The climate of Political Nihilism

In September 2018, the Trump administration produced a realistic environmental impact report that reflected current scientific estimates of emerging climate chaos. That alone was a bit shocking given Trumpist rhetoric claiming that climate change is a “Chinese hoax.” But the political misuse of that information was shockingly brazen, if not exactly surprising.

After all, presidential prevarication is the “new normal” in American politics. The ill logic in this particular case is tremendously twisted. The administration wants to roll back fuel efficiency standards in the transportation industry. The latest scientific estimates of anthropogenic heating of the planet if present emissions continue, predict as much as 4 degrees additional average heating of the Earth within the next few decades if the global economy continues on its current path.

That alone is shocking enough. The near-term consequences of that predicted heating will be devastating in several ways. Greater destruction from more frequent and intense super storms, sea rise that will threaten the world’s major coastal cities, the death of most of the world’s coral reefs, longer more intense droughts and more powerful floods, etc., etc. However, in Trumplandia the “logic” goes like this: The emissions from trucks and cars add up to such a small part of the total that we really need not bother restricting carbon emissions from them.

International Hypocrisy

Of course, the rapidly accelerating carbon emissions from human activity energized by the burning of fossil fuel since around 1950 has been so great that scientists have labeled it “the Great Acceleration.” Scientists expect total global emissions to continue rising next year since most nations are doing so little to curtail even more carbon spewing into the atmosphere. Despite the international agreements signed by almost every nation at the 2015 Paris Climate talks, no nation has taken serious steps to control their emissions since then. The scope of the necessary response is daunting at best. Every nation seems to be waiting for someone else to take the first step. Yet, the problem is now, with no time to delay to avoid global catastrophe.

So, as with several other treaty obligations, such as the international agreement to restrict Iran’s nuclear weapons capability, Trump decided to withdraw from the Paris Climate Accords. You might argue that the withdrawal doesn’t really matter since the agreement has no teeth. The agreed reductions are not mandatory, just vague intentions.

No nation’s leaders want to jeopardize economic growth or bear the costs of complying with the agreements. However, the costs of failure to do so will be so great to the human condition that such concerns appear to be somewhere on the far side of foolish. Besides, the process of converting to clean (solar and wind) sources of energy production will create more jobs than so-called leaders can imagine. So will programs to insulate existing buildings, which contribute a lot of the energy waste worldwide. So, why do the world’s leaders balk at doing the right thing?

Nihilist Power Elites Overpower the Public Interest

The problem, of course, is that such major economic transformations threaten existing financial interests of the world’s power elites. The most powerful financial interests in the world are closely tied to the fossil fuel industry. The further enrichment of the richest of the rich is also good for business at various Trump Towers around the world. The petulant president is enriching himself by enriching the ultra-rich elites of the world.

For the nihilist, nothing is forbidden. The only value is to exercise more and more power to satisfy the endless narcissistic demands of the sociopath. Of course, when such practices become a central feature of government, the threat of rising fascism grows with every moral transgression. Every act of demagoguery attempting to incite mass fear and anger in support of the self-imagined authoritarian ruler is another step on the road to fascist dictatorship. Do not believe those who say, “It can’t happen here.”

Economic Growth or Societal Development: a Matter of Survival

For most “moderns” the role of economic growth in assuring human progress appears necessary, whatever problems it may cause. Yet, the evidence has grown to such undeniable levels that continued economic growth, at least as we practice it now, is simply unsustainable on this small planet. Climate scientists, ecologists, environmentalists, and Earth system scientists have accumulated and analyzed a steady stream of data that clearly point to the accelerating destabilization of the entire Earth system.

Emissions of greenhouse gases continue unabated, produced by a globalized techno-industrial growth economy. Meanwhile, corporate CEOs, corrupt politicians, pundits of denial, and dreamers of wealth and fame fight over who gets more of the pie that is already burning, still in an overheated oven. Nobody is willing to turn down the heat.

No Time for Illusions

Even more important, time is running out. For too long, most of those who even noticed have treated climate change as some future problem to deal with later. It is certainly not something I should have to do anything about now. The ordinary citizen is in no position personally to do anything significant about a global problem that international negotiations struggle to come to terms with.

