Read the whole essay by JMG here.

At this point it may be helpful to sum up the argument I’ve developed here:

a) Every increase in technological complexity tends also to increase the opportunities for externalizing the costs of economic activity;

b) Market forces make the externalization of costs mandatory rather than optional, since economic actors that fail to externalize costs will tend to be outcompeted by those that do;

c) In a market economy, as all economic actors attempt to externalize as many costs as possible, externalized costs will tend to be passed on preferentially and progressively to whole systems such as the economy, society, and the biosphere, which provide necessary support for economic activity but have no voice in economic decisions;

d) Given unlimited increases in technological complexity, there is no necessary limit to the loading of externalized costs onto whole systems short of systemic collapse;

e) Unlimited increases in technological complexity in a market economy thus necessarily lead to the progressive degradation of the whole systems that support economic activity;

f) Technological progress in a market economy is therefore self-terminating, and ends in collapse.