Are private sector bailouts the governments green eggs?

ImageIn this recent financial turmoil the skipper has changed. Quite a few powerful businesses are not anymore turning the wheel of the world economy. Governments which not long ago had little influence compared to the private sector are being asked now to salvage the drowning ships, to take over the wheel and bring them safely to more stable waters.  Who would let the crew of all these ships die?

Banks, car manufactures, phone companies and others are asking the governments to help them out of the storm presenting the economic breakdown scenario: unemployment, loss of growth, wars and political turmoil and even greater inequality between the poor and the rich of this world.

And what if we looked at all breakdowns as breakthroughs? Maybe time has arrived to shift from voracious growth to sustainable development as Stuart Mills in his Principles of Political Economy predicted: that once the work of economic growth was over, a ‘stationary’ or in Daly’s word a steady-society would emerge in which we could focus on human improvement.

Governments have with this crisis the goose that can lays green eggs. The private sector needs to be rescued financially? Then they must be told that in exchange for the bailouts they must devote X per cent of their loan portfolios, R&D , future strategy to the environment, environmental-friendly products that takes into account  the Earth’s finite resources and challenges.
Hopefully the Governments will take advantage of the goose that lays green eggs.

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