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Industrial Pollution in Ukraine

As I have said in other posts, every report from the IPCC has shown that predictions of previous reports seriously underestimated the changes they analyzed. The IPCC is an inherently conservative international body. All the governments that support it must approve the content of its reports. Until now, IPCC reports on current understandings of climate change have made certain optimistic assumptions about potential technological developments, such as geo-engineering, which are simply not justified. Things are not as bad as the IPCC would have us believe; they are far worse.

So far, political and business elites have constrained all international, as well as national, discussions of climate action within the assumption that responses can effectively reduce carbon emissions within the context of continued economic growth. So-called leaders have assumed that “technology will save us.” We have plenty of history to look back upon where new technology solved many problems of industry and commerce. That has usually allowed continued economic growth, creating new jobs while destroying old ones. Henry Ford hired many workers to build his cars while the makers of buggy whips went out of business. But that old logic no longer applies.

Cautious Science Reaches Critical Mass

A new special report by the IPCC has begun to face the hard facts of Earth system disruption and necessary human response. An Oct. 7, 2018, New York Times article By Coral Davenport summarized the situation by saying: “The authors found that if greenhouse gas emissions continue at the current rate, the atmosphere will warm up by as much as 2.7 degrees Fahrenheit (1.5 degrees Celsius) above pre-industrial levels by 2040, inundating coastlines and intensifying droughts and poverty.”

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Simulated Sea Rise in Miami

Now, even that was an understatement. They might have said, more accurately, “if we reduce emissions of greenhouse gases enough to keep global average temperature to no more than 2.7 degrees Fahrenheit above pre-industrial levels by 2040, sea rise inundating coastlines, intensifying droughts and superstorms disrupting agriculture and causing poverty worldwide, may be slowed enough to allow human survival.” The IPCC is, after all, a conservative organization.

Nevertheless, the IPCC took a major step in recognizing the social implications of significantly reducing global carbon emissions. From its Summary for Policy Makers, it is clear that industrial nations need to achieve almost unimaginable economic contraction to minimize the most serious damage and irreversible trends toward complete climate chaos. Industrial nations would have to transform the world economy drastically in the next few years. What national leaders are talking about that?

Politicians Prevent Progress

Of course, U.S. President Trump has mocked climate science and vowed to withdraw from the Paris agreements to reduce carbon emissions. He wants to increase coal production and use. Extreme right wing candidate, Jair Bolsonaro, the likely winner in the Brazilian presidential election, has also said he would withdraw from the Paris climate accords. The IPCC report concludes that what is necessary to mitigate climate chaos appears politically impossible.

To quote the Times article again, in summary: “To prevent 2.7 degrees of warming, the report said, greenhouse pollution must be reduced by 45 percent from 2010 levels by 2030, and 100 percent by 2050. It also found that, by 2050, use of coal as an electricity source would have to drop from nearly 40 percent today to between 1 and 7 percent. Renewable energy such as wind and solar, which make up about 20 percent of the electricity mix today, would have to increase to as much as 67 percent.” The facts require extreme economic contraction and therefore societal transformation, which political demagogues and economic plutocrats proactively deny.

Conventional notions of progress as economic growth are no longer physically viable, yet they persist politically worldwide. Discussions of how to mitigate climate chaos and the devastation, poverty, and death it will surely bring within the next couple of decades, must now shift to focus on societal development by shrinking the technosphere and reallocating resources to human needs rather than capital accumulation by financial elites. That seems impossible within the current political context. But the necessity for survival will soon motivate large numbers of people to mobilize to form a very different kind of society in order to survive.

Individual Climate Ethics and Global Change

Can we do it ourselves? If we recycle everything and take shorter showers, install some solar panels, buy low-emissions products, etc., etc., can we avoid climate catastrophe? Sorry. Absolutely not.

