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Ancient Economies Reveal Economic Growth Is Unsustainable — Here’s Why
Growth is the engine that fuels economic progress. Without it, an economy will stall and eventually collapse.
The more an economy grows, the more you as an individual stand to prosper. At least, in theory. While prosperity is a promise of economic growth, it is far from a guarantee.
The unequal distribution of economic progress has become an issue of political and social contention in recent years. Occupy Wall Street, the rise of Tea Party populism in the United States, and Donald Trump’s election in 2016 reveal a desire for a change in the balance of power.
Throughout history there have been scores of instances of unequal distribution of economic growth. This isn’t purely an American problem. Just as we see happening today, in ancient times growth accumulated with those who had socioeconomic and political power at the expense of those who did not.
While growth at all costs has been the accepted paradigm for modern economists, history tells us that growth is a double-edged sword. As civilization moved from being largely agrarian to becoming increasingly dependent on trade, economic growth generated new financial mechanisms that exacerbated trends toward inequality.
