Global luxury goods industry is unsustainable

There is a worldwide consensus that the only way for countries in economic difficulty to overcome those difficulties is through economic growth.

It is appropriate to ask if that is the only option or if a different approach might not be more appropriate.

Let us consider what growing the world economies means in practice. At a very basic level, it starts with individuals deciding to spend more on goods and services, thereby generating demand for those products. Production increases to meet that demand. That increase in production generates economic growth.