Chickens coming home

It has long been apparent that free market capitalism, as currently practised, is running into the buffers of climate breakdown, species extinction, pollution and gross inequality. A system that favours profit maximization at the expense of all else, including nature, cannot expect to go on and on without consequence.

Similarly, globalisation of finance, tourism and product supply with consequent massive movement of people, products and living beings around the world is foundering on the sands of the coronavirus panic and the apparent inability of the system to withstand shocks, and the human fears that follow.

Further, the overemphasis on sovereignty of nation states, with the related rise of populism, and with a weak United Nations, means that collective attempts to resolve these problems is easily nullified by powerful actors.

The chickens are indeed coming home to roost. Yet this process seems to be necessary before humanity can build up the collective will to make the necessary changes.

Change there will be, but only when the consequences have effectively forced it. Human nature seems to work that way.

Easy abstractions 

This week’s Guardian ‘long read’ on Globalisation: the rise and fall of an idea that swept the world by Nikil Saval is well worth a read, outlining the failures of economic/political policy that have led to today’s dysfunctional world economy and its increasing inequalities.

How easy it is to propound abstractions and not consider the real world implications – free trade, free markets, globalisation – the apparent obsession of many economists and politicians over the last 40 years.

Of course, chickens eventually come home to roost. And this is what we see in the real world, with people in the West disillusioned with the effects of a failing globalisation system, just as in the early 20th century.

Deluded by these abstractions have politicians failed to act according to the interests of those they represent? It is after all their job to so act.

But of course we all have our own favourite abstractions, and our own view of what might have been better decisions…