Portside

The growing app-based service economy relies on legions of underpaid and underprotected contract workers. Today's self-employed workers pay an additional 7.5 percent in income tax and cannot qualify for an earned income tax credit. They have no guarantee of equal protection under laws mandating minimum wages, sick leave or family leave, nor do they have protection against workplace discrimination, harassment or injury, unless they prevail in a lawsuit.

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The financial infrastructure of the new economy is under-developed. Waiting for Wall Street to deliver the financial instruments we need for a sustainable economy is like waiting for Exxon to build the renewable energy system we need to avert climate catastrophe. It is not going to happen. The movement needs to be equally focused on moving capital out of fossil fuels and into the new economy as it is readying the economy to absorb this new flow of capital.

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The climate crisis has such bad timing, confronting it not only requires a new economy but a new way of thinking.