Toward a New Economics of Planetary Abundance, Synergy, and Health

Singularity stands for a radical shift at the root of our collective systems. That is the case for our economic system as much as the political system.

Up until two centuries ago, the majority of the world’s population lived in extreme poverty.

For most of our collective history, it was assumed that this was inevitable. The massive economic growth humanity has experienced in the last two hundred years has shown that to be wrong. Economic growth has produced immense improvements to human quality of life and the decline of extreme poverty.

And yet, extreme poverty remains a reality for just under every tenth person in the world. That is 700 million people.  

And the gains of global economic growth have also come with massive costs.

Today, wealth inequality is skyrocketing. While wealthy nations in the Global North represent as little as 21% of the world’s population, they hold 69% of global wealth, including 74% of the world’s billionaire wealth and with the wealthiest 1% owning 43% of all global financial assets.

We’re witnessing the emergence of a comparatively tiny billionaire class who are amassing astronomical wealth while billions of people are shouldering the weight of the economic shockwaves of pandemic, inflation, and war.

And the costs of the capitalist system extend well beyond financial measures. While there were encouraging improvements in a number of domains since the beginning of the millennium (rise in population health globally, child mortality rates being halved, maternal mortality rates falling by a third, global infectious disease rates dropping, the risk of premature death from noncommunicable infectious diseases and injuries declining, and global life expectancy at birth rising from 67 years old in 2000 to 73 years old in 2019), this progress has stagnated since 2015, which has resulted in humanity being significantly behind schedule to meet the UN Sustainable Development Goals by 2030.

In addition, humanity is experiencing major issues in global health. Risk exposure for issues like alcohol use, stress, and hypertension remain disturbingly high, while frighteningly, 99% of the entire global population breathes unhealthy levels of fine particulate matter in the polluted atmosphere, and global obesity rates are rising.

And this is not to mention the growing global ecological crisis where we are seeing a potentially catastrophic rise in global temperatures, in the rise of ocean temperatures, in sea levels, the shrinking of the ice sheets, the retreat of glaciers, ocean acidification, extreme weather events becoming a norm, in addition to ongoing ecosystem destruction, collapse, and desertification.

With no obvious answers to these critical global issues, capitalism has arrived at an existential crossroads.

The global existential threat expert, Daniel Schmachtenberger, has noted that shifts in how our economic system operates may be one of the most significant levers for the necessary transformation in our societies because our economic system incentivises so many of the behaviours that run our societies.

Free market capitalism very clearly incentivises certain behaviours. Principle among them are consumerism and the accumulation of individual wealth fuelled by survival fears.

Free market capitalism does not incentivise behaviours that we are increasingly realising in the context of the global meta-crisis, are critical to human survival and thriving on the planet, such as mental well-being, physical health, community enriching behaviour, and ecologically sustainable through to synergistic behaviour.

In Singularity, we perceive that the financial, health, social, and ecological costs of the current capitalist system are driven by the story of scarcity at its root.

It’s critical to recognise though that this scarcity isn’t real. It isn’t the truth of life but is rather something that we humans have created. It colours all our systems, from the perceived scarcity of power in our competitive and polarised political system, to the perceived scarcity of love in our often emotionally challenged relationships, to the perceived scarcity of wealth in our debt-based economic system.

The truth is the Earth is a source of extraordinary abundance, intelligence, and support. In resources, food, water, medicines, and ecosystems that offer support for our nervous systems, hearts, minds, and souls.

We have enough for everyone. Not enough for all 8 billion of us to live like a wealthy American. But certainly, enough for all of us to live simple, connected lives where our basic needs are well-provided for, and we have time and space to explore how to live truly fulfilled lives of purpose, meaning, love, and service.

A scarcity of wealth, in its truest sense as the abundance of the Earth itself, is not the problem. The problem is the projection of scarcity by our human minds that either haven’t learned how to accept and synergistically live with the ecological support that is already here, who wish to maintain systems of control, privilege, and dominance over other human beings, or who are not yet ready to drop their grievances and disconnection for us to learn to live as a unified humanity.

It is absolutely possible for humanity to honour the evolutionary contribution capitalism has given us over the last centuries and start to innovate new approaches that are sourced in new principles that provide sustainable solutions for our greatest needs today.

That would be a global economic system that starts with the abundance of value and resources we already have access to rather than with scarcity.

That prioritises synergistic, regenerative, and respectful relationship with the Earth toward planetary flourishing, including that of human beings over the generations to come.

That incentivises inner well-being, health-promoting behaviours, community cohesion, and the stability of regenerative systems that promote the multifaceted health and thriving of humanity, the natural kingdoms, and the Earth as a whole.

And that is anchored in the inherent worth of all beings and our collective responsibility to steward the resources of this extraordinary planet.

Singularity is seeking to discover and make contact with people and projects innovating such new approaches to economics. Do get in touch to share those you may be aware of.