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Earnings Growth in Degrowth Environment
Abstract
This article discusses the possibility of implementing a planned (voluntary) economic degrowth within the capitalist system. We suggest that it might be possible to decouple the economic growth from the corporate earnings growth, which would ensure that stock market continues to rise, even as the economy declines. Within such a scenario, the capitalistic method of production and entitlements would be preserved, and, thus, the ecological proposals related to degrowth would become more politically feasible. The policy of a planned degrowth within capitalistic system involves the combination of a tighter monetary policy and a supportive fiscal policy, with the clear emphasis on encouraging financially sustainable consumption, with some noted exceptions related to the key strategic sectors.
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