Ten years after the global financial crisis, a debt-fuelled world economy is headed towards another crash, the IMF has warned. With the Rupee at a record low, unemployment at a 20-year high, and 78 of its largest corporations defaulting on massive debts, India’s rapidly emerging as the epicentre of a crisis that could dwarf 2008.
From The New Left Review: If fidelity to GDP growth amounts to the religion of the modern world, then Herman Daly surely counts as a leading heretic. Benjamin Kunkel interviews the preeminent figure in ecological economics, and the author of perhaps the most fundamental and eloquently logical case against endless economic growth that’s yet produced.
J.C. Kumarappa was a stalwart of India’s freedom movement, Gandhian economic philosopher, pioneer in the development of village and cottage industries and advocate of a decentralised, localised economy of permanence and freedom. Yet, he remains practically unknown to the present generation of Indians. A tribute to Kumarappa by Pranjali Bandhu, editor of his collected writings.
Ashish Kothari & Aseem Shrivastava write: The growing protests of farmers around the country-last month’s protests in Mumbai being the latest-is not just a claim for dignity. Even more portentously, it calls into question the paradigmatic rationality of the reigning development model. Alternatives do exist, practised and conceived of at hundreds of sites in India.
Richard Eckersley writes: The core flaw in the dominant model of progress arises from the equation of progress with modernisation, especially the processes of cultural Westernisation and material progress (measured as economic growth). Global politics is based on this outmoded and increasingly destructive model of human progress and development. Can science change a dire situation?
Devinder Sharma writes: In the 12-year period between 2004-05 and 2015-16, total tax concessions given by the Indian government to industry almost equals a whopping Rs 50-lakh crore. If these tax concessions were eliminated and the additional revenue generated was instead used effectively for social betterment programmes, India could have made hunger and poverty history.
Recent studies show that those who identify themselves as conscious consumers use more energy and carbon than those who do not. Why? Because, environmental awareness is higher among wealthy people. It’s not attitudes that govern our impacts on the planet, but income. The richer we are, the bigger our footprint, regardless of our good intentions.
Financial crises are happening more frequently, and the next panic is almost certainly brewing – mostly thanks to skewed government and central bank policies -according to research by Deutsche Bank. It comes as a warning to India, where the RBI has just approved a massive ‘recapitalisation’ programme to bailout banks struggling with ballooning corporate debt.
George Monbiot‘s powerful new book looks at how democracy and economic life can be radically organised from the bottom up. He argues against the “society-crushing system of neoliberalism”, and for a political agenda “that isn’t destined to destroy the living planet”, power given back to people so that wealth isn’t continually distributed to the rich.
Nehru’s grand illusion was to imagine that the ‘good’ in the modern world could be somehow magically preserved while allowing the ‘evil seed’ (gluttony of power?) to flourish into a ravishing rainforest of destructive avarice, an inevitability our times are having to face, as barbarism knocks on every door. Gandhi’s fears are globally vindicated today.
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.
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.
Martin Lukacs writes in The Guardian: Capitalism thrives on people believing that being afflicted by the structural problems of an exploitative system –poverty, joblessness, poor health, lack of fulfillment –is a personal deficiency. Neoliberalism has taken this internalised self-blame and turbocharged it. So, you are now also responsible for bearing the burden of potential ecological collapse!
George Monbiot writes: We cannot hope to address our predicament without a new worldview. We cannot use the models that caused our crises to solve them. We need to reframe the problem. This is what the most inspiring book published so far this year – Doughnut Economics by Kate Raworth of Oxford University -has done.
John Scales Avery writes in Countercurrents.org: Malthus’ “Essay on The Principle of Population” was one of the first systematic studies of the problem of population in relation to resources. He was the first to stress the fact that, in general, powerful checks operate continuously to keep human populations from increasing beyond their available food supply.
Kurt Cobb writes: The idea of progress is embedded in the socio-economic system, and we cannot attack carbon emissions without attacking the idea of progress itself. If the progress we’ve made since the beginning of industrial civilization only leads to a complete reversal of all our supposed gains, can we really call what’s happening progress?
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.
A 100 actions of protest will be held across the country between May 1 – 7, 2017 to mark the 50th anniversary of the establishment of the ADB, highlighting the gross human rights violations, loss of livelihood, and environmental destructions caused by the ‘development model’ being pushed by ADB and its ilk, using public money.
Kenn Orphan writes: Earth Day has morphed into an opportunity for corporations and politicians to tout empty gestures at “saving the planet” while they mercilessly plunder it. It neutralises public outrage at the world’s dire state and spreads an all-pervasive “feel goodism” to a situation that’s truly existential, for countless other species, and our own.
Now, we may disagree about the extent to which success deserves to be rewarded–but virtually all agree that wealth is created primarily at the top. In reality, it is precisely the other way around. This is one of the biggest taboos of our times– the truth that we are living in an inverse welfare state.