The problem runs much deeper than that – it involves the entire Earth System. The climate crisis is endemic to industrial civilization itself. That means, in some sense, everything must change. But how can change adequate to this global crisis be accomplished? That is the big unacknowledged question. I have heard many emissions reduction targets (you know, 20% reduction by 2030, etc. – they mean nothing).

Words and Inaction

Such proclamations are abstract; they say nothing about how such minimal gestures toward necessity would be accomplished. Yet we are awash in data on every kind of emission from every kind of economic activity and every form of ecological and climate disturbance. Emissions reductions proclamations and agreements are nothing more than fantasy.

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Species extinctions are accelerating with increasing more intense Droughts and other forms of  Climate Chaos

Hundreds of species go extinct every day now. The sixth great mass extinction is well underway. New car sales are booming, yet in the past five years, the share of electric vehicles has never exceeded 1%. So many ecological fronts on which destabilization is accelerating make it nearly impossible to keep up, no less mount the planetary-scale changes required of us to make an actual difference.

Euphemisms avoid confronting difficult decisions. The good news is that new capacity in renewable energy production is growing faster than new fossil-fuel capacity, despite Trumpist coal hawking. But to have a chance at slowing weather weirding and global climate chaos, we need to stop all new fossil-fueled energy production — a mind-boggling prospect. Yet, we actually need to use less energy by taking serious, even drastic conservation measures.

Individual Action

One of the most important factors for those of us who already take climate-disruption danger seriously is that we not fall into the complacency of doing something personal and feeling that we have done our part and that is that. Individual action by those who are aware and care will never be enough. Your withdrawal from profligate consumerism, or even going off the grid, while admirable and necessary, remains a typically American form of ethical individualism It may oppose the collective anti-moralism of collective consumerism. However, it will not solve our collective problem of the headlong rush of the industrial leviathan, the technosphere that continues its spread of carbon into the atmosphere. Only mass mobilization for major energy-use reduction has a chance of being enough.

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Consumer Identity

The current momentum of the economic growth machine alone – even if we assume some moderate level of individual withdrawal from the consumerist culture – will be enough to take the climate well past the tipping point of no return to climate stability. The change we need is deeply systemic, and that will not happen until a social movement much broader than the Bernie Sanders’ “Our Revolution” can mobilize people on a vast scale.

Collective Action

Only mass mobilization can overcome the force the economic as well as political momentum, and allow us to transform the extractive industrial economy into an ecological society. This is where transforming the consumer culture becomes paramount. The more we can demonstrate low-carbon consumer minimalism and vastly reduce energy consumption while restoring local ecosystems, the faster social change can help re-stabilize climate and avert total disaster.

We need to replace all carbon-based consumer products and services with consumer minimalism, now. That will involve some constraints we are not used to, but there is no time to waste. I discussed this in more detail at TheHopefulRealist.com, especially in my Feb 24, 2016 post. We must all do what we can do and join any effort we can in our local communities to make the changes that will help turn the larger system away from its path to extinction.

Doing Nothing to Get a Grip on Reality

“Johnny, why can’t you just sit still?” Well, Johnny is not the only hyperactive one. You might even conclude, just from watching any group anywhere in the world today that humanity as a whole is hyperactive. Where did all the patience go?

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Kern Oilfield near Bakersfield, CA. Source: YouTube.

These thoughts were triggered by my reading an article by Brian Tycangco, “Black gold isn’t going away…this is why,” in Asia Wealth Investment Daily, an investment newsletter offering various subscription services as well as general perspectives on the Asian investment markets. Mr. Tycangco waxed enthusiastically on the fact that oil consumption is increasing in Asia because that is where economic growth is strong and demand for energy is high. Consumption of oil in the U.S. is mostly flat, but also growing in Europe, according to Tycangco. The explosive growth in the number of cars in China and India is a big factor. Asia is home to some of the fastest growing economies in the world. mobility is a key factor in that growth.

Hyperactive Global Investment in Energy Consumption

Clearly, the world of investment and economic growth is oblivious to the accelerating destabilization of ecosystems, climate, and the whole Earth system under two hundred years of carbon-duress. Earth-systems destabilization is imposed by the global endless-growth corporate economy and the political and cultural systems that support it.  Dmitri Orlov calls it the Technosphere and argues forcefully that we must shrink it.

