Virtually everything that conventional wisdom teaches about ‘economics’ is undergoing changes of an almost seismic nature at this time. Albeit mostly beneath the surface of superficial day to day activities.
The old model, which is still being forced along the aging and unbending tracks of tunnel vision determinism, teaches that ‘economic growth’ is the be-all and end-all of planetary prosperity. Never mind that it is quite literally ‘costing the Earth’ – and will require another five Earth’s if all seven billion citizens are to achieve the supposed goal of attaining a ‘standard of living’ equal to that of post-industrial countries like Northern Europe.
Yet, according to its protagonists, an eternally expanding globalized economic market place remains the only valid prescription for this long suffering and deeply wounded planet. They still adulate notorious figure heads of the past, such as Adam Smith and John Maynard Keynes, neither of whose visons of a sustainable economic order have proved equal to the actual task at hand. (more…)