The Biggest Victim of Industrialisation - Earth Day 2021

Ever since man chose to mass produce, he has been constantly innovating to make life effortless for himself. The 1800s saw the start of the Industrial Revolution which forever changed the course of mankind. Life became easier. One did not need to pay for the toil of the labourer anymore but only for the operating of the machine. Costs were cut down and consumers had more choice of goods and services offered in the market. It was the greatest innovation of all time. Or was it?

Every coin has a flip side to it. On one hand, the Industrial Revolution paved the way for development to take place at greater speeds while on the other, it did lead to an increase in the amount of waste generated. Every year, due to constant innovation and improvisation of technology and other factors, humans have brought in more and more objects into the world. According to a recent study, for the first time in the history of the civilisation, the footprint of humanity outweighs that of the natural world. This also means that the carbon footprint is higher than ever and that climate is changing at a phenomenal rate even as I write!

Recently, a New York clock was reprogrammed to inform the world of the deadline of the critical window for action to prevent the effects of global warming from becoming irreversible. It is estimated that we only have roughly seven years to own up to our mistakes and rectify them.

The issue of climate change was propelled to limelight by the words “How dare you?” uttered by a teenage climate activist, Greta Thunberg. Despite it being a hotly discussed topic worldwide and many celebrities encouraging corporates, governments and individuals to take timely action, the movement did not amount to tangible results. Even the Paris Accord which has been signed by about 200 countries, has not amounted to a substantial outcome, with countries hardly on the track to achieve the targets set for 2025. Apart from President Trump’s controversial statements stating that global warming was a hoax to milk funds from the United States, nothing of prudence emerged from the summit.

Children have been taught the importance of the environment from the early stages of schooling. Despite the importance that has been given to learning about pollution, conservation, the three Rs - Reduce, Reuse, Recycle, sustainable development and other relevant topics, there has been no implementation of policies which give equal importance to protecting and conserving nature. Though it can be argued that daily wage workers and unemployment rates have also been adversely affected, nature is definitely the biggest victim of industrialisation.

So how will this destruction of nature affect the economy? We simply need to examine the production process to answer this question. Production usually starts in the primary sector, where raw materials are extracted from nature. If we continue to exploit our resources, chances are that we will not have any resources left for the future generations. With the collapse of the primary sector, industries will not be able to produce anything as they do not have any inputs to work with. We are all aware that some of the most important non-renewable resources include fossil fuels that are used to generate power without which industries cannot function. Evidently, the callous usage of resources will negatively impact the very sector which exploits it. Now, because there is nothing to sell and consequently, no services to provide, the tertiary sector will also meet its doom.

Some might feel that the abovementioned scenario is a little extreme. But even if it does not result in such catastrophic repercussions, there will definitely be fewer resources available. If the major problem tackled in microeconomics right now, is scarcity of resources, imagine the case if humans continue to recklessly exploit nature’s gifts. In this case, costs will definitely rise and if firms simultaneously rise prices, the economy might experience high rates of inflation or even hyperinflation. If firms do not rise prices, they cannot function with a profit motive and there will be trends of contraction, depression and even recession in the economy. Not only will there will be an economical downfall, but morale will also take a hit. Business’ hesitation to adopt costlier methods for sustainable development is understandable. But there is no choice at the moment. The only way ahead is for them to align their corporate social responsibilities with the needs of the environment and start taking it seriously. If not, they may not have a company to run in the future.

Consumers also have a big role to play in the process as without demand, supply is of no value. Consumers need to make conscious decisions about the products that they are consuming based on information regarding the amount of waste generated, the technique of production etc. One such method of conscious consumerism is thrifting. It is the buying of second hand goods which cuts down expenditure for the consumer and conserves resources as more goods need not be produced. If there is any truth to the economic assumption that consumers are rational, it is high time society showcases it.

Humans being have a rather odd tendency of not realising the value of something till it is gone. I really do hope from the bottom of my heart that we do realise the value of our planet before it is too late. If we only spent the amount on conserving and preserving the environment instead of splurging on finding alternative resources and a way to live on Mars, we may have some hope for the future. I would like to conclude with the wisdom of our ancestors by way of a Sanskrit shloka.

निकटस्थं गरीयांसमपि लोको न मन्यते।

पवित्रामपि यन्मर्त्या न नमस्यन्ति जाह्नवीम्॥

(When an item is readily available, people take it for granted;

People on the banks of the River Janhavi (Ganga) do not worship her everyday)