The political elites of nation states debate proportional responsibility for achieving a 2-degree C cap on global warming – without taking concrete policy steps to achieve their inadequate goals. Meanwhile, the engine of economic growth responds to the accelerator of capital investment and speeds us all toward the abyss. It is the biggest disconnect I can imagine.

Globalist economic culture exists in a cultural and scientific bubble, divorced from any sound knowledge of the planetary effects of human activity powered by fossil fuels. We might very well liken accelerating capital investment in fossil-fueled economic growth to a hyperactive child, oblivious to the admonitions of its parent (planet Earth) to calm down and stop banging around breaking everything in sight.

False Positives of Ecomodernism

The so-called “ecomodernists” want to solve the problems of climate destabilization and ecological destruction by advancing the techno-industrial systems that caused all the damage in the first place. You know, geo-engineering and all that. Over two-hundred plus years, the technosphere came to dominate Earth systems, causing their destabilization. Trying to accomplish something by repeating the method that has repeatedly not achieved the goal defines insanity. It’s nuts.

Here’s the thing. The investor class drives the global corporate economy and has no interest whatsoever in constraining the extraction and consumption of oil. Members of the global financial elite fully intend to squeeze all the profits out of fossil-fueled economic growth they can, while they still can. The catastrophic consequences for living Earth systems are simply not part of their culture, even when they are aware of them. At the same time, the global corporate elites have the upper hand in determining the policies of nations and they are doing everything in their power to continue down the path of hyperactive devastation of the planet.

Part of the problem, of course, is that the risks of human extinction appear to play out beyond the lifetimes of those making decisions today, or at least beyond the edge of their not so invisible shield of privilege. The hyperactive CEO simply does not care about a future beyond his own life. He assumes he can retreat into his mansion behind security gates as society collapses around him, or he simply continues to deny the rapidly growing evidence of immediate impacts of climate destabilization. After all, the first devastation occurs in places like Bangladesh or central African or island nations. Manhattan seems immune for now, but Miami, well, not so much.

Doing Nothing Now

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Mindfulness requires Doing Nothing. Image: Pinterest.

As Asian economies boom and hyperactive economic growth consumes more oil and devastates the planet, it strikes me as ironic that the great cultures of contemplation – Zen, yoga, Taoism, and related practices – all have Asian origins. Some Americans try to get a grip on reality in the hectic world of working and living in the industrial era by taking up some variants of these practices, all of which involve doing nothing. However, that does not stop them from rushing to Whole Foods after Yoga class for the latest international treats to sustain their total consumer “lifestyle.” The disconnect between everyday life and making peace with planet Earth remains strong.

A New Great Transformation of both the whole Earth system itself and the role of humans on the planet is well underway, as the geologic era of the Holocene succumbs to that of the Anthropocene. Humanity has already severely influenced the trajectory of Earth history. Most of what we do with the profligate energy consumption and waste is unnecessary. How much fossil fuel is required to build a violin? How much fossil fuel do we need to expend in reading a book, raising our garden, building a house, restoring a local ecosystem, or playing a game of volleyball?

Our future role in Earth’s evolution is, it seems, entirely up for grabs. Most of those fossil-fueled “labor saving” automated devices that destroy jobs are no longer viable from the perspective of human self-interest in survival. If humans are to carve out a meaningful and viable place in the planet’s future, we had better start doing nothing now.

How to Evolve

Someone quoted Jeff Bezos as saying that the biggest mistake is not to evolve. But what exactly does it mean to evolve? In the case of Amazon.com, it has always meant to grow Amazon by growing sales above all else, including profit. Well, the entire history of the industrial era has focused on growth as well. What distinguishes Bezos is that he was able to grow Amazon more powerfully than just about any other company on earth.

But really, is that all that evolving means? Of course, amazon developed many techniques of marketing more and more product lines, which enabled unprecedented corporate growth. One might argue that independent bookstores failed Bezos’ test of evolution by not following his business model as it evolved. But could they? Besides, we can hardly call copying someone else’s business model, evolving. Even more important, why should they?

