The science is telling us that the global economy will experience a depression as the reality of the coronavirus pandemic sinks in. Authorities pushing complacency as a short term financial panacea are doing an enormous disservice to the people. Instead, they should prepare to deal with a global depression while limiting the spread of the virus.
New Zealand’s Prime Minister Jacinda Ardern has presented a pioneering national budget where spending is dictated by the “well-being” of citizens, rather than productivity and economic growth. But as long as other major economies continue to prioritise growth, New Zealand may become a lone wolf trapped in an increasingly hungry bear pit, writes Jack Peat.
As resources dry up on land, mining companies are heading underwater. Today, many of the world’s largest mineral corporations have launched underwater mining programs. But the biggest prize for them will be access to international waters, which cover more than half of the global seafloor and contain more valuable minerals than all the continents combined.
Álvaro de Regil Castilla writes: Over the years, as I watched CSR evolve, it gradually became evident that it was really a hoax, for the simple reason that short-term maximization of profit is baked into the corporate DNA. Businesses thus cannot be socially responsible as long as the institutions of democracy remain captured by marketocracy.
From Great Game India: A global contest with at least 9 geoeconomic projects is underway in and around Asia. Regional powers are putting forward ambitious plans for building roads, railways, and other hard infrastructure across the region. A preview of a competition as wide-ranging as the region itself; whose long-term ecological cost will be incalculable.
PM Narendra Modi wants India to be a “$5 trillion economy” by 2024. The consequences of such high GDP growth –even setting aside questions regarding its distribution or true worth– will result in depriving the dispossessed sections of society of access even to natural resources, while driving fragile ecologies to a point of no return.
From Al Jazeera: Scandinavian countries have some of the highest levels of happiness on the planet, and top virtually every ranking of human development. They re worth celebrating for all they get right. But there’s a problem. They’re an ecological disaster, with some of the highest levels of resource-use and CO2 emissions in the world.
Researching public perceptions of the future, I’m not aware of any progress indicators that reflect the real depth of people’s concern. The current wave of global political unrest and protest is commonly attributed to growing inequality, corruption, austerity, thwarted expectations and climate change. But the real reasons also go deeper, challenging the entire narrative of modernisation itself.
Ted Trainer writes: The prize has gone to three people studying how the poor can derive more benefit from existing “development” practices. It sees no reason to question the existing market and growth-driven economy and its derivative, development theory. It doesn’t threaten the massively unjust and environmentally destructive global systems that keep billions in poverty.
In his new book ‘Blip’, Christopher Clugston synthesizes the evidence produced by hundreds of research studies to quantify the causes, implications, and consequences associated with industrial humanity’s predicament. He presents compelling evidence to show how industrial civilisation’s enormous and ever-increasing utilisation of nonrenewable natural resources will lead to global societal collapse in the near future.
Beggars are usually ignored on the streets and questions are asked about why they don’t work. But many have indeed worked as paid labour and have chosen begging as the primary activity, finds Sabina Yasmin Rahman. As India’s urban and rural poor reel from a state-made economic crisis, this revealing study takes on an urgent relevance.
From Counterpunch: In a contracting, growth-less economy, the profit motive can have a powerful catabolic impact on capitalist society. In biological terms, “catabolism” refers to the condition whereby a living thing feeds on itself. Catabolic capitalism is a self-cannibalizing system whose insatiable hunger for profit can only be fed by devouring the society that sustains it.
Thanks to the capitalist propaganda machine, we’ve forgotten the difference between ‘conscious’ and ‘compulsive’ consumption. Frugality, which once used to be the essence of responsible living has been labelled as ‘shame’. Though rarely discussed, this was the beginning–and now the core–of the climate crisis. And it has begun to control all aspects of our lives.
Sanjay Reddy writes: The administration of randomized controlled trials (RCTs) – which Nobel prize winners Duflot and Banerjee helped pioneer – has suffered from more than a whiff of neocolonial attitudes. Arguably, all of the difficulties of RCTs stem from a single source: a failure to recognize the full personhood of those who are affected by interventions.
Over more than 40 years, Vaclav Smil has grown in influence, and is now seen as one of the world’s foremost thinkers and a master of statistical analysis. Bill Gates says he waits for new Smil books the way others wait for the next Star Wars movie. Smil’s latest is Growth: From Microorganisms to Megacities.
From Great Game India: At least two of the Big Four global corporate consultancies are reported to be directly involved in the big-ticket Kashmir Development Plan – Ernst & Young and PricewaterhouseCoopers. A pilot project was initiated in 2017 for the creation of a ‘Model Village’ in Kathua, Kashmir, based on a blueprint by PricewaterhouseCoopers
From The Guardian: Roasted by heatwaves, this year the world went into ecological overshoot on 29 July, the earliest yet. Unless we begin again with economics, understanding and letting go what has gone wrong, one day soon everything will have fallen apart and nobody will quite know why. But the answer will be: it was the economy, stupid.
“Most people aren’t paying attention. Most people have no idea what’s going on. Industrial civilization is already having serious health problems and heart palpitations. By 2020, industrial civilization’s going to suffer a massive stroke. By 2025, it will be in hospice. By 2030, it will be dead,” writes the anonymous author of Articulating The Future.
Over the years, ‘development’ has undergone multiple modifications, such as sustainable development, participatory development, development with gender equity, integrated rural development, and so forth. All these approaches stay within the conventional understanding of development: they don’t constitute a radical departure from the prevailing paradigm. What we need to do is get rid of ‘development’ itself
Jason Hickel writes: Many people were thrilled when they heard that the Economics Nobel went to William Nordhaus, known for his work on climate change. But many climate scientists and ecologists believe that the failure of the world’s governments to pursue aggressive climate action is in large part due to arguments that Nordhaus has advanced.