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Global News and Analysis

Dare to declare capitalism dead – before it takes us all down with it

Source: The Guardian

The economic system is incompatible with the survival of life on Earth. It is time to design a new one

For most of my adult life I’ve railed against “corporate capitalism”, “consumer capitalism” and “crony capitalism”. It took me a long time to see that the problem is not the adjective but the noun. While some people have rejected capitalism gladly and swiftly, I’ve done so slowly and reluctantly. Part of the reason was that I could see no clear alternative: unlike some anti-capitalists, I have never been an enthusiast for state communism. I was also inhibited by its religious status. To say “capitalism is failing” in the 21st century is like saying “God is dead” in the 19th: it is secular blasphemy. It requires a degree of self-confidence I did not possess.But as I’ve grown older, I’ve come to recognise two things. First, that it is the system, rather than any variant of the system, that drives us inexorably towards disaster. Second, that you do not have to produce a definitive alternative to say that capitalism is failing. The statement stands in its own right. But it also demands another, and different, effort to develop a new system.

Capitalism’s failures arise from two of its defining elements. The first is perpetual growth. Economic growth is the aggregate effect of the quest to accumulate capital and extract profit. Capitalism collapses without growth, yet perpetual growth on a finite planet leads inexorably to environmental calamity.

Those who defend capitalism argue that, as consumption switches from goods to services, economic growth can be decoupled from the use of material resources. Last week a paper in the journal New Political Economy, by Jason Hickel and Giorgos Kallis, examined this premise. They found that while some relative decoupling took place in the 20th century (material resource consumption grew, but not as quickly as economic growth), in the 21st century there has been a recoupling: rising resource consumption has so far matched or exceeded the rate of economic growth. The absolute decoupling needed to avert environmental catastrophe (a reduction in material resource use) has never been achieved, and appears impossible while economic growth continues. Green growth is an illusion. read more

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Global News and Analysis

George Monbiot: Only rebellion will prevent an ecological apocalypse

Source: The Guardian

No one is coming to save us. Mass civil disobedience is essential to force a political response

Had we put as much effort into preventing environmental catastrophe as we’ve spent on making excuses for inaction, we would have solved it by now. Everywhere I look, I see people engaged in furious attempts to fend off the moral challenge it presents.

The commonest current excuse is this: “I bet those protesters have phones/go on holiday/wear leather shoes.” In other words, we won’t listen to anyone who is not living naked in a barrel, subsisting only on murky water. Of course, if you are living naked in a barrel we will dismiss you too, because you’re a hippie weirdo. Every messenger, and every message they bear, is disqualified on the grounds of either impurity or purity. read more

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Global News and Analysis

Our natural world is disappearing before our eyes. We have to save it

Source: The Guardian

The creatures we feared our grandchildren wouldn’t see have vanished: it’s happened faster than even pessimists predicted

It felt as disorienting as forgetting my pin number. I stared at the caterpillar, unable to attach a name to it. I don’t think my mental powers are fading: I still possess an eerie capacity to recall facts and figures and memorise long screeds of text. This is a specific loss. As a child and young adult, I delighted in being able to identify almost any wild plant or animal. And now it has gone. This ability has shrivelled from disuse: I can no longer identify them because I can no longer find them. read more

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Global News and Analysis

The Impossibility of Growth Demands a New Economic System

Let us imagine that in 3030BC the total possessions of the people of Egypt filled one cubic metre. Let us propose that these possessions grew by 4.5% a year. How big would that stash have been by the Battle of Actium in 30BC? This is the calculation performed by the investment banker Jeremy Grantham.

Go on, take a guess. Ten times the size of the pyramids? All the sand in the Sahara? The Atlantic ocean? The volume of the planet? A little more? It’s 2.5 billion billion solar systems. It does not take you long, pondering this outcome, to reach the paradoxical position that salvation lies in collapse. read more