No Picture

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

No Picture

We must ensure US public lands stay public, or risk ‘demolition of society’

Source: The Guardian

A lawyer and longtime energy lobbyist, the new interior secretary, David Bernhardt, has one goal in mind: handing as much land as possible to corporations.

Who are America’s public lands for? The answer to that question might seem self-evident: the public. The newly confirmed interior secretary, David Bernhardt – officially charged with stewarding them – has a different interpretation. A lawyer and longtime energy lobbyist, he has shuffled between posts on K Street and in the federal government with one goal in mind: handing as much of that land as possible over to corporations, particularly his friends and clients in the oil and gas industry eager to snap up new leases for mining and drilling. read more

No Picture

The Persisting Relevance of Walter Rodney’s “How Europe Underdeveloped Africa”

Source: Los Angeles Review of Books

THAT WALTER RODNEY’S How Europe Underdeveloped Africa still reads cogently after almost 50 years has more to do with how little things have changed rather than with any prophetic quality of the text or its author. If anything, it shows how resilient (neo)colonialism has proved to be as well as how fundamentally untouched its economic edifice remains. The apparent paradox whereby the richest continent on earth (in natural resources) is also the poorest hasn’t lost any of its bitter irony. Africa is at the very center of global economic interests, with major powers still scrambling over its highly lucrative resources. Though stereotypically perceived as the quintessential recipient of humanitarian aid, Africa still is, for the most part, being deprivedof (its own) wealth rather than benefiting from charitable, outside help. read more