"The collapse of our civilisations and the extinction of much of the natural world is on the horizon." – David AttenboroughToday’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 economyThe 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...]
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. Allen 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...]