'You can now buy a selfie toaster, that burns an image of your own face on to your bread – the Turin Shroud of toast. You can buy beer for dogs and wine for cats; a toilet roll holder that sends a message to your phone when the paper is running out; a $30 branded brick; a hairbrush that informs you whether or not you are brushing your hair correctly. Panasonic intends to produce a mobile fridge that, in response to a voice command, will deliver beers to your chair...'
There was “a flaw” in the theory: this is the famous admission by Alan Greenspan, the former chair of the Federal Reserve, to a congressional inquiry into the 2008 financial crisis. His belief that the self-interest of the lending institutions would lead automatically to the correction of financial markets had proved wrong. Now, in the midst of the environmental crisis, we await a similar admission. We may be waiting some time. For, as in Greenspan’s theory of the financial system, there cannot be a problem. The market is meant to be self-correcting: that’s what the theory says. As Milton Friedman, one of the architects of neoliberal ideology, put it: “Ecological values can find their natural space in the market, like any other consumer demand.” As long as environmental goods are correctly priced, neither planning nor regulation is required. Any attempt by governments or citizens to change the likely course of events is unwarranted and misguided.