With Christmas coming up, household consumption will soon hit its yearly peak in many countries. Despite homely pictures of tranquility on mass-produced greeting cards, Christmas is more about frenzied shopping and overspending than peace on earth or quality time with family and friends. As with so much of our lives, the holidays have been hijacked by the idea that satisfaction, even happiness, is only one more purchase away.Two generations ago, my Norwegian grandmother was overjoyed as a … [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...]
To Leave or Remain: Dichotomy or Distraction?
Ever since the Brexit referendum was first announced, we have been bombarded by an array of starkly contradictory pronouncements – from the Leave camp’s now infamous claim that withdrawal from the EU would release £350 million a week for the NHS to the former Chancellor George Osborne’s assertion that Brexit would leave the UK “permanently poorer”. At first glance, the two sides seem to have almost nothing in common; these are polar opposites. Dig beneath the surface, however, and a fundamental … [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...]
Reading Tagore to Become Human
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...]
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...]