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Category: Economics

With a Green New Deal, here’s what the world could look like for the next generation

With a Green New Deal, here’s what the world could look like for the next generation

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Kate Aronoff reports: What, exactly, would a Green New Deal entail? Like its 1930s counterpart, the “Green New Deal” isn’t a specific set of programs so much as an umbrella under which various policies might fit, ranging from technocratic to transformative. The sheer scale of change needed to deal effectively with climate change is massive, as the scientific consensus is making increasingly clear, requiring an economy-wide mobilization of the sort that the United States hasn’t really undertaken since World War…

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The real cost of the 2008 financial crisis

The real cost of the 2008 financial crisis

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John Cassidy writes: September 15th marks the tenth anniversary of the demise of the investment bank Lehman Brothers, which presaged the biggest financial crisis and deepest economic recession since the nineteen-thirties. After Lehman filed for bankruptcy, and great swaths of the markets froze, it looked as if many other major financial institutions would also collapse. On September 18, 2008, Hank Paulson, the Secretary of the Treasury, and Ben Bernanke, the chairman of the Federal Reserve, went to Capitol Hill and…

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Conflict reigns over the history and origins of money

Conflict reigns over the history and origins of money

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Bruce Bower writes: Wherever you go, money talks. And it has for a long time. Sadly, though, money has been mum about its origins. For such a central element of our lives, money’s ancient roots and the reasons for its invention are unclear. As cryptocurrencies such as Bitcoin multiply into a flock of digital apparitions, researchers are still battling over how and where money came to be. And some draw fascinating parallels between the latest, buzzworthy cryptocurrencies, which require only…

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Portugal dared to cast aside austerity. It’s having a major revival

Portugal dared to cast aside austerity. It’s having a major revival

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The New York Times reports: Ramón Rivera had barely gotten his olive oil business started in the sun-swept Alentejo region of Portugal when Europe’s debt crisis struck. The economy crumbled, wages were cut, and unemployment doubled. The government in Lisbon had to accept a humiliating international bailout. But as the misery deepened, Portugal took a daring stand: In 2015, it cast aside the harshest austerity measures its European creditors had imposed, igniting a virtuous cycle that put its economy back…

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Republicans increasingly express fear that Trump’s trade war with China will harm the U.S. economy

Republicans increasingly express fear that Trump’s trade war with China will harm the U.S. economy

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The New York Times reports: The trade war between the United States and China showed no signs of yielding on Thursday, as Steven Mnuchin, the Treasury secretary, told lawmakers there was no clear path to resolution and Beijing blasted the administration over its approach. Mr. Mnuchin, who has tried to avoid calling the trade tensions with China a “war,” said talks with Beijing had “broken down” and suggested it was now up to China to come to the table with…

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How Silicon Valley fuels an informal caste system

How Silicon Valley fuels an informal caste system

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Antonio García Martínez writes: California is the future of the United States, goes the oft-cited cliché. What the US is doing now, Europe will be doing in five years, goes another. Given those truthy maxims, let’s examine the socioeconomics of the “City by the Bay” as a harbinger of what’s to come. Data shows that technology and services make up a large fraction of citywide employment. It also shows that unemployment and housing prices follow the tech industry’s boom-and-bust cycle….

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How the pharmaceutical drug economy became a racket controlled by Wall Street

How the pharmaceutical drug economy became a racket controlled by Wall Street

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Alexander Ziachik writes: Donald Trump’s plan to lower prescription drug prices, announced May 11 in the Rose Garden, is a wonky departure for the president. In his approach to other signature campaign pledges, Trump has selected blunt-force tools: concrete walls, trade wars, ICE raids. His turn to pharmaceuticals finds him wading into the outer weeds of the 340B Discount program. These reforms crack the door on an overdue debate, but they are so incremental that nobody could confuse them with…

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Chinese investment in the U.S. has plummeted 92% this year

