The idea of sustainable development is that raw capitalism is far too powerful for its own good. Global capitalism is a juggernaut, with the world economy now doubling in size every generation. Yet on a finite Earth, with a billion new people being added every 15 years, that juggernaut is now laying siege to the physical bases of life and the social support systems that make life pleasant and decent. Sustainable development offers a path out of this growing crisis.

The reality is that raw capitalism is the economics of greed. Unleash greed, the theory goes, and type-A personalities around the world will spend inordinate energy to organize businesses, invent new products, and thereby raise well-being.

And in some sense, there’s a lot to say for this theory. After all, the world economy has expanded at least 100-fold since modern industrial capitalism first found its footing in Britain around 1800, and for most of the world, living standards have risen markedly along the way.

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