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.
Jason Hickel, Foreign Policy: Many policymakers have responded to ecological breakdown by pushing for what has come to be called “green growth.” It sounds like an elegant solution to an otherwise catastrophic problem. There is just one hitch: New evidence suggests that green growth isn’t the panacea everyone hopes for. In fact, it’s not even possible.
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.
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.
From The Conversation: If the global economy grows by 3% till 2100, it will be 60 times larger than now. The existing economy is already environmentally unsustainable, so we simply cannot“decouple” growth from environmental impact. This paper looks at policies that could facilitate a planned transition beyond growth–while considering the huge obstacles along the way.
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.
Dr George Schaller, considered one of the finest field biologists in the world, and has a close connection to India. His work with tigers in Madhya Pradesh’s Kanha National Park, revolutionised wildlife research in India. He tells Scroll.in how Indian conservation has changed, why scientists need to engage with governments and what keeps him going.
The worldview that informs contemporary global culture was conceived during the European ‘Enlightenment’ of the 17th century. Its shortcomings have become increasingly evident today, and they are beginning to be seen as the root cause of the many seemingly intractable global problems that confront us today. This essay presents an overview of an alternative worldview.
Modernity’s dominant narrative of material progress– which represents an industrial model of development–gives priority to economic growth and a rising standard of living. It is being increasingly challenged by the alternative narrative of sustainability, which seeks to balance social, environmental and economic priorities and goals to achieve a high, equitable and lasting quality of life.
Western liberal democracies dominate the top rankings of progress indices. But are they the best models of development when their standard of living is unsustainable and their quality of life is, arguably, declining? Only when environmental impacts are given significant weight, as in the Happy Planet and Sustainable Society indexes, does this ranking change substantially.
Colin Todhunter writes: Data from the Multi-dimensional Poverty Index indicates that 20 years ago, India had the second-best social indicators among the six South Asian countries, but now it has the second worst position. Bangladesh has less than half of India’s per-capita GDP but has infant and child mortality rates lower than that of India.
A new book, The Great Invention by Ehsan Masood, unveils the genesis of the Gross Domestic Product and how it shaped the modern economic paradigm. It comes at a time when a growing number of people are questioning this flawed metric. Down to Earth magazine presents exclusive excerpts from the book, followed by a debate.
C.P. Chandrasekhar writes: Even the kind of economic growth that liberalisation actually delivered is proving unsustainable. So, the belief that growth would remain high for years to come, delivering benefits even to those at the bottom of the income pyramid and those steeped in poverty and deprivation, has now revealed itself to be a myth.
Jason Hickel writes: When it comes to climate change, the problem is not just the type of energy we are using, it is what we’re doing with it. What would we do with 100% clean energy? Exactly what we are currently doing with fossil fuels: raze more forests, build more meat farms, expand industrial agriculture.
Conventional economic analysts argue that achieving adequate human development indicators require a country’s economy has to grow continuously at an appreciable rate; but, a densely populated and resource-constrained society such as ours cannot afford to ignore the implications of high energy and material consumption (which will be a consequence of high growth of the economy).
Dr. Manmohan Singh was a World Bank employee before he became finance minister and later prime minister. As PM, he nominated Montek Ahluwalia from the IMF as Deputy Chairman of the Planning Commission. The present RBI Governor, Raghuram Rajan, was Chief Economist in IMF. This is how the neoliberal agenda has been imposed on India.
Aniket Motale writes: Many new age economists have realised the limitations of GDP as a measure of development, including a few Nobel Laureates like Joseph Stiglitz. US politician Robert F. Kennedy once criticised GDP saying, “It measures everything, except that which makes life worthwhile “. Let’s take a closer look at the arguments against GDP.
Shankar Sharma writes: It’s evident that an economic policy focusing on high GDP growth rate has not only not resulted in the elimination of poverty, but is certainly leading to accelerated depletion of our natural resources and to the unacceptable level of pollution of land, water and air, while contributing to the global warming phenomenon.
The Centre has proposed modification of green laws to impose a fine up to Rs 20 crore on major environment violators, who would also have to pay a daily fine of Rs 1 crore if the damage continues. Another green law will prevent violators from taking shelter under a legal cover for non-payment of fines.