In 1922, Rabindranath Tagore published one of his most important works, the play Mukta-Dhara. The story, rich in symbolism, is a simple yet powerful one.A child of mysterious birth is found abandoned by a mountain waterfall. He is adopted by the royal family and raised as the crown-prince, Abhijit. As he turns into a young man, Abhijit continues to feel close to the falls. He eventually learns that he is not a prince by birth. He discovers a spiritual kinship with the falls. He goes and … [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...]
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...]
The Problem with Techno-Optimism
Today there are high hopes for technological progress. Techno-optimists expect massive benefits for humankind from the invention of new technologies. Peter Diamandis is the founder of the X-prize foundation, whose purpose is to arrange competitions for breakthrough inventions. His aim is “a world of nine billion people with clean water, nutritious food, affordable housing, personalized education, top-tier medical care, and nonpolluting, ubiquitous energy”. The Internet is a special focus for … [Read more...]
Globalization’s Blowback
A recent study of air pollution in the western United States made a startling finding: despite a 50 percent drop over the past 25 years in US emissions of smog-producing chemicals like nitrogen oxides (NOx), smog actually increased during that period in the rural US West – even in such ‘pristine’ environments as Yellowstone National Park. Most of this increase was traced to “the influx of pollution from Asian countries, including China, North and South Korea, Japan, India, and other South Asian … [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...]
Will the Poor Always Be With Us?
It’s a familiar story. On his final journey toward Jerusalem, Jesus stops in Bethany to eat at the home of Simon, a leper. A woman enters with an alabaster jar of expensive ointment; she breaks the jar and pours the ointment on his head. Her gesture invokes the fury of some of those present. The ointment was worth a year’s wage, they grumble. It could have been sold, and the money given to the poor.“The poor will always be with you” was Jesus’ righteous and innocent enough reply. Jesus … [Read more...]
The Great Deceleration
In 2015, a major study of 24 indicators of human activity and environmental decline titled ‘The Great Acceleration’ concluded that, “The last 60 years have without doubt seen the most profound transformation of the human relationship with the natural world in the history of humankind”.[1] We have all seen aspects of these trends, but to look at the study’s 24 graphs together is to apprehend, at a glance, the totality of the monstrous scale and speed of modern economic activity. According to lead … [Read more...]
Adivasi Economics and Re-awakening the Indigenous Mind
When the East India Company set up in India, the commodities they originally traded included hundreds of unique artifacts made in India, including textiles whose quality has never been surpassed. As the EIC set up a subsidiary called the Government of India for collecting revenue to send back to London, the aim gradually shifted to getting raw materials from India, including cotton, silk, indigo, jute, opium and tea, and of course financial revenue, while undermining indigenous industry so that … [Read more...]