Chinese investment in the U.S. has plummeted 92% this year

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CNN reports: Chinese investment in the United States nosedived in the first five months of 2018 amid mounting tensions between the world’s two largest economies. For years, Chinese companies pumped growing amounts of money into the United States, deepening ties between the countries. But Chinese investment totaled only $1.8 billion between January and May. That’s a 92% drop compared to the same period in 2017, and the lowest level in seven years, according to a report released Wednesday by Rhodium…

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Climate change can be stopped by turning carbon dioxide pollution into gasoline

Climate change can be stopped by turning carbon dioxide pollution into gasoline

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The Atlantic reports: A team of scientists from Harvard University and the company Carbon Engineering announced on Thursday that they have found a method to cheaply and directly pull carbon-dioxide pollution out of the atmosphere. If their technique is successfully implemented at scale, it could transform how humanity thinks about the problem of climate change. It could give people a decisive new tool in the race against a warming planet, but could also unsettle the issue’s delicate politics, making it…

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Under Trump, ‘America First’ really is turning out to be America alone

Under Trump, ‘America First’ really is turning out to be America alone

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Susan B. Glasser writes: The Canadian Prime Minister, Justin Trudeau, was less than forty-eight hours away from hosting the biggest diplomatic gathering of his career when I spoke with one of his top advisers on Wednesday afternoon. Trudeau’s team was searching for strategies to salvage the annual G-7 summit with the American President, Donald Trump, and leaders of five of the world’s other large democratic economies—all of them close allies of the United States, and all of them furious with…

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IKEA unveils ambitious climate goals

IKEA unveils ambitious climate goals

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GreenBiz reports: Swedish furniture giant IKEA has promised to outlaw single-use plastic products across its entire product range and in-store eateries by 2020 and ensure zero emission home deliveries as standard by 2025, as part of a sweeping set of new sustainability goals. The firm also promised to design all its products in line with circular principles and using renewable and recycled materials, and reduce the climate footprint of its wares by an average of 70 percent per product by…

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‘Carbon bubble’ could spark global financial crisis, study warns

‘Carbon bubble’ could spark global financial crisis, study warns

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The Guardian reports: Plunging prices for renewable energy and rapidly increasing investment in low-carbon technologies could leave fossil fuel companies with trillions in stranded assets and spark a global financial crisis, a new study has found. A sudden drop in demand for fossil fuels before 2035 is likely, according to the study, given the current global investments and economic advantages in a low-carbon transition. The existence of a “carbon bubble” – assets in fossil fuels that are currently overvalued because,…

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World dangerously underestimating economic cost of climate change, study finds

World dangerously underestimating economic cost of climate change, study finds

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HuffPost reports: Leading global forecasts widely underestimate the future costs of climate change, a new paper warns. The findings, to be released Monday in the Review of Environmental Economics and Policy, say projections used by the United Nations Intergovernmental Panel on Climate Change rely on outdated models and fail to account for “tipping points” ― key moments when global warming rapidly speeds up and becomes irreversible. The IPCC, established in 1988, is the leading international body for assessing climate change,…

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How a Eurasian steppe empire coped with decades of drought

How a Eurasian steppe empire coped with decades of drought

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By Diana Crow The bitterly cold, dry air of the Central Asian steppe is a boon to researchers who study the region. The frigid climate “freeze-dries” everything, including centuries-old trees that once grew on lava flows in Mongolia’s Orkhon Valley. A recent study of the tree-ring record, published in March, from some of these archaic logs reveals a drought that lasted nearly seven decades—one of the longest in a 1,700-year span of steppe history—from A.D. 783–850. Decades of prolonged drought…

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William Morris’ vision of a world free from wage slavery is finally within reach

William Morris’ vision of a world free from wage slavery is finally within reach

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Vasilis Kostakis and Wolfgang Drechsler write: At the beginning of the 21st century, a new world is emerging. Not since Marx identified the manufacturing plants of Manchester as the blueprint for the new capitalist society has there been a deeper transformation of the fundamentals of our socioeconomic life. A new commons-based mode of production, enabled by information and communication technology (ICT), what we now call digitisation, redefines how we (can) produce, consume and distribute. This pathway is exemplified by interconnected…

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