Insight and inspiration in turbulent times.
The key problem is economic growth on a finite planet – with critical limits at both the resources and the sinks end of the chain – in addition to the internal contradictions of the (can I say “capitalist”?) economy.
Adding aspirational adjectives to growth, “inclusive”, “green”, “smart” …. doesn’t change the basic reality.
Emergencies tend to reveal our true priorities. When our house is burning down or the storm waters are flooding in, we hold on to what we value most, and leave the rest behind.
The need for economic growth is a social construct, not a law of nature, but this construct is the tablecloth on which our current society has been arranged. The question we face, as the 2020s come around, is whether we can pull the tablecloth out fast enough without smashing all the plates and glasses?
A nationalized money supply would transform government spending into the monetary creation mechanism and embed justice and sustainability as hallmarks of how we manage our national economy.
The biosphere and econosphere are deeply interlinked and both are in crisis. Industrial, fossil-fuel based capitalism delivered major increases in living standards from the mid-18th through late-20th centuries, but at the cost of widespread ecosystem destruction, planetary climate change, and a variety of economic injustices.
The British sociologist Raymond Williams once wrote, “Culture is ordinary.” We could say much the same about commoning. It is terribly ordinary. Commoning is what common people decide for themselves in their specific circumstances if they want to get along with each other and produce as much wealth for everyone as possible.
Over several decades Euskadi has transformed itself into one of the most internationally competitive, socially inclusive, environmentally progressive economies in the world. It is a polity that welcomes economic globalization as an opportunity, while reaffirming local community and cultural identity.
Work can be “shit” or it can be good. Sociologists and psychologists have developed various frameworks to explain what makes a job good or bad. And we’ve identified a few common factors. A good job is socially useful, it provides material security, it is varied and creative, and it offers us a degree of autonomy. A shit job does nothing for society, fails to help us meet our material needs, is repetitive, and offers little autonomy.
As a long-time proponent of basic income, and as someone who has been involved in pilots in four continents, the past year has been a roller coaster, perhaps summarised as two steps forward, one step back, with marks for progress as six out of 10. It will take acts of courage to move forward decisively in 2019, but more doors are opening.
In my book, Doughnut Economics: Seven Ways to Think Like a 21st Century Economist, I try to reframe economics through the power of images. The diagrams that we draw profoundly shape our thinking. If we’re going to thrive in the twenty-first century, and if economists are going to be helpful in doing so, we need to rename and redraw the economy.
The work on progress indicators is all well and good, especially in challenging the political priority given to GDP. However, over the years I have grown more sceptical of the possibility of measuring, accurately and fully, the state of nations and the wellbeing of their people.
The Bank of North Dakota has fostered a tradition of public sector banking since it was founded in 1919 – the same year incidentally that Neville Chamberlain launched the Birmingham Municipal Savings Bank, which – before it was subsumed into the TSB – and subsequent loss of mutual status, had more than sixty branches around the city.
