"In the degrowth literature, a caricature of the typical economist is presented as believing in unlimited economic growth, and that growth should be pursued regardless of its environmental impact. This is a straw man. It would be a naïve economist who did not recognise that constraints exist. And economists usually limit their projections to a few decades to come, rather than to the infinite future, in which they supposedly believe in unlimited exponential economic growth. Certainly, there are theoretical economic growth models which portray the possibility of exponential growth into the infinite future, but economists have had enough common sense not to assume stylised theoretical models are the be-all-and-end-all when it comes to public policy."
Then why, Mr. Tunny, is it so hard to find an economist who can tell us when the economy should stop growing?
The enforcement of copyright law is really simple.
If you were a kid who used Napster in the early 2000s to download the latest album by The Offspring or Destiny's Child, because you couldn't afford the CD, then you need to go to court! And potentially face criminal sanctions or punitive damages to the RIAA for each song you download, because you're an evil pirate! You wouldn't steal a car! Creators must be paid!
If you created educational videos on YouTube in the 2010s, and featured a video or audio clip, then even if it's fair use, and even if it's used to make a legitimate point, you're getting demonetised. That's assuming your videos don't disappear or get shadow banned or your account isn't shut entirely. Oh, and good luck finding your way through YouTube's convoluted DMCA process! All creators are equal in deserving pay, but some are more equal than others!
And if you're a corporation with a market capitalisation of US$1.5 trillion (Google/Alphabet) or US$2.3 billion (Microsoft), then you can freely use everyone's intellectual property to train your generative AI bots. Suddenly creators don't deserve to be paid a cent.
Apparently, an individual downloading a single file is like stealing a car. But a trillion-dollar corporation stealing every car is just good business.
My real worry with Google's voyage into enshittification (thanks to Cory Doctorow @pluralistic the term) is YouTube.
Through YT, for the past 15 years, the world has basically entrusted Google to be the custodian of pretty much our entire global video archive.
There's countless hours of archived footage — news reports, political speeches, historical events, documentaries, indie films, academic lectures, conference presentations, rare recordings, concert footage, obscure music — where the best or only copy is now held by Google through YouTube.
So what happens if maintaining that archival footage becomes unprofitable?
Turns out that the people who love capitalism the most and want to protect it at all costs don't think that it inevitably leads to democracy. In fact they think too much democracy leads inevitably to socialism, and sought (often successfully) to encase capitalism within the protection of national and international law in order to fend off democratic attacks on "economic freedom," aka, the right of a small slice of humanity to take their piles of money wherever they want and be assured of finding desperate low-wage workers wherever they go.
This is the first thing I’ve seen from a major press outlet that even resembles a stick in the eye of conventional economic wisdom. And it is absolutely on point.
We must scream at the top of lungs, and shame any who dare, try to defend the conventional orthodox economic machine that is tearing our children’s future down around their ears. #FUCKNORDHAUS!!!
Please, I beg you, circulate this article as far and wide as you can.
Humble request: do you know of any real life experience of post-capitalist economies, even partial ones? Local currencies? Cooperative models? Community land trusts? Priority given to resilience over efficiency? #solarpunk economies? There are a few usual suspects (Mondragon, Cooperativa Integral Catalana, Transition Network...), but I struggle to find long lists of cases. Boost appreciated @g_kallis@jks@jasonhickel#postcapitalism#economics#degrowth#postgrowth
File this under the heading economics is not even a dismal science, because mainstream economics isn’t even science. Economics could actually be a rigorous discipline, if orthodoxy can be kicked out.
“ In contrast to its attitude to private debt, which it ignores, mainstream economics obsesses about government debt. But this volte-face doesn't besmirch its record of being 100% wrong.”
HOW DID WE GET HERE?
(a thread of threads, quotes, and links)
This is a collection of writings and research concerned with how we got where we are today, which is in fact the story of what has been done to us, and what has been taken from us.
By "us" we're talking about "the 99%", "workers", "wage slaves", all non-owners of private property, "the poor", unhoused people, indigenous people, even plenty of people who swear by capitalism and identify as "capitalist" yet have no capital of their own and no serious hope of ever having any worth speaking of. In other words almost everyone except for the very few who have had the power to exploit us and shape our lives to serve their agenda. We're going to examine institutions and concepts that have deeply altered our world at all levels, both our external and internal realities.
By "here" we are talking about climate crisis and myriad other environmental catastrophes resulting from hyper-excessive extraction, consumption and waste; a world of rampant inequality and exploitation, hunger and starvation; a world of fences, walls, tollbooths, prisons, police, bullshit jobs and criminalized poverty; a world overrun with cars and preventable diseases; a world of vanishing biodiversity and blooming fascism; a world where "democracy" results in being led by some of the worst of humanity; a world ruled by an imaginary but all-powerful and single-minded god: Capital.
