Plenitude: The New Economics of True Wealth by Juliet B. Schor. Juliet is an economist and sociologist at Boston College with research focusing on work, consumption, and climate change.
Juliet is offering in 2010 a new approach to economics and sociology, and ecological decline. Plenitude is suggesting change in how we think about consumer goods, value, and ways to live are needed. I would be less than enthusiastic if one is reading this when published in 2010.
Plenitude is in fact, addressing the impact of the 2008 economic crash and a new view of capitalism was necessary. In addition, the idea of a spending spree to fix the world economy was no longer sustainable according to Juliet in 2010. Juliet produces data how the impact of technology and humans are degrading the planet at a faster pace that we can replenish it. The downstream impacts include food, energy, transport, and consumer goods.
In fact, since the 2008 crash, these costs have been rising. Today in year three of the pandemic, the same costs increases have certainly accelerated. Yet, the commonly accepted catch phrase is that spending will fix the economy. Juliet views Business As Usual (BAU) as an outdated theme. As a result, 2022 is revealing incomes, good paying jobs, and credit are suddenly in short supply. However, as we are now in COVID’s third year, Juliet’s ideas are certainly more reasonable. Actually they will resonate with many more people as the impact of the pandemic will be felt for many years to come. including a new drive for sustainability.
Can Green Tech drive new wealth?
Plenitude is placing sustainability front and center. By shifting into green technologies and (the hardest part to understand for most) living smarter in the post 2008 economic collapse, new sources of wealth can certainly provide a more secure global economy. In addition, with over 10 years of exposure, Juliet’s position is more sensible today than prior to the pandemic.
Plenitude 2.0 – the pandemic remix
At first, Plenitude provided a view that people were stuck in the 40 hour drive to work grind. Everyone was busy building a lifestyle stuck in a repeated spend cycle. However now three years into COVID everyone’s lives are scarcer regarding access to consumer goods coupled with an abundance of time, information, creativity, and community. This may have been a weaker position when published in 2010. Yet in our COVID world this will make much more sense to so many more people.
Change your habits
Plenitude has been given a second lease on life due to the pandemic. Juliet’s identified trends represent a post COVID movement away from conventional markets and provide access to efficiencies due to the global supply chain constraints we have been living with for the past two years. The 2022 inflation is indeed what Juliet saw in Plenitude, an era of high prices and resource scarcity:
It’s obvious that major changes are underfoot in the retail sector. The fast-fashion model of the last twenty years has exhausted consumers, the planet, and the forces propping it up, such as Chinese banks. Chains have gone bankrupt, retail space has been abandoned, and consumers are being cautious with their dollars. In the new paradigm, eco-impact must be significantly lower. Discretionary income will be, too.
p. 194
The growth of urban farming, the well established DYI movement, and the internet ‘Craigslist’ services have long been establishing new sources of income, jobs and sustainability. I See the Trinity Church Wall Street video clip below. Change at this level, a personal living change will be challenging. Yet the pandemic is driving many of these traits. Starting within any community, one must reconsider their habits. Charles Duhigg’s book The Power of Habit is a good starter and widely popular.
Plenitude for a post pandemic world
In conclusion, Plenitude is offering a short read to a big idea. It is not perfect. Nothing ever is. Yet, a suggestion to shift economic power will attacked, unless the established powers are driving the shift. In 2010 when Juliet published Plenitude the true impact of a global pandemic was never considered. Yet here we are.