Civilizational deadlock of the economy of growth

¹ Tomsk Polytechnic University, Institute of Humanities, Social Sciences and Technologies, Tomsk, 634050, Russia
² Kingston University, Kingston upon Thames, Surrey KT1 1LQ, UK

^a Corresponding author: alatartsevaea@bestracg.ru

Abstract

The key topic of the paper is determined by the crisis situation of the nowadays economic model. Capitalism is the dominant economic form in the global economy. Varieties of capitalism exist ranging from state capitalism to neo liberalism but all are pervaded by a dominant theme, an egocentric economy model or ego-economics. This model is underlain by postulates of the need for a continued growth spurred by end-use. The realisation of this model is provided by monetary approaches and stimulation of consumer demand as the main driver of economic growth. The key tools for stimulating demand in this model of economy are competition, information impact on the consumer consciousness and choices, the massive accessibility of credit, the massive accessibility of financial markets and financial instruments, the actualisation of passive incomes as opposed to creative labour, and other degradation triggering factors. The crowning part of this model is the debt economy of consumption of societies of individualists who do not share traditional systems of values but are guided by illusory, temporary, short-term objectives. Thus, the egocentric economy model established dominance in relation to the ecological economy model, exposing a bulk of contradictions in principles underlying the system and promotes unsustainability. The future turned out to be in jeopardy... The paper contrasts ego-economics and ecoeconomics, traces of the emergence of the first one and the need for the second one as a necessary condition for long-term sustainability.