Comment by elp62

In the vibrant capitalist society envisioned by Joseph Schumpeter, all boats are lifted because better businesses replace incumbents, both improving products for the larger society and continually redistributing wealth. In my view, since 2008 my country (the US) has distanced itself from this policy, instead focusing on protecting incumbents for fear of loss of employment. The unpopular policy of bailouts pursued in 2008-2009 and then again during the pandemic has led to a stagnant, top-heavy economy with most of the disadvantages of capitalism and less and less of the upside.

I don't think degrowth is necessary to solve this problem, although I'm sure it has its merits. But I think growth can still occur without the trend toward oligarchic or feudal society, and in fact a society with a vibrant economy would have more growth than we do today.