"Transforming the growth regime has become a vital necessity"

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Tribune. How to respect the requirement of inclusive and sustainable development? This question is both the main problem of this century and a hot topic, highlighted by the movement of "yellow jackets" in France. This move illustrates the dilemma: the governor of the British central bank, Mark Carney, called him "the tragedy of horizons "- address policy makers. The ecological challenge involves a long-term effort, including a prolonged increase in the carbon price to be started immediately. At the same time, this effort must not unduly burden the medium and medium classes, hard hit by the financial crisis.

By destroying biogeochemical regulations and exacerbating inequalities, capitalist accumulation is the essential historical cause of this divergent dynamic. Transforming the growth regimen has therefore become a vital necessity.

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The in-depth historical analysis shows that this dynamic is governed by long-term financial cycles, which influence production conditions and all social structures. From the increase in financialization in the early 1980s, the regulatory mode has deteriorated with the adoption of the dominant principle of shareholder value. Some features of the Belle Epoque (1900-1914) reappeared: the increase in social inequality, the concentration of power and wealth of the ruling classes, the multiplication of geopolitical rivalries. But our era is also that of the acceleration of socio-ecological imbalances, which connects the crossing of planetary boundaries and the accumulation of financial vulnerabilities.

Eliminate poverty

It is the moment of pauses and uncertainties at the intersection between historical analysis and perspective. The apparently organic link between capitalist development and liberal democracy is broken by the rise of Chinese power. The ecological limits, the crossed and social inequalities, less and less supported, start shaking financial capitalism. The need for collective action that mobilizes citizens emerges to change the way we live, preserve nature and protect human habitats.

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