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Evolution Gone Awry

The assumption that economic expansion is the only viable model for human progress has played a central role in the industrial-consumer economy. A growth-as-necessary-and-inevitable model of business success and of societal progress still drives the U.S.-led final stages of the industrial era. It also produced the converging crises of economic injustice, ecological destruction, and climate chaos that we now experience with increasing frequency and intensity.

The idea of evolving has always carried with it an underlying assumption that improvement is the ultimate goal of evolutionary change. Well, there’s the rub. Improvement implies change measured against some particular value. In human affairs, that has meant the cultural value of achieving a better life for more and more people. But we must be careful in how we define better. Is life really better if we can buy more junk cheaper at Wal-Mart than fewer products of higher quality with greater and longer use-value at a small locally owned store? Moreover, widespread access to affluence more closely appears as a fiction every day.

Quality and quantity have often conflicted in our ideas of progress. Quantity, often disguised as quality, has increasingly dominated the industrial-consumer culture as pressure for endless economic growth continues. Are more and more people living better lives today than they might otherwise? That remains a focus of political debate.

Then we have the other entrepreneurial standout, Elon Musk. Now, there we find another mixed bag of ingenious innovation of significant social value and pie-in-the-sky inventions of little use to anyone other than to entertain the super-rich. Low carbon-emissions transportation, home, and business energy storage now have immense societal evolutionary value. The potential for transportation to evolve toward carbon neutrality demonstrated by innovative Tesla vehicles, with their advanced designs, is remarkable. But the sci-fi fantasy of commercial space travel, given our current human evolutionary crisis, is nothing but counter-productive.

To evolve in the most positive sense is to make changes that take into account the context that those changes will affect. At this stage of human evolution, we have reached a crossroads. More than 200 years of our economic “progress” has caused increasingly widespread destruction to the living Earth systems that our species (and all others) depend upon to survive. Humanity has lost its resilience by destroying the conditions that make our lives viable.

We have run out of wiggle room. Now, we can only afford to (and must) evolve in ways that: 1) counteract the damage we have already done, and 2) radically innovate our economic activity in ways that help regenerate the severely damaged ecosystems upon which we all depend to survive.

The Radical Turn

On the Necessity of the Inconceivable to Engage the New Great Transformation

Most of us who have lived through the decades since World War II understand the advancements of the industrial age to be the essence of human progress. First, we lived in an energy-driven mechanical world involving a series of innovations and new “labor-saving” processes and products. We experienced all sorts of new jobs and professions as the industrial project continued. It called for new forms of work needed to produce new kinds of goods and services. Progress seemed the inevitable product of scientific discovery, technical innovation, invention, and production.

Progress and Conflict

At the same time, we felt an evolving series of threats, from the broadly defined “Cold War,” first expressed in the very hot war in Korea – referred to at the time as a United Nations sanctioned “police action” because war was never officially declared. Then there telegraph.co.uk_March-1965-helicop_1626547iwas the war in Vietnam, also never quite declared but an all-consuming national crisis of purpose and conscience. With the collapse of the Soviet Union came a brief euphoria associated with the belief that with just one “superpower” – a benevolent United States of America – would come peace. That turned out to be an illusion, based on the assumption that with the U.S. policing a world devoid of any other super power, a “peace dividend” would allow a shift to domestic priorities such as full employment, general economic growth, and pursuing the “good life.”

Well, that didn’t quite work out as imagined. Military spending continued to grow as concerns about managing “limited conflicts” and retaining global military dominance persisted. A variety of apparent “one-off” incursions, invasions, and interventions, in various parts of Latin America, Africa, and the Middle East, kept the U.S. military quite busy. So called “defense spending” did not slacken. Through the latter half of the twentieth century, we had over seven hundred fifty known bases in other nations, according to Chalmers Johnson, a renowned historian and former U.S. intelligence consultant. Johnson raised his concerns about the over-extension in his book, Blow Back.

