Visit the average university campus and it is likely that the newest and most ostentatious building will be occupied by the business school. The business school has the best building because it makes the biggest profits (or, euphemistically, “contribution” or “surplus”) – as you might expect, from a form of knowledge that teaches people how to make profits.Business schools have huge influence, yet they are also widely regarded to be intellectually fraudulent places, fostering a culture of … [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...]
CTRLshift: An Emergency Summit for Change
In Britain, these days, all the essential endeavors that are supposed to promote general wellbeing and what is known as “civilization” are, it is widely agreed, in crisis: health and social services; housing; education; energy; transport; and of course, though successive governments haven’t taken it seriously, agriculture. Oh yes, and then there’s “the environment” – nothing less than the biosphere; nature; the living world — but commonly thought of these days as real estate or “natural capital” … [Read more...]
Agriculture and Autonomy in the Middle East
Editor’s Note (March 29th, 2018): An earlier version of this article incorrectly described MEM as operating in Rojava. In fact, MEM only operates formally in North (Turkish) Kurdistan, though its goals and principles are also being pursued by groups in Rojava, including the Internationalist Commune of Rojava.In the predominantly Kurdish regions of Syria and Turkey, known respectively as Rojava and North Kurdistan, a groundbreaking experiment in communal living, social justice, and ecological … [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...]
To Find Alternatives to Capitalism, Think Small
In the aftermath of Donald Trump’s shocking election victory, a shattered Democratic Party and dazed progressives agree on at least one thing: Democrats must replace Republicans in Congress as quickly as possible. As usual, however, the quest to recapture power is focused on tactical concerns and political optics, and not on the need for the deeper conversation that the 2016 election should have provoked us to have: How can we overcome the structural pathologies of our rigged economy and toxic … [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...]
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...]