Capitalism as if the World Matters

Capitalism as if the World Matters BY Jonathon Porritt, 2007, Earthscan

While “Capitalism as if the World Matters” was written in 2007, sadly its message is still all too relevant.

“Capitalism as if the World Matters” by Jonathon Porritt offered a compelling and timely analysis of the critical juncture between our global capitalist system and the urgent need for environmental and social sustainability. The book has garnered significant praise from a diverse range of commentators, lauded as a “genuinely important book” , a “vital contribution to the most compelling issue of our times” , and “essential reading for anyone interested in the world, the environment, humanity or the future” . Porritt, drawing on his extensive experience as a prominent environmentalist and his work with business and government, grapples with the reality of capitalism, suggesting it is “a system capable of delivering sustainability and enhancing wellbeing, but only if we think carefully about what form of capitalism we want”.

The central argument of the book revolves around the necessity of reforming capitalism so that it operates within planetary boundaries and contributes to genuine human wellbeing, rather than undermining the very conditions for its own survival. Porritt contends that we are currently on a path towards global catastrophe if we continue with a model driven by a “growth fetish” and “unbridled materialism” . He posits that achieving a sustainable future requires a fundamental shift in how we value capital, advocating for the Five Capitals Framework (natural, human, social, manufactured, and financial) as a tool for understanding and managing resources more holistically.

Reviewers highlight the book’s comprehensive treatment of the interconnections between the environment, finance, economy, industry, technology, psychology, and politics. It presents “chilling vignettes” of environmental degradation and critiques the dominance of “brute, amoral capitalism” , while still seeking a positive alternative. Porritt aims to demonstrate how “wealth and ecological integrity aren’t mutually exclusive” and charts a way forward that “promises sustainable prosperity within the framework of the global market economy”. This involves challenging conventional economic metrics like Gross Domestic Product (GDP) and exploring alternative measures that better reflect true welfare and sustainability .

However, as acknowledged by reviewers, the book is not without its potential flaws. F. T. Manheim notes that the “ambitious scope necessarily sacrifices detail for breadth” , suggesting that while the book offers a broad overview, it may lack deep dives into specific issues or solutions. Amory Lovins felt that the book “understated” efficiency’s crucial role in tackling sustainability challenges. Furthermore, Porritt himself admits to “outrageous simplifications” when characterizing the views of thinkers like Lomborg, Lovelock, and Homer-Dixon.

While the book theorises the potential compatibility between capitalism and sustainability, it acknowledges that “the political and economic challenges in engineering that convergence are daunting” . This suggests that the book might offer a compelling vision and framework but may not provide all the granular, readily applicable solutions. Additionally, the book’s policy prescriptions are noted to lean towards a “European view that a sound policy framework is indispensable”, potentially giving less emphasis to the role of the private sector acting independently or grassroots movements, although these are not entirely ignored. Finally, while the book critiques aspects of capitalism, its primary focus remains on reforming the system rather than deeply engaging with purely anti-capitalist perspectives.

Despite these limitations, “Capitalism as if the World Matters” stands as a significant contribution to the literature on sustainable development . It serves as an “urgent ‘must-read’ for policy-makers and business leaders” who have the power to shape our future. The book’s ability to synthesise complex issues, critique unsustainable practices, and offer a cautiously optimistic vision of a more sustainable form of capitalism makes it a valuable and thought-provoking work for anyone concerned about the future of our planet and the role of the economy within it. It effectively “stimulates that thinking” about what form of capitalism we need to deliver sustainability and enhance wellbeing.