Psychology of greed and philosophy for a new world order

(Based on a presentation at the “World Philosophy Day” Symposium, University of Peradeniya.)

- By Prof. N.A.de S. Amaratunga PhD, DSc, DLitt

Image courtesy Cartoon Movement

(Cartoon Movement)

Planet Earth is in peril due to global warming and overconsumption of its resources, two factors that contribute to climate change and cause damage to ecosystems that are essential for its survival.

This is a direct result of adopting consumerism as the driving force of the present world order, the underlying philosophy of which is neo-liberalism driven by market forces. This market heavily depends on human greed which by nature could be insatiable, particularly when there seems to be unlimited attractions produced by the capitalist system. Paradoxically, if greed is controlled this economic system may collapse. Consumerism has been made the purpose of existence so that greed continues to operate unabated. Free market and greed feed each other. Furthermore, this state of affairs causes widening inequality and extreme poverty that constitutes yet another threat to the continuation of the present world order.

The market is supposed to be free but is manipulated by western powers to their advantage. The rich get richer while the poor remain poor or get poorer. Inequality is ever widening, 10% owns more than 40% of the global wealth while 90% has to do with the balance 60%. During the Covid pandemic period billionaires doubled their wealth while global poverty increased by 10%. Scientific advances, in the main, have failed to address the economic ills as well as environmental degradation. For instance, the growth of Artificial Intelligence may consume large amounts of energy and water which are limited resources for the world’s poor.