A new co-authored book chapter – with Prof. Shyam Ranganathan – entitled “Completing the Cycle: An Inclusive Capitalism Approach Linking Sustainable Consumption and Production,” has just been published in Sustainable Consumption and Production, Volume I: Challenges and Development.
In this chapter, we present an inclusive capitalism approach, which completes the environmental-production-income and distribution-consumption cycle by treating sustainable consumption and production as two sides of the same coin. There are two divides that our approach to inclusive capitalism bridges—one between income earned from capital ownership and from wages, and the other between the human production of goods and services and the impact these activities have on the environment. We analyse different mechanisms to bridge these divides and show that our proposal—broadening the distribution of capital ownership using future earnings of capital and directing this income towards sustainable production and consumption—presents a holistic solution to growing environmental problems and income inequality. In addition, we also achieve the politically desirable goal of participatory economic life through this mechanism.