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.
Devinder Sharma writes: If raising productivity is the major factor I see no reason why Punjab farmers should be committing suicide. But the fact that economists don’t want to acknowledge is that it is actually the low price that farmers being deliberately paid that is the primary reason for the terrible agrarian crisis that prevails.
From The Business Standard: “Selected companies like Reliance, Essar have been given the task of providing crop insurance. In just one Maharashtra district, where the soya crop failed, Reliance earned a net profit of Rs 143 crore without investing a single rupee. Now, multiply this amount to each of the districts it has been entrusted.”
William Nordhaus’ low-ball estimates of the costs of climate change and high-ball estimates of the costs of containing the threat contributed to a lost decade in the fight against climate change, lending intellectual legitimacy to denial and delay. The IPCC report, released the day Nordhaus got his Nobel, heightens the award’s absurdity, writes Eugene Linden.
India’s income inequality in 2017 may be worse than what it was during the British Raj. According to a new paper titled ‘Indian income inequality, 1922-2014: From British Raj to Billionaire Raj?’ penned by renowned economists Thomas Piketty and Lucas Chancel, India witnessed a sharp rise in the incomes of top 1 per cent post 1980s.
From Newsclick: Prof. Tejal Kanitkar, who heads the Centre for Climate Change and Sustainability Studies at TISS, says that while the government’s National Energy Policy claims it will provide 24×7 electricity to the entire nation by 2022, this lies in contradiction with the mode through which they plan ensure its distribution; that is, the market.
Recently, a powerful feature by The Guardian reported on the US’ accelerating farmer suicide crisis, part of a global farmer suicide crisis, which most acutely manifests in India. Layton Ehmke, farmer-turned-journalist, writes on how there’s no way to make a living growing food in America, and how poverty and shame are driving some to suicide.
From Down to Earth: GDP does not reveal the ground truth about progress in development. The top 10% of Indians control the wealth basket while the common people—more than one billion—slide down along ‘Hunger Index’. While the government flaunts a surging economy, prevalence of hunger in India is at the “high end of serious category”.
The world’s top 1 percent held 45.5 percent of all household wealth in 2000. Now, they hold 50.1 percent, according to research by Credit Suisse. The Mukesh Ambani family, the only Indian family in Asia’s top 10 families, is also the richest in the continent, as its net worth rose $19 billion to $44.8 billion.
If you think farmers have suffered unknowingly, you are mistaken. It’s in fact part of a global design. For GDP to grow, the prescription is to reduce the dependency of a large proportion of the population on agriculture. The entire effort is to create conditions that force people to abandon farming and migrate to cities.
From GGI News: In 1996, the World Bank directed India to move 400 million people out of agriculture. Former PM Manmohan Singh had repeatedly expressed the need to shift 70% farmers. Only then will cheap labour be available for infrastructure development. The economic design is well laid out. Agriculture is being killed for economic growth.
Colin Todhunter writes: At a time when India commemorates the end of British rule, it finds itself under siege from international capital. Its not only on course to become an even weaker and more hobbled state permanently beholden to US state-corporate interests, but it is heading towards environmental catastrophe much faster than many may think.
Huffington Post reports: India ranks 132nd out of 152 countries on a new index that measures the commitment by a country towards reducing inequality. The index is composed of 21 data points with varying weights; including health and education, share of tax revenue in the GDP, share of tax exemptions, minimum wage and maternity benefits.
From Chronicle.com: In his new book, The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century, Stanford University professor Walter Scheidel puts forth the following thesis: that historically, it took four kinds of violent ruptures –mass-mobilization warfare, transformative revolution, state failure, and lethal pandemics– to reduce widespread inequality.
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!
Colin Todhunter writes in Countercurrents.org: A combination of debt, economic liberalisation, subsidised imports, rising input costs and a shift to cash crops (including GM-cotton) has caused massive financial distress to small farmers in India. The Regional Comprehensive Economic Partnership (RCEP), a trade deal now being negotiated by 16 countries across Asia-Pacific, could accelerate this process.
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?
As global capitalist economic growth accelerates planetary ecological collapse, Richard Smith argues that – impossible as it may seem at present – only the most radical solution -the overthrow of global capitalism, the construction of a mostly publicly-owned and mostly planned eco-socialist economy is the only alternative to the collapse of civilization and ecological suicide.
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.
Best-selling author and historian Yuval Noah Harari writes: As we enter the post-industrial world, the masses are becoming redundant. Biotechnology and the rise of Artificial Intelligence may split humankind into a small class of ‘superhumans’ and a huge underclass of ‘useless’ people. Once the masses lose their economic and political power, inequality could spiral alarmingly.