Thursday, 4 November 2010

Former head of Commonwealth Bank says economic system is misleading

Imagine a world where the former head of the Commonwealth Bank said this:

"We have, I believe, been misled by our experience with the economic system in industrialised countries over the last 150 years. Its success in producing a flood of commodities and possessions, in which even the poorest seem to have shared, has been due largely to circumstances clearly temporary: to the running down of our capital in exhaustible resources; to the fact that we ignore the accumulating costs of pollution and other environmental damage; to our exploitation of the populations of non-industrialised societies; and to the continued existence within our own communities of women and other minorities whose unpaid work has made the division of labour in market-oriented exterprises possible."
HC (Nugget) Coombs, Science and Technology - for what purpose?, 1979

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