The Covid 19 pandemic is the second major crisis of globalization in a decade. The first was the global financial crisis of 2008-2009, from which the global economy took years to reach a semblance of recovery. We did not learn our lessons from the first, and this is perhaps why the impact of the second has been even more massive. Trillions of dollars of paper wealth went up in smoke during the 2008 crisis, but few cried for the out-of-control financial players who had triggered the crisis. … [Read more...]
5 ways coronavirus could help humanity survive the ecological crisis
The human tragedy of the coronavirus is immense. Thousands have died, hundreds of thousands have been infected globally, and millions more have been affected. Whilst infectious disease has always been a part of the human experience, the expansion of industrial civilization has inexorably amplified the risk of new diseases. Uncontrolled industrial expansion also dangerously heats the planet and drives the collapse of ecosystems worldwide. Experts like Professor Jem Bendell and philosopher … [Read more...]
Dammed Good Questions about the Green New Deal
Hydroelectric power from dams might be the thorniest issue that proponents of the Green New Deal (GND) have to grapple with. Providing more energy than solar and wind combined, dams could well become the key backup “renewable” if it otherwise proves impossible to get off of fossil fuels fast enough. Rivers and lakes are an integral part of human existence, with virtually all major inland cities being located next to one of them. They provide water for drinking, bathing, food, and medicine. … [Read more...]
Economics 101 and Ecological Collapse
"The collapse of our civilisations and the extinction of much of the natural world is on the horizon." – David Attenborough Today’s economics, especially Economics 101, is a major source of humankind’s denial of the possibility of the calamity of all calamities, which our economy is engineering. Annually, millions of students around the world are forced to study textbooks that indoctrinate them into thinking that there is no significant causal connection between our economy and the ecosphere. … [Read more...]
Growthism: its ecological, economic and ethical limits
We have many problems – poverty, unemployment, environmental destruction, climate change, financial instability, etc. – but only one solution for everything, namely economic growth. We believe that growth is the costless, win-win solution to all problems, or at least the necessary precondition for any solution. This is growthism. It now creates more problems than it solves. A journey of no return, not a circular economy The economic process is not a mechanical analog that can be run … [Read more...]
Degrowth: A Call for Radical Abundance
When orthodox economists first encounter the idea of degrowth, they often jump to the conclusion that the objective is to reduce GDP. And because they see GDP as equivalent to social wealth, this makes them very upset. Nothing could be further from the truth. I reject the fetishization of GDP as an objective in the existing economy, so it would make little sense for me to focus on GDP as the objective of a degrowth economy. Wanting to cut GDP is as senseless as wanting to grow it. The … [Read more...]
How Circular is the Circular Economy?
The circular economy has become, for many governments, institutions, companies, and environmental organizations, one of the main components of a plan to lower carbon emissions. In the circular economy, resources would be continually re-used, meaning that there would be no more mining activity or waste production. The stress is on recycling, made possible by designing products so that they can easily be taken apart. Attention is also paid to developing an “alternative consumer culture”. In the … [Read more...]
Why Growth Can’t be Green
Warnings about ecological breakdown have become ubiquitous. Over the past few years, major newspapers, including the Guardian and the New York Times, have carried alarming stories on soil depletion, deforestation, and the collapse of fish stocks and insect populations. These crises are being driven by global economic growth, and its accompanying consumption, which is destroying the Earth’s biosphere and blowing past key planetary boundaries that scientists say must be respected to avoid … [Read more...]
Ten Years After the Crash: more of the same, or a new beginning?
The year 2008 was a momentous one. The ‘anniversary’ headlines are of course all about the financial crash. As Nick Mathiason in The Guardian put it at the time: "It was the year the neo-liberal economic orthodoxy that ran the world for 30 years suffered a heart attack of epic proportions." While the global establishment panicked, governments rallied round and got the flatlining monitor back up again by pumping in trillions of dollars to stop the world banking system from collapsing. The … [Read more...]
The Curse of Bigness
The next time I hear a politico or banker or corporate executive talk about institutions “too big to fail,” I’ll direct them to the 34 percent of Americans who are obese. Last I heard, these big Americans, themselves a kind of cultural institution, were failing en masse, racked by diabetes, asthma, heart trouble, and bound for early death. The human form can only grow so big. Or I could point them to Pig #6707. Conceived in the laboratories of the U.S. Department of Agriculture during the 1990s, … [Read more...]