ble to pay $170tn in climate reparations by 2050 to ensure targets to curtail climate breakdown are met, a new study calculates.

Wealthy countries can create prosperity while using less materials and energy if they abandon economic growth as an objective.

Using a modified version of Köhler’s method, recent research has found that in 2015 drain from the South through unequal exchange amounted to $2.1 trillion (constant 2011 dollars), represented in Northern prices (Hickel et al., 2021). Köhler’s proxy approach is limited in several respects, however. It relies on PPP figures that do not adequately account for the comparatively high prices of Northern exports; it relies on GDP figures that are affected by the low prices of imports from the South; and it compares Southern exports to prices across whole economies, rather than to those of only traded goods. All of this leads to underestimating the scale of drain (see Hickel et al., 2021).

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I suggest that the very term "free market" is a type of micro-ignorance because it conceals more than it reveals by purporting to reflect a phenomenon that has never existed and can never exist in actual economic reality. Of course we have never had a "free market", and more importantly, the largest imperialist super-powers of the modern age, and especially the US and UK, did not get rich through a "free market", but through different types of government interventionism and protectionism that have long benefited society’s richest groups, often at the expense of exploited workers across the world. This fact is both widely known and oddly ignored even today in economic theory and economic policy-making. In the book, I explore the history of economic thought over a 200-year period, from late enlightenment figures including Burke and Wollstonecraft in the 18th century, through classical liberals such as Tocqueville and Bastiat in the 19th century, through to 20th century figures such as Friedrich Hayek, to understand the ways that dominant economic theories of economic growth have obscured wider recognition of the role of governments in creating economic markets over modern history.

First, our numbers have risen by 1.4 billion, nearly a hundred million per year. In other words, we’ve added another China or 40 more Canadas to the world. The growth rate has fallen slightly, but consumption of resources — from fossil fuel to water, from rare earths to good earth — has risen twice as steeply, roughly doubling our impact on nature. This outrunning of population by economic growth has lifted perhaps a billion of the poorest into the outskirts of the working class, mainly in China and India. Yet those in extreme poverty and hunger still number at least a billion. Meanwhile, the wealthiest billion — to which most North Americans and Europeans and many Asians now belong — devour an ever-growing share of natural capital. The commanding heights of this group, the billionaires’ club, has more than 2,200 members with a combined known worth nearing $10 trillion; this super-elite not only consumes at a rate never seen before but also deploys its wealth to influence government policy, media content, and key elections. Such, in a few words, is the shape of the human pyramid today.

this is going to be a really critical year uh for public goods uh generation um and here at year i'm using 00:00:40 you know starting from now through the end of 2022 and the beginning of 2023. uh so what i'm going to go through is a case for why this year really matters and why this decade really matters in 00:00:53 the century