Capitalism Cannot Solve Climate Change

Ted Morgan explains the need for systemic change supported by a global uprising.

[C]limate injustice is only one manifestation of the inequalities and injustices built into the capitalist powers' imperial exploitation of the "under-developed" world. In the late Immanuel Wallerstein's framework, the core capitalist powers compete with each other for dominance in exploiting the resources of the underdeveloped periphery nations. 

Consequently, each of the capitalist powers is loathe to weaken its competitive position vis à vis the other capitalist economies. In a capitalist world, each economic unit must act to protect what it deems its own interests. The only counterweight comes from the public sector. 

Yet in a capitalist world, each public authority — local, state or national government — is constrained by the fear that pushing public interests too far will cause capital flight, thereby undermining its viability. And, of course, corporations and the wealthy dominate the shaping of public policy — nowhere more than in the US. 

This is the way capitalism works, which suggests how profound and systemic the changes will have to be if the world is to avoid catastrophe.

Update (December 17):  Capitalists are starting to feel the pinch.

Goldman Sachs has announced it will no longer be financing new oil drilling or exploration for oil in the Arctic. It has also pledged to stop investing in thermal coal mines or coal-fired projects anywhere in the world.