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...]
Local Finance Made Simple
The nature of money is to abstract value. That is its role. It stands in place of an actual good or service.If I fail to have the basket of potatoes you are seeking in exchange for the wool from your sheep, I can instead pay for the wool in dollars or BerkShares or Brixton Pounds— which then become an abstract representation of the wool. You can then exchange those $, B$, or B£ at a later time in the market for potatoes, or for any number of other products or services.This capacity for … [Read more...]
Where Time Went (and why we have so little left)
“Sleeker. Faster. More Intuitive” (The New York Times); “Welcome to a world where speed is everything” (Verizon FiOS); “Speed is God, and time is the devil” (chief of Hitachi’s portable-computer division). In “real” time, life speeds up until time itself seems to disappear—fast is never fast enough, everything has to be done now, instantly. To pause, delay, stop, slow down is to miss an opportunity and to give an edge to a competitor. Speed has become the measure of success—faster chips, faster … [Read more...]
Farewell to Development: An interview with Arturo Escobar
Arturo Escobar is co-editor of The Post-Development Dictionary and author of Design for the Pluriverse. He was interviewed by Allen White, Senior Fellow at the Tellus Institute, sponsor of the Great Transition Initiative, where a slightly longer version of this interview first appeared. Alan White: You have argued that the conventional understanding of development in the Global North—individualism, competition, industrialism, market primacy—is at odds with the core tenets of … [Read more...]
Globalization’s Deadly Footprint
That pollution is bad for our health will come as a surprise to no one. That pollution kills at least 9 million people every year might. This is 16 percent of all deaths worldwide – 3 times more than AIDS, tuberculosis and malaria combined, and 15 times more than all wars and other forms of violence. Air pollution alone is responsible for 6.5 million of these 9 million deaths. Nearly 92 percent of pollution-related deaths occur in low- and middle-income countries. All this is according to the … [Read more...]
In Defense of Degrowth
The economist Branko Milanovic recently wrote a blog post titled “The illusion of degrowth in a poor and unequal world.” He penned it, he says, following a conversation he had with a proponent of degrowth.As it turns out, that proponent was me.First, let me say that I have a lot of respect for Milanovic's work on inequality. I cite him all the time. But unfortunately he doesn't have a strong grasp of degrowth. Let's look at his argument in detail:Milanovic rejects degrowth … [Read more...]
Averting the apocalypse: lessons from Costa Rica
Earlier this summer, a paper published in the journal Nature captured headlines with a rather bleak forecast. Our chances of keeping global warming below the 2C danger threshold are very, very small: only about 5%. The reason, according to the paper’s authors, is that the cuts we’re making to greenhouse gas emissions are being cancelled out by economic growth.In the coming decades, we’ll be able to reduce the carbon intensity of the global economy by about 1.9% per year, if we make heavy … [Read more...]
Our Obsolescent Economy
A friend of mine from India tells a story about driving an old Volkswagen beetle from California to Virginia during his first year in the United States. In a freak ice storm in Texas he skidded off the road, leaving his car with a cracked windshield and badly dented doors and fenders. When he reached Virginia he took the car to a body shop for a repair estimate. The proprietor took one look at it and said, “it’s totaled.” My Indian friend was bewildered: “How can it be totaled? I just drove it … [Read more...]
From Growth to Degrowth: a brief history
The notion of economic growth as a regular, ongoing, self-sustained process no longer holds up to critical analysis. Even during what’s been called “The Glorious Thirty” – the years between the end of World War II and the 1974 oil crisis – growth occurred almost solely in industrialized countries and involved a minority of the world population; it was built on the senseless waste and pillaging of limited natural resources, access to cheap fossil fuels, dependency on killer technologies and the … [Read more...]
Life in a ‘degrowth’ economy, and why you might actually enjoy it
What does genuine economic progress look like? The orthodox answer is that a bigger economy is always better, but this idea is increasingly strained by the knowledge that, on a finite planet, the economy can’t grow for ever.But what is a steady-state economy? Why it is it desirable or necessary? And what would it be like to live in? The global predicament We used to live on a planet that was relatively empty of humans; today it is full to overflowing, with more people consuming more … [Read more...]