing great risks – even a civilization crisis – manifest in many dimensions and exacerbated by unprecedented inequalities. Systems and institutions that sustain life and societies – such as food and energy production, climate and biodiversity, even economic and democratic institutions – are under attack or in a state of collapse.
In the 1980s, faced with a crisis of profitability, capitalism launched a massive offensive against workers and peoples, seeking to increase profits by expanding markets and reducing costs through trade and financial liberalization, flexibilization of labour and privatization of the state sector. This massive structural adjustment became known as the Washington Consensus.