Spotlight Durban: An Island Nation’s Call For Gifts to the World

His Excellency Anote Tong, President of Kiribati
Another in a Triple Crisis and Real Climate Economics Blog series on the Durban Climate Change Conference.

Earlier this fall, I crossed the Pacific Ocean from the island nation of Kiribati, which I am privileged to serve as President, to visit the United States.

In the days just before the tenth anniversary of the terrorist attacks of September 11, I saw and heard many references to the “resilience” of the American people. President Obama spoke of it, the covers of magazines displayed it. There is no doubt that Americans have found within them the capacity to absorb tremendous shocks, to adapt and heal from unimaginable disaster.

I listened as my American hosts spoke about your economic challenges. I understand that the hardship in your country is great. I heard of many people who are jobless, “underwater” on their home loans, and struggling to make ends meet. I know the deep insecurity that many of you feel.

These same ten years have brought another sort of disaster to my country, a constellation of low-lying, reef-fringed islands scattered across 1.3 million square miles of the South Pacific. On average, our islands are just two meters above sea level. Scientists anticipate sea level rise of one meter or more as a result of climate change within this century. You begin to see the catastrophe that Kiribati faces.

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Spotlight Durban: A REDD and green paradox

Edward B. Barbier
Another in a Triple Crisis and Real Climate Economics Blog series on the Durban Climate Change Conference.

In a previous post (Can’t Pay? Won’t Pay!) I posed the question: What do the worldwide debt crisis and global warming have in common?

They both represent economies drawing down assets faster than they can replenish them.

In the case of the debt crisis, economies are spending more wealth than they are accumulating.  In the case of global warming, we are using up nature’s capital and its vital services at an alarming rate.  Rather than adding to wealth – both financial and natural – economies are squandering it.  This problem has occurred throughout history, although the tendency to waste economic and natural wealth has accelerated in recent times.

Which leads me to the climate change talks in Durban, South Africa, and especially the efforts to establish a financial mechanism to reduce emissions from deforestation and forest degradation (REDD+) in developing countries.

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Economics 4 People, the Planet, and the Future

James K. Boyce

Our current economic crisis is not only a crisis of the economy. It is also a crisis of economics. The free-market fundamentalism of the closing decades of the 20th century today has been thoroughly discredited – or at least, should have been – by financial collapse, swelling inequality, global imbalances, mass unemployment, and environmental degradation.

The public is hungry for an economics that is tuned into the realities of the 21st century. Yet the talking heads of the media conglomerates continue to preach old-time economic orthodoxy, blaming our economic woes on regulation, taxes, foreigners, or a few rogue bad apples in the Wall Street barrel. To the public, economists seem unhinged from reality and oblivious to the human consequences of economic malfunction.

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Spotlight Durban: National Interests, Ethics, and Climate Change – Don’t Listen to (Most) Economists

Julie Nelson, Guest Blogger
Another in a Triple Crisis and Real Climate Economics Blog series on the Durban Climate Change Conference.

What are the ethical responsibilities of sovereign nations? How can we expