Friday, October 31, 2008

If in fact economic growth is finished, then so is “development” - Heinberg

Heinberg: The end of growth will ultimately level the economic playing field among nations (not in an absolute sense, but to a greater degree than now). But between here and “ultimately,” there is plenty of rough terrain.

UN Secretary General Ban Ki Moon: “The financial crisis threatens the foundations of globalisation, which in turn underpins global growth.”
And for the rich nations, traversing that terrain that will entail a great deal of un-development.
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globe manhattanIn a recent commentary I suggested that, due to the confluence of the unfolding economic crisis and Peak Oil, we have now seen the last of aggregate world economic growth—forever—if the word “growth” is conventionally defined. So far no one else seems to have taken up this idea. So, in forthcoming commentaries, I will seek to sort out the evidence that might confirm or disconfirm the notion, and also unpack some of its implications.

No doubt the financial crisis will devastate poor nations. But let us not fool ourselves into thinking that rich nations have spent the past few decades tirelessly trying to make less-industrialized countries prosperous and powerful like themselves.

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