Is a New Economic System Necessary to Address Climate Change?

Abstract

An increasing number of leading scientists have stated that societies must transition away from a growing economic system to address climate change. Other scholars have called for general “system change” or specifically transitioning to a postcapitalist economy. Yet is a new economic system necessary to address the climate crisis? Answering this question requires examining the relevant research and empirical evidence about the relationships between economic growth, energy use, and greenhouse gas emissions as well as a deeper understanding of what defines the current economic system and how changing that system might allow for more rapid and effective mitigation measures. This overview examines key elements of this discussion including: if a capitalist system is growth‐dependent, the empirical linkages between economic growth and climate change, what alternative economic systems have been proposed, and what a transition to a postcapitalist economic system aimed to address climate change might entail.