ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Economic Growth and Social Cost: Need for Institutional Reforms

The socialisation of private costs under the private enterprise system causes a metabolic rift between humans and nature. Over time this rift leads to economic inequality and degradation of natural resources, though these social costs remain unaccounted for. Global capital continues to shift the cost of its reproduction to the developing countries and the resulting economic crisis is not merely a systemic one - beyond a limit, this inequality gives rise to a culture of alienation, breaking down social cohesion, and culminating in an institutional crisis.

COMMENTARY

Economic Growth and Social Cost:

degradation of the natural resources (Magdoff 2002; Foster 2002; Ray 2008;

Need for Institutional Reforms

Dasgupta 2001). I argue that human misery that surfaces

 

in the form of inequality, and nature’s

 

misery that manifests in the form of its

Sunil Ray

degradation entail cost to the society.

The socialisation of private costs under the private enterprise system causes a metabolic rift between humans and nature. Over time this rift leads to economic inequality and degradation of natural resources, though these social costs remain unaccounted for. Global capital continues to shift the cost of its reproduction to the developing countries and the resulting economic crisis is not merely a systemic one – beyond a limit, this inequality gives rise to a culture of alienation, breaking down social cohesion, and culminating in an institutional crisis.

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