Insight and inspiration in turbulent times.
By understanding the key reasons why the global economy behaves as it does today, we will be in a better position to discern the core patterns underlying economic behaviour and, if we choose, to change them. Two key drivers of today’s global economy are externalities and subsidies.
The goal of TEEBAgriFood is more comprehensively to determine the absolute costs, benefits, and dependencies of agriculture and food production. TEEBAgriFood is creating a framework for assessing all the impacts of food, from farm to fork to disposal, including effects on livelihoods, the environment, and human health.
There is a great irony that Adam Smith, a professor of Moral Philosophy, should become the apostle of an economic order that degraded people’s inclination to take moral decisions in their economic arrangements. Further, an economic order which has helped “externalities” to multiply until the point where we have a veritable social and ecological crisis.
What economists call “externalities” are not unusual or a special case, they are ubiquitous. They are rooted in private property and the relationships of market society. The way in which non market societies protect bio-diversity through totem arrangements is described.
Common wealth, properly organized, provides a way to address the two greatest flaws in contemporary capitalism—its relentless destruction of nature and widening of inequality—while still keeping the benefits that markets provide.
