Book Review
This book covers a wide range of issues grouped under the description of ‘Green Economics’. Though embracing elements from each, Green economics differentiates itself from ‘environmental’ and ‘ecological’, as well as mainstream economics, noting that this latter treats everything outside the monetary economy as ‘externalities’, and so grossly undervalues many things vital to life and survival.
The book traces the origins of Green economics in concerns for economic justice and the environmental threats from advanced Capitalism. In essence, Green conomics is fundamentally concerned with equity and social justice, and with sustainability, which involves concern for the environment as well as human welfare. This challenges the mainstream concentration on monetary exchanges.
After an introductory section, ‘Green Economics: Economics for People and the Planet’, the book is divided into three parts: Theory, ‘Vision for the Future’, and Policies for a Green Economy. Within each section, it covers a lot of issues.
In its first part it traces its roots among the ancient Greeks, socialists and anarchists and including, controversially, ‘spiritual dimensions’; then brifly listing key people and their ideas. Molly notes that though many of these started out as university-trained, they progressed to challenge the academic version of economics, realising that it did not reflect reality.
Next she emphasises that the values to be promoted contrast with the conventional: sustainability, not monetary; balance, not growth; etc.
Most of these values do not lend themselves to precise measurement, and multiple aspects are used to generate indexes to replace GDP/GNP.
In Part II, she first discusses ‘work’ and its relation to satisfaction of needs; whether it should be expected to increase or diminish in a Green economy; its value for personal satisfaction, when self-motivated; and the need for reskilling.
Next she discusses the nature and effects of our debt-based money system, noting its need for everlasting ‘economic growth’ to avoid collapse — as is now happenning — as well as its creation of growing levels of inequality, both within nations and between them.
The alternatives are briefly described, including government creating all the national money supply, and spending it into circulation instead of allowing banks to lend it into circulation along with the creation of interest-bearing debt; local and ‘alternative’ currencies; and international ones such as the ‘EBCU’ — ‘environment-backed currency unit’.
Green business would be more concerned with relationships than with profit. Local, small-scale cooperatives and self-employment can foster these values and concern for the environment. Big Business is unaccountable and destructive.
Part III expands on these issues, and argues for fundamental change to the systems of production and exchange. It notes the need for ‘Green taxation’ to help to achieve minimisation of waste and elimination of the extremes of wealth and poverty.
The book ends with a substantial listing of ‘Further Resources’, including websites and books.
Highly recommended to all budding ‘economists’!