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...]
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...]