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A plan for transitioning to a more sustainable world—while keeping the economy afloat
Ulrike Hermann is an economics correspondent whose books on social and economic policy issues are bestsellers in Germany. Here—translated by journalist and international broadcaster David Shaw—Ulrike explores how we might manage to transition to a more sustainable world without the collapse of the economy.
The End of Capitalism tells the story of Capitalism—from its beginnings in 1760 England, where textiles manufacturers had the idea to replace human workers with machines—and what it really means for the world when individual profits overshadow communal and environmental needs.
Hermann makes an argument for a “circular economy,” an economy where only what can be recycled is consumed. We know by now the ruinous effects of Capitalism on the climate and environment. While we hear that “green growth” is meant to be the savior, Ulrike argues that we need “green shrinkage” instead.
Her example for a solution is the British war economy of the 1940s. This is not a utopian scenario (it would involve personal restrictions and government planning) but a comprehensive example of how resources can be diverted.
An interesting and important read for serious thinkers who hope to upend Capitalism, The End of Capitalism offers a realistic alternative from an expert in the field. Readers of Rebecca Solnit, Naomi Klein and Rutgar Bregman; progressive-minded readers; and anyone interested in a different future should read this.
The translation of this book was supported by a grant from the Goethe-Institut.
“The book attempts a long-overdue green realism. Herrmann, trained as a banker, speaks a language capitalists understand … The book is a new, green Road to Serfdom. Unlike Friedrich Hayek’s 1944 masterpiece, hers is a roadmap rather than a warning.”
—Timothy J. Lynch, Australian Book Review
“A provocative argument for ending capitalism before capitalism ends us.”
—Jeff Sparrow, author of Crimes Against Nature
“The End of Capitalism abounds with examples of green technology as a false dawn … Throughout, Herrmann’s tone is measured and matter-of-fact, and David Shaw’s fine translation maintains the integrity of her ideas as well as the clarity of their expression.”
—Ben Brooker, Overland
“Herrmann argues that there is no choice other than radical and seemingly unimaginable change if we are to survive in anything like a civilized condition … she does provide a clear explanation of the rise of capitalism and the social and technological forces that have made it the most transformative force in human history … There is no doubt that unmitigated climate change and environmental degradation will transform our lives and the political systems that circumscribe them.”
—Mark Besson, The Conversation
“German journalist Ulrike Herrmann provides a definitive account of the unsustainability of capitalism in our emerging climate crisis … Combining historical, cultural, scientific, and economic analysis with a hopeful yet realistic model, Herrmann paves our way out of the climate crisis, and into a new beginning.”
—Teddy Peak, Readings
“She addresses what she believes to be the incompatible nature of market-based economies reliant on growth and the survival of humanity … Ms Herrman said technological advancements to abate the worst excesses of capitalism, such as climate change, will not be enough to prevent complete environmental destruction … Readers accustomed to creature comforts may find her ideas confronting, but this is an excellent book on our future.”
—Red Tape
“Ulrike Herrmann writes straightforwardly and with a great deal of expertise. This makes it clear once again how great a challenge climate change poses for us.”
—Claas Christophersen, NDR Kultur
“Herrmann's book is worth reading and sets a counterpoint to all those who may overestimate the technological possibilities of climate protection.”
—Katja Scherer, Deutschlandfunk
“The clever book … by Ulrike Herrmann says that we should slowly forget about eternal growth and prepare ourselves for gradual renunciation.”
—rbb Inforadio
Contents
Preface to the English edition
Introduction
Part I
The Rise of Capital
ONE A blessing: growth creates prosperity
TWO England, 1760: the invention of growth
THREE Essential energy: capitalism goes fossil
FOUR Every country was suddenly a ‘developing country’
FIVE Left behind forever? Why the Global South is barely catching up
SIX Exploitation and war are not necessary—they are detrimental to capitalism
SEVEN Expansion or collapse: why capitalism has to grow
EIGHT The price of prosperity: the destruction of the world
Part II
‘Green Growth’ Does Not Exist
NINE The carbon dioxide will not go away
TEN Nuclear power is still a mistake
ELEVEN Unfortunately unreliable: solar and wind power
TWELVE The storage problem
THIRTEEN The energy transformation will be expensive, not cheap
FOURTEEN The dream of ‘decoupling’ will not work
FIFTEEN Why technological innovation and digitization cannot save the climate
Part III
The End of Capitalism
SIXTEEN Green shrinkage: when the economy collapses
SEVENTEEN The failure of economists
EIGHTEEN A model: Britain’s wartime economy from 1939 onwards
NINETEEN Our future lives
CONCLUSION The ‘survival economy’ has already begun
Acknowledgements
Bibliography
Notes