Our inspiration and structural framework for this survey is this quote from "The Prehistory of Private Property", an important work from political philosopher Karl Widerquist and anthropologist Grant S. McCall:
"After hundreds of millennia in which all humans had direct access to the commons, it took only a few centuries for enclosure, colonialism, capitalism, and industrialization to cut off the vast majority of people on Earth from direct access to the means of economic production and therefore to rob them of the power to say no. It took only a few generations to convince most people that this situation was natural and inevitable. That false lesson needs to be unlearned."
We really need to rethink our capitalistic obsession of running things like a business. Cutting costs to increase profits obviously doesn't make sense in areas of education, healthcare, public utilities, and prisons, to name just a few.
Hell, Boeing is making a strong case that it doesn't even make sense for businesses to be run like a business, much less these public goods...
Time and again, we see CEOs and similar executives make horrible decisions that massively damage a company both financially and in terms of reputation and the perpetrator is forced to resign, yet receives so much money as a going away present you'd think they're being rewarded for their fuck up. Why??
"Investment bankers about the financial crisis: “It was an easy game for us to earn a lot of money”
Asked about his political position: "I support the British people. I do not want these people to fall into poverty. If I believe, for example, that the Labour Party can help me to prevent that, then I support them. The party leadership insists that it will not tax the rich. If so, then I cannot."
Regulators didn’t put microplastics in your water.
The nanny state didn’t lie to you about whether tobacco products caused cancer.
Socialism didn’t decide to take a third of your paycheck for health insurance coverage, and then still do everything in its power to deny your claims for lifesaving care.
Capitalists pursuing their self-interest did all of that, and more.
I enjoyed this debate about imperialism & why there's a move towards a multipolar world - both touchy subjects but Justin Podur and Sam Gindin discussed it with such civility. Far too many of our conversations about #geopolitics are rage inducing. We need more grounded debates like this.
What do corporate board conversations about executive pay sound like? Do they really think that at the top they have to pay more to make the business run better, but that paying less makes perfect sense for all lower level employees? Or then what's with the lack of competition for the CEO jobs? #economics
When I was assembling my last book (Corporations: A research agenda), I became quite interested in Mondragon in Spain as an alternative way of organising businesses (and featured them in the book).
Somehow I missed this recent profile on the Spanish Cooperative conglomerate. It make for an interesting read when we are told there is no other way of running firms in capitalism.... because clearly there is!
A thing I think he doesn't give enough attention to is the role the Fed DOES play. The Fed indirectly controls bank lending rate through a couple mechanisms. The first is whatever rules it has for declaring a bank solvent. They've eliminated reserve requirements but now it's something like a stress test or whatever. A bank can't keep lending
A primer on how Commons Capitalism (CC) works to replace traditional capitalism, i.e., corporations or other entities owned directly or indirectly by individuals. 1/8
No way! A European Citizens' Initiative to (1) tax millionaires to (2) finance a Green New Deal via EU Commission own funds, and (3) whose proponents are (check notes) the president of the Belgian Socialist Party, a Polish former Employment and Social Inclusion Commissioner and Thomas Piketty (@pikettylemonde), possibly the world's most prominent scholar of inequality.
In April 1832, the Mexican government closed a loophole allowing settlers to reclassify their human chattel as indentured servants. This finally outlawed slavery, full stop.
For Stephen Austin, this was the last straw. “Texas must be a slave country,” he wrote a friend, “circumstances and unavoidable necessity compels it.”
If you live in the European Union, I would ask, as a personal favour, that you consider signing this petition for a tax on great wealth. It is reasonable; it would have major impact if put into place; it is very feasible (no revision of the Treaties needed). It is the brainchild of French economist Thomas Piketty, a leading scholar of inequality. https://tax-the-rich.eu#economics#ClimateCrisis
Looks like the Boring Company's Las Vegas tunnels are going about as well as you'd expect from an Elon project...
"The muck pooling in the tunnel at the north end of the Las Vegas Strip had the consistency of a milkshake and, in some places, sat at least two feet deep. ... At first, it merely felt damp. But in addition to the water, sand and silt—the natural byproducts of any dig—the workers understood that it was full of chemicals known as accelerants.
"The accelerants cure the grout that seals the tunnel’s concrete supports, helping the grout set properly and protecting the work against cracks and other deterioration. They also seriously burn exposed human skin. At the Encore dig site, such burns became almost routine, workers there told Nevada’s Occupational Safety and Health Administration. An investigation by the state OSHA, which Bloomberg Businessweek has obtained via a freedom of information request, describes workers being scarred permanently on their arms and legs. According to the investigation, at least one employee took a direct hit to the face. In an interview with Businessweek, one of the tunnel workers recalls the feeling of exposure to the chemicals: “You’d be like, ‘Why am I on fire?’”"
"Before I show why he fails, I want to clarify what it means to say that banks create money “out of nothing” (Schumpeter 1934, p. 73). It definitely does not mean that banks create money via magic. What it means instead is that there is no other account from which a bank loan is financed, whereas there is such an account for a non-bank loan."
Why are Golden Parachutes a thing?
Time and again, we see CEOs and similar executives make horrible decisions that massively damage a company both financially and in terms of reputation and the perpetrator is forced to resign, yet receives so much money as a going away present you'd think they're being rewarded for their fuck up. Why??