The title may sound like an oxymoron but after listening to a debate on Capitalism Vs Socialism recently on YouTube, this is the closet I got to an economic system that could work in the future without destroying the environment for future generations. Although based on my views people call me a Marxist or a Socialist, I never read any books or studied much about any of these things during the course of my education. People may think I am a socialist because I am all for equitable distribution of wealth so everyone on this planet including the numerous living things have a right to decent life. This is simple common sense that I have been awakened to in 2008. I have been a sucker to consumerism but things changed since.
Since Capitalism has definite merits in its column Crony Capitalism has lead to huge concentration of wealth in the top 1%. Although by far Capitalism has brought a lot of people out of poverty compared to other experiments, it has come at a cost. The profits rolling up to the top has externalized the numerous environmental services and degraded the very environment that provides such services. Democratic Socialism could have worked too, but experimentation with Socialism have failed and led to Authoritarian Communism in China and a failed Russian state. Without incentives, innovation could take a beating, but Crony Capitalism has given a free hand to those whose only goal is profiteering without paying heed to the damage they are causing to the environment.
So the governments should play the role of good governance and prevent a free run to the Crony Capitalists and bring in regulations so both development and profits have proper checks and balances. If a product cost 10 to produce and when sold for 20, the profit of 10 is pocketed by the enterprise. Intead if there is a cost of 5 for environmental services, then only 5 should be allowed as profit and the remaining 5 should go back to regenerating and replenishing the natural resources so the environmental services continue to provide such services for future generations.
Soil, Water and Air are the basic elements that need to be prevented from overuse and pollution. Limit fossil emissions, treat waste and avoid unnecessary chemicals in all processes of production and grow trees!!!