The New Economics Institute, in lead-up to the 100th Anniversary of writer and philosopher E.F. Schumacher’s birth on August 16th, sent out excerpts from a 2008 essay about Schumacher’s relevance today:

“The Relevance of E. F. Schumacher in the 21st Century”

By John Fullerton

Our global economic system is broken not because of the credit crisis; it is broken because it is predicated on perpetual, resource driven growth with no recognition of scale limitations.

What we are not hearing, at least in the mainstream media, is a critical reframing of the questions that address root causes….. We are not hearing a debate about the sustainability of a perpetually growing global economic system nested within our finite biosphere.  We are not hearing a debate about the wisdom of allowing financial power (and systemic risk) to be increasingly concentrated in the hands of a few financial institutions of increasing complexity and scale.  We are not publicly questioning the wisdom of the system we have allowed to evolve in response to capital’s quest for ever increasing financial returns.  Nor are we debating where to look for creative responses.

However, nothing could be more important at this critical time.  What we must grasp is that the financial crisis we are reacting to is but a cyclical side show to the bigger issues we face regarding the sustainability of our economic system.  We should see the present financial crisis as a wake up call to this far greater challenge.  We should search with an open mind for the wisdom we need to transition our economic system onto a sustainable path, grounded in ecological reality, with a respect for human justice and a deep appreciation for all life.

Continued after the jump