Umair Haque, writing for the Harvard Business Review :
“So what is this system that is faltering, precisely, if it’s not quite capitalism?
I’d call it “growthism.” It’s not just a system or a set of institutions. It’s a mindset; an ideology; a set of cherished beliefs. And one that’s hardened into dogma. A dogma which is palpably failing; but can’t be dislodged—because it’s become an article of faith, the central belief of a cult, whose priests and acolytes threaten mysterious, terrible, divine revenge whenever their authority is questioned.
Growthism says: growth must be achieved at all costs. When growth is achieved; societies are said to be successful; when it is not, they are said to be failing.”
Haque has been hit on the head and is seeing double here: “Growthism” and “Capitalism” are not two different things. Growthism inhered in capitalism from the very beginning. You only have to review its effect on the social fabric of England in the 1800s and Chesterton’s warnings about capitalism’s inevitable outcomes to know this.
He’s right about the problems we’re facing in the American system, but he’s pretty nearsighted, not to mention historically ignorant, if he imagines there was ever a capitalism which didn’t sacrifice everything for profit.