The growing U.S. global interventionism certainly had its blow back in terms of rising resentments over both military and corporate incursions into many nations, focused mainly on gaining control over the resources needed to continue the economic growth that was the keystone in the U.S. economy. Particularly resented were the U.S. efforts to dominate and control the flow of oil in the world economy, and the continued propping up of kleptocratic regimes. The U.S., as the leading economic actor, required ever-growing quantities of oil. The vast oil fields in the U.S. had begun to decline and talk of “peak oil” grew.

Industrial Capital Transformed the World

There is, of course, much more to the story. That has to do with the continuing cultural illusions of global authority sustained by military-industrial elites, which resulted in both clandestine and overt efforts to control other nations. “Manifest Destiny” lived on by other names, even as the U.S. suffered the attacks of 9-11 and expanded its response to a global “war on terror,” with no boundaries and little success. Yet, one force drove the global struggles for power, the necessity for economic growth to perpetuate the accumulation of wealth.

Underlying it all, a great contradiction and looming crisis developed, at first hardly noticed, then widely denied, and continually misunderstood as the endless-growth economy and wars of choice persisted in the face of growing evidence of their absurdities and failure.

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Image credit: SlideShare

In 1944, Karl Polanyi published The Great Transformation. The book received little notice despite its profound implications for the trajectory of the industrial era. Polanyi’s deep research on the industrial revolution and its aftermath led him to conclude that a fundamental unresolved conflict had resulted from the requirements of industrial capital as it overpowered all other elements of society. He noted that various political administrations attempted to protect society from the damaging transformation of human life caused by the expansions of industrial capital. Such efforts included the English “poor laws,” and later the New Deal that responded to the crash and Great Depression of the 1930s in the U.S.

Polanyi did not find an ultimate solution to the “creative destruction” of industrial capital. Neither did the economists and politicians who ignored his warnings. Instead, the consequences have gradually emerged as the global crises of economics, ecology, and climate we all must now face.

The New Great Transformation

The clash between the now global system of economic growth and the damage it does to populations around the world as it enriches the few, is coming to a head. But the damage now reaches far beyond the direct suffering of excluded humans. Both the endless extractive plunder of the resources and living Earth systems we call ecologies, and the ever-growing systems of manufacture, transportation, consumption, and waste, have seriously destabilized ecological systems and climate systems around the world.

Neither the ecosystems upon which humans depend, nor the climate that allows global food production, can retain stability under the assault of the global industrial system. We have already reached an extreme turning point. Humanity and the living Earth systems upon which we depended for so long, have entered a New Great Transformation. We caused it and we have done little to control it. But we must.

The Radical Turn

Only by taking a Radical Turn in the ways humans live on the planet can we begin to control the extreme threats to our very existence we have caused. Yet we continue to see things like resource depletion and climate disruption within the framework of the failing utopian dreams of endless progress through technological innovation and economic growth. Instead, we need to apply what we know from the best science with the necessity of transforming human economies into ecological communities. That means massive reductions in energy consumption and waste.

We must both stop the earth plunder and achieve negative carbon emissions rapidly and restore the many ecological systems that we have damaged so severely. Those systems continue collapsing as nations debate who should take how much responsibility for achieving inadequate global warming targets. Yet, public discussions almost never involve how nations and communities can achieve the necessary radical reductions in ecological and climate destruction. Hardly ever are methods of ecosystem restoration discussed. The denial of the necessity of a Radical Turn in the organization of humanity on Earth continues.

What is Wrong with Economic Growth?

I read a report in Forbes Magazine on the sluggish character of the current recovery from the 2008 financial crash, which lamented its exceptionally weak economic growth. Apparently, we continue slogging along in the weakest recovery since 1949. Since the Great Recession technically ended in 2009, average GDP growth has averaged only 2.1%. In the September 13, 2016 issue, Forbes staff writer Rich Kalgaard reports that the current “expansion” is more constrained than any similar period since 1949. Why is this, and what is the meaning and importance of such a slow recovery?

