The world's economies are totally unprepared for rapid climate change, rising social inequality and the end of cheap energy.
As access to cheap, plentiful energy dries up and the effects of climate change take hold, we are entering a new era of profound challenge ― and free market capitalism cannot dig us out. This is the conclusion of a report produced for the United Nations by Bios, an independent research institute based in Finland.
Signs of a world in turmoil are not hard to find. People are increasingly feeling the effects of rapid climate change. Cities boil in more than 120-degree heat, California burns and the Arctic thaws. Meanwhile, biodiversity loss is reaching terrifying levels, with animals going extinct at about 1,000 times the natural rate. In addition, as societies, we’re facing increased inequality, unemployment and soaring personal debt levels.
