The Anthropocene is a relatively recent term, coined to define the epoch in which human activity is increasingly dictating environmental and biological change on earth as previous periods driven by natural occurrences did in pre-history; during the Pleistocene, for instance. Technically, the current epoch is the Holocene, but human activity has altered the world so significantly, that, with our usual species-centric perspective, we have shunned hubris and given the current epoch this new name in a fit of unaccustomed self-awareness.
Writing in the Interdisciplinary Environmental Review, Miti Mallick of Bankura University in Purandarpur, West Bengal, India, discusses how the concept of the Anthropocene plays out across the economic landscape too. While the Anthropocene has brought major improvements in living conditions for the wealthier nations, it is becoming ever clearer that the challenges of climate change and environmental degradation will demand more drastic measures from these same nations in terms of sustaining their own living standards and improving those of the majority that live in poverty.
At the heart of any such discourse is the concept of capitalism. This is the dominant global economic force that organizes production, labour, and the distribution of wealth. Capitalism is driven by the principles of private ownership and the pursuit of profit. It has been instrumental in driving what we consider economic growth but has also contributed to social inequality, environmental destruction, and a growing sense of disconnection between the economy and the planet’s ecological limits.
Capitalism functions in liberal market economies, which emphasize decentralized markets, as well as in state-coordinated models, where government plays a more prominent role.
The consequences of capitalism have become increasingly difficult to ignore as historically the maximization of profits has been at the long-term cost of environmental and social considerations, the research argues. The rise of oligarchic capitalism, which benefits a select few and see multibillionaires in powerful positions within society, and the focus on technological innovation, have further worsened the social and environmental toll.
In the context of the Anthropocene, this economic model is coming under increasing scrutiny. It seems that capitalism as we know it may be at a pivot point. Given that scholars, activists, and policymakers are beginning to challenge the assumption that economic growth and ecological sustainability are inherently incompatible, there is a need for a new capitalism. One that redefines value in terms that extend beyond profit margins. This reimagined model of capitalism might centre on the well-being of individuals, communities, and the environment. Investments would no longer solely be evaluated on their financial returns but also on their potential to reduce inequality and promote sustainable development.
This putatively idyllic world may not be to everyone’s taste especially some of those multibillionaires. While entrepreneurs, investors, and policymakers are increasingly being called to task, there is not necessarily the political will nor the motivation for egocentric oligarchs to imagine such a world. Plus ça change, plus c’est la même chose.
Mallick, M. (2025) ‘How capitalism could be the new market in the Anthropocene era: a review’, Interdisciplinary Environmental Review, Vol. 24, No. 1, pp.1–15.