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Kalgaard offers “three clues” as to why post-recession expansions have steadily gone downhill, if erratically, for over a half century. He blames the fact that “the rest of the world has caught up to the U.S.” He claims that the U.S. abandonment of the gold standard in 1971, is part of the problem. Finally, he offers that routine corporate allegation that “the explosion in federal regulation” has stifled economic growth. He is wrong on all three counts.

Such claims by any writer attached to Forbes should not surprise us. Explanations for economic woes from corporate utopian dreamers will always blame the federal government for poor performance of the economy. They will also project causes of slow growth onto some outside force – certainly never to corporate malfeasance or distortions of the “free markets” they worship. Never will the internal flawed logic of extractive capital or the phantom financialization of the economy come into question.

The Great Transformation

In 1944, Karl Polanyi exquisitely explained the origins and the utopian illusion of free market capitalism in his book The Great Transformation. That great transformation of human societies was what we call the industrial revolution. He also forecast the inevitable damage to society caused by the inherent flaws in the unregulated market system no longer embedded in society. The logic of its economic theory, which emerged as the intellectual justification for today’s global political economy, was deeply flawed.

Since the beginning of the industrial revolution, diverse societies have attempted to protect themselves from the damage done by market liberalism (the theory that if left to their own devices, markets will “self-regulate” and somehow produce the best result for society). The classical economists of the eighteenth century, such as Adam Smith, believed in two ideas that just never panned out in real economies.

First, they assumed that all human behavior is “rational.” That is, people will always act in economically rational ways, seeking their own best economic advantage in all their behavior. In fact, many exigencies and values in everyday life influence behavior. Economic advantage is just not the only important thing in life.

Second, the classical economists believed that markets would “regulate” themselves if allowed to do so, resulting in the best outcome for all. Adam Smith’s metaphor, the “invisible hand,” captured the essence of that belief.  Economic elites have both exploited and distorted it ever since. Due to the economic and political power of corporate and financial elites, the academic field of economics has retained those theories under the guise of pseudo-scientific analytics. All the while, “free-market” economies have failed to live up the theories of economists. Yet those theories continue to dominate economic thinking.

Utopian Dreams and Corporate Control

The theories that have controlled economics throughout the industrial era have held to these failed assumptions for centuries now, despite the overwhelming evidence against them. We now call such theories “neo-classical” economics, “neo-liberal” economics, or just plain “mainstream” economics. Despite their failings, the propaganda of the corporate media continues to glorify them as the scientific answer to all our economic problems. Corporations today routinely fight for regulations that favor their growing power, all the while claiming to seek less regulation of the markets they try to control. They never consider the social control of markets, for the benefit of society rather than for that of economic elites, as an option.

The consequences of the great transformation that subordinated society to its economic elites, as Polanyi predicted, continue to plague us today. Only this time the economic crisis converges with the climate crisis leading to global destabilization of access to resources, disrupted production and distribution of food, and escalating conflicts worldwide, all amplified by climate destabilization.

The utopian dream of endless economic growth may be the world’s greatest social illusion. However, it is also an imaginary vision that sustained itself in the centuries since the beginnings of the industrial revolution, despite repeatedly failing the test of time. Never have “free markets” operated without causing serious social damage. In each case, society has tried to protect itself from the excesses and destruction of speculative capital, with varying success.

Overcoming Illusion

In cases such as the poor laws in industrializing England or the New Deal responding to the economic and social collapse of the Great Depression, political responses protected the people from the damage caused by unregulated markets. In cases such as the communist revolutions in Russia and China, the abolishment of free markets led to their replacement by cumbersome command economies that ultimately resulted in a state capitalism unable to respond to the damage caused by its bureaucratic control of markets.

Corporatist attempts to explain the flaws of the market system, like Kalgaard’s, implicitly assume the success of a failure. Their blaming of government and outside forces disrupts any attempt to protect society from the failures of a market system in desperate need of overhaul. Promoters of the corporate economic status quo like Kalgaard demonize as “wasteful spending” or simply “socialism,” any political attempt to require the economy to serve human society rather than only itself. They are mere corollaries to the failed neo-liberal economic utopianism promoted by global power elites for their own shortsighted gain. Some serious re-thinking is in order.