New scientific research is quietly rewriting the fundamentals of economics, showing decisively that the age of endlessly growing industrial capitalism, premised on abundant fossil fuel supplies, is over. The long-decline of capitalism-as-we-know-it, the new science conclusively shows, began some decades ago, and is on track to accelerate well before the end of the 21st century.
From Slate.com: Industrial civilisation’s impact is so massive that it goes way beyond climate change. Earth scientists now suggest that it is creating a distinct geological layer made of ‘technofossils’. The scale of our stuff is so gargantuan, that it is throwing off the quite robust balance of our natural systems—that’s how powerful it is.
From BBC: A recent episode of Newsnight, BBC’s programme on ideas, had a surprising guest: Anthropologist Jason Hickel, who went on to make a case against the lethal addiction to economic growth and in its place proposed “planned de-growth”. Hickel is the author of The Divide: A Brief Guide to Global Inequality and its Solutions.
We should expect financial collapse quite soon – perhaps as soon as the next few months. Our problem is energy related, but not in the way most experts have claimed. It’s much more related to the election of President Trump and to the Brexit vote. Most people don’t understand how interconnected the world economy is.
Bart Hawkins Kreps writes: Will we have plenty of affordable energy to power communications among trillions of internet-connected sensors in the “Internet of Things”? Will our new fleet of self-driving cars have plenty of fuel to keep us moving en masse? The uncertainty of our long-term energy supply is not even mentioned in this book.
From AlterNet: Last year it was eight men, then down to six, and now almost five. The world’s richest five men now own over $400 billion in wealth. On average, each man owns nearly as much as 750 million people. The super-rich are absconding with our wealth, and the plague of inequality continues to grow.
From Journeyman Pictures: The financial storm of 2008 began brewing in when the US congress pushed the idea of home ownership for all. When it all went wrong, they opted for gargantuan bailouts for the big banks. This documentary offers fresh insight into the greatest economic crisis of our age: the one still awaiting us.
Michael Snyder writes: What in the world are we going to do with billions of human workers around the globe that are no longer needed when technology takes virtually all of our jobs? Some have suggested that society will evolve into a socialist utopia; others see a dystopian future with greater inequality than ever before.
From Open Democracy: Open cooperativism is an effort to infuse cooperatives with the basic principles of commons based peer production. Here are six interrelated strategies for post-corporate entrepreneurial coalitions. The aim is to go beyond the classical corporate paradigm, and its extractive profit-maximizing practices, toward the establishment of open cooperatives that cultivate a commons-oriented economy.
Andrew Russell writes: The most undervalued forms of technological labour are also the most ordinary: those who repair and maintain technologies that already exist. This shift in emphasis involves focusing on the constant processes of entropy and un-doing– and the work we do to slow or halt them, rather than on introduction of novel things.
IndiaSpend reports: Nearly 46 million people live under conditions of slavery across the world, with 18 million (39%) of those in India, home to the world’s largest number of slaves, according to the 2016 Global Slavery Index. They have lost their freedom by way of bonded and domestic labour and sexual slavery, among other means.
This review by Alice Friedmann of Nafeez Ahmed’s new book has 3 parts: 1) Why states collapse for reasons other than economic and political 2) How Bio-Physical factors contribute to systemic collapse in Syria, Yemen, Iraq, Saudi Arabia, Egypt, Nigeria 3) Predictions of when collapse will begin in Middle-East, India, China, Europe, Russia, North America
CBC News reports: A new report has calculated the total mass of all manmade things-from buildings to cars and computers- to be an astounding 30 trillion tons, seven times more than the total amount of living matter on Earth. It shows the sheer magnitude of the human impact on our planet, which is still growing.
Globalization seems to be looked on as an unmitigated “good” by economists. Unfortunately, they miss the point that the world is finite. We don’t have infinite resources, or unlimited ability to handle excess pollution. So we’re setting up a “solution” that is at best temporary. Here’s why globalization is, in fact, a very major problem.
From Countercurrents.org: Human cultural evolution can be regarded as an enormous success in many respects. However, thoughtful observers agree that civilization is entering a period of crisis. As all curves move exponentially upward: population, production, consumption, etc, one can observe signs of increasing environmental stress, while the existence of nuclear weapons threaten civilization with destruction.
Nafeez Ahmed writes: A new research study by HSBC on global oil supply shows that the bulk of the world’s oil production has peaked and is now in decline. Welcome to a new age of permanent economic recession driven by our ongoing dependence on dirty, expensive, difficult oil — unless we choose a fundamentally different path.
Gail Tverberg writes: Underlying problems are sufficiently severe that we seem to be headed for a crisis far worse than 2008. Our fundamental problem is that neither high nor low energy prices are now able to keep the world economy operating as we’d like it to. Increased debt can’t seem to fix the problem either.
A new study released by Oxfam ahead of the World Economic Forum meeting shows that just 57 billionaires in India now have same wealth ($ 216 billion) as that of the bottom 70 per cent population of the country. Globally, just 8 billionaires have the same amount of wealth as the poorest 50 per cent.
As 2017 dawns, in a great many ways, modern industrial civilization has flung itself forward into a darkness where no stars offer guidance and no echoes tell what lies ahead… We’re not discussing the end of the world; events like those that can be found repeated many times in the histories of other failing civilizations.
What lies ahead for the economy this year? Will there be a global economic collapse as predicted by many or will the early positive signs in stock markets around the world continue? While focused on the U.S., this compilation by Daisy Luther of forecasts by 12 leading experts has implications for the entire global economy.