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The roughly 175 companies at risk of bankruptcy have more than $150 billion in debt, with the slipping value of secondary stock offerings and asset sales further hindering their ability to generate cash, Deloitte said in the report, released Tuesday.
Joanna Macy: The Great Turning is a shift from the Industrial Growth Society to a life-sustaining civilization.
The Great Turning is a name for the essential adventure of our time: the shift from the Industrial Growth Society to a life-sustaining civilization.
The ecological and social crises we face are caused by an economic system dependent on accelerating growth. This self-destructing political economy sets its goals and measures its performance in terms of ever-increasing corporate profits—in other words by how fast materials can be extracted from Earth and turned into consumer products, weapons, and waste.
A revolution is under way because people are realizing that our needs can be met without destroying our world. We have the technical knowledge, the communication tools, and material resources to grow enough food, ensure clean air and water, and meet rational energy needs. Future generations, if there is a livable world for them, will look back at the epochal transition we are making to a life-sustaining society. And they may well call this the time of the Great Turning. It is happening now.
Whether or not it is recognized by corporate-controlled media, the Great Turning is a reality. Although we cannot know yet if it will take hold in time for humans and other complex life forms to survive, we can know that it is under way. And it is gaining momentum, through the actions of countless individuals and groups around the world. To see this as the larger context of our lives clears our vision and summons our courage.
The Three Dimensions of the Great Turning:
1. Actions to slow the damage to Earth and its beings
Perhaps the most visible dimension of the Great Turning, these activities include all the political, legislative, and legal work required to reduce the destruction, as well as direct actions—blockades, boycotts, civil disobedience, and other forms of refusal. A few examples:
Documenting the ecological and health effects of the Industrial Growth Society;
Lobbying or protesting against the World Trade Organization and the international trade agreements that endanger ecosystems and undermine social and economic justice;
Blowing the whistle on illegal and unethical corporate practices;
Blockading and conducting vigils at places of ecological destruction, such as old-growth forests under threat of clear-cutting or at nuclear dumping grounds.
Work of this kind buys time. It saves some lives, and some ecosystems, species, and cultures, as well as some of the gene pool, for the sustainable society to come. But it is insufficient to bring that society about.