The economic growth paradigm has as its central tenet that poverty can be eradicated everywhere if growth continues exponentially.  “A rising tide will lift all boats”. The trickle-down effect has been used maliciously by right wing think tanks, modern politicians
of all beliefs, and of course the wealthy who have been unerringly welded to economic rationalism theory since the Great Depression.  More “modern” economic rationalism prolonged the myth by stating it could also fix global warming.

In light of current economic experience, and judging what “the science” tells us of rising sea levels that theory is o.k. ONLY if you’ve got a boat, literally !

What the global financial crisis told us, nay shouted to the world, was that for 30 years bubbles had been the only thing that had been keeping the world’s economy afloat, bubbles caused by drawing down 400 years-worth of fossil fuel accumulation every year.  In exact parallel to exhortations to increase GDP, energy consumption has increased causing ever increasing levels of greenhouse gas emissions.

This link, that growth does not occur without energy expenditure, has cemented the belief of man-made global warming. The data is scientific and peer reviewed and the root cause of global warming is now accepted by the scientific community as anthropogenic. Eventually, as oil prices have settled at historic highs over $100 per barrel, growth has stalled. Reaching a “peak price” in 2008 of $147 per barrel equated to 25% of global GDP – the biggest bubble of them all burst, and in 2008 we discovered someone forgot the boat had no lifejackets. Continue reading →