How growth is killing the economy

Venture capital and the public markets don’t actually reward or respect “good” businesses or “good” CEOs – they reward people that can steer the kind of growth that raises the value of an asset.

Ed Zitron, The Rot Economy

Another article that I was nodding and exclaiming in agreement with from start to finish. It reminded me of how I felt watching The Corporation for the first time.

As brilliant as both are however, they come with that maddening feeling of being mostly ignorable once shared. Yes, important and salient observations about the true nature of companies, investors and the economy. But, unlike in The Emperors New Clothes, it feels as if no one really cares when the truth is pointed out.

‘Growth isn’t sustainable. Corporations are psychopaths. The Emperor is naked – Yeah, suppose so, but what can we do, let’s just carry on.’

In a less maddening and more ‘funny because it’s true’ sense, Ed’s piece also metaphorically (memetically) nudged a few memories of Far Side comics.

One, where someone is introducing their new dog, Rex. But Rex introduces himself to fellow dogs as ‘Vexorg, Destroyer of Cats and Devourer of Chickens’.

A Far Side comic. Panel one is titled "The names we give dogs". A person is pointing at their dog and introducing it to another person. They say "This is Rex, our new dog." In the second panel titled "The names they give themselves" Rex is saying to two other dogs "Hello. I am known as (Vexorg, Destroyer of Cats (and Devourer of Chickens." while one of the other dogs is saying "I am Zornorph, the One (who Comes By Night to the Neighbor's Yard, and this is Princess Sheewana, Barker of Great Annoyance and daughter of Queen La, Stainer of Persian Rugs"

Or…

An edited Far Side comic. Panel one is titled "The names we give bosses," A person is pointing at their dog and introducing it to another person. They say "This is the CEO. They will responsibly run the company so that it benefits consumers, employees, and investors alike." In the second panel titled "The names they give themselves" The CEO dog is saying to two other dogs "Hello. I am The Chief Imagineer of Magical Everlasting Investor Growth." while one of the other dogs is saying "I am a Good Boy, Maker of Numbers That Go Up and Pursuer of Self Profiteering, and this is Queen Venturer, Firer of Humans, Buy Backer of Stock, Giver of Dividends and Bonuses "

Another, in which a dog is being told off by its owner, but seemingly pays attention to nothing other than its own name.

A Far Side comic. Panel one titled "What we say to dogs" show a man pointing at a bemused dog as he shouts "Okay, Ginger! I've had it. You stay, out of the garbage! Understand, Ginger? Stay out of the garbage, or else!". In panel two titled "what they hear" we see the same scene but the speech bubble is replaced with "blah blah blah blah Ginger blah blah blah Ginger blah blah blah"

Or…

An edited Far Side comic. Panel one titled "What we say to CEOs" show a man pointing at a bemused dog as he shouts "Profit should mean gains for all stakeholders. Employees, investors, consumers, communities, and the environment. Profit must extending beyond mere financial accumulation to foster shared prosperity and sustainable growth". In panel two titled "what they hear" we see the same scene but the speech bubble is replaced with "blah blah blah blah Profit blah blah blah Growth blah blah blah"

And finally, a version of the same joke, but with a cat, where the cat doesn’t listen to a single word.

A Far Side comic. Panel one is titled "What we say to cats" and shows a bemused cat being pointed at by a women who is shouting "Well, Fluffy, you've clawed the furniture for the last time! I'll not tolerate that behaviour any longer!" Panel two is titled "What they hear" and shows the same scene but the speech bubble is empty.

Or…

An edited Far Side comic. Panel one is titled "What we say to ourselves" and shows a bemused cat being pointed at by a women who is shouting "The relentless pursuit of perpetual growth within modern capitalism, prioritising maximisation of profit over societal well-being, needs urgent review toward equitable resource distribution and environmental sustainability." Panel two is titled "What we hear" and shows the same scene but the speech bubble is empty.

Another related post: Growth is a mind cancer

I’m starting to get strong “yes, and…” vibes from what I’m reading and writing on this subject at the moment. As with many other old issues that we keep saying the same old things about. An incessant itch to progress things, rather than just repeating observations.