213
© The Editor(s) (if applicable) and The Author(s), under exclusive licence to
Springer Nature Switzerland AG 2020
L. Westra et al. (eds.), Ecological Integrity in Science and Law,
https://doi.org/10.1007/978-3-030-46259-8_18
The Political Economy of Managing
Without Growth
Peter Venton
Abstract Political economy includes the principles of the social sciences of economics, political science and sociology that apply to economic systems in political
regimes. This chapter describes the political regimes of democracy and oligarchy in
terms of their principles, institutions and purposes. Political economy is defined
and analyzed to show that the implicit purpose of oligarchies requires a much
higher rate of economic growth than democracies regire. Since World War II,
Canadian governments established economic growth as a paramount policy objective. It is argued that this objective is central to a political regime of oligarchies and
that Canadian governance has de facto been oligarchic. The results have been an
excessive rate of economic growth, a substantial increase in economic inequality
and degradation of the nation’s environment all of which are inconsistent with the
common good of democracy. Democratic outcomes can be achieved with a much
lower rate of economic growth than has been the case in Canada especially since
1979. An example of policies of political economy for achieving democratic outcomes in Canada is taken from environmental economist Peter Victor’s book
Managing Without Growth. Victor shows how the rate of Canada’s economic
growth over a 30-year period could be reduced by 50% and at the same time, the
incidence of poverty would be reduced by 50% while greenhouse gas emissions
would be reduced by 31%.
1 Introduction
Political economy includes the principles of the social sciences of economics, political science and sociology that apply to economic systems in political regimes. This
chapter describes the political regimes of democracy and oligarchy in terms of their
principles, institutions and purposes. Political economy is defined and analyzed to
show that the implicit purpose of oligarchy requires a much higher rate of economic
growth than democracies. Since World War II, Canadian governments established
P. Venton (*)
Canadian Peace Research Association, London, ON, Canada
© The Editor(s) (if applicable) and The Author(s), under exclusive licence to
Springer Nature Switzerland AG 2020
L. Westra et al. (eds.), Ecological Integrity in Science and Law,
https://doi.org/10.1007/978-3-030-46259-8_18
The Political Economy of Managing
Without Growth
Peter Venton
Abstract Political economy includes the principles of the social sciences of economics, political science and sociology that apply to economic systems in political
regimes. This chapter describes the political regimes of democracy and oligarchy in
terms of their principles, institutions and purposes. Political economy is defined
and analyzed to show that the implicit purpose of oligarchies requires a much
higher rate of economic growth than democracies regire. Since World War II,
Canadian governments established economic growth as a paramount policy objective. It is argued that this objective is central to a political regime of oligarchies and
that Canadian governance has de facto been oligarchic. The results have been an
excessive rate of economic growth, a substantial increase in economic inequality
and degradation of the nation’s environment all of which are inconsistent with the
common good of democracy. Democratic outcomes can be achieved with a much
lower rate of economic growth than has been the case in Canada especially since
1979. An example of policies of political economy for achieving democratic outcomes in Canada is taken from environmental economist Peter Victor’s book
Managing Without Growth. Victor shows how the rate of Canada’s economic
growth over a 30-year period could be reduced by 50% and at the same time, the
incidence of poverty would be reduced by 50% while greenhouse gas emissions
would be reduced by 31%.
1 Introduction
Political economy includes the principles of the social sciences of economics, political science and sociology that apply to economic systems in political regimes. This
chapter describes the political regimes of democracy and oligarchy in terms of their
principles, institutions and purposes. Political economy is defined and analyzed to
show that the implicit purpose of oligarchy requires a much higher rate of economic
growth than democracies. Since World War II, Canadian governments established
P. Venton (*)
Canadian Peace Research Association, London, ON, Canada