Destroy what destroys the planet: Steering creative destruction in the dual crisis

Abstract

In the contemporary dual crisis, economic crisis policies cannot be dealt with in isolation from the rampant and acute ecological crisis – and vice versa. In this article, we challenge the hegemonic positions in purported attempts to solve the crises so far: in the economic realm, the Keynesian episode of 2008–2009 as well as austerity policies, and with regard to the ecological crisis, ecological modernization and green economy. Instead, we will propose that both the economic and the climate crises can be ‘solved’ through the destruction of a particular kind of capital, that is, fossil capital. Given that capital destruction in general seems to be an essential part of overcoming capitalist crises historically and given the urgent need to demolish large parts of the fossil infrastructure in order to avert climate change, we discuss in this article the possibilities to politically steer the processes of creative destruction so that crises policies benefit the economy and the environment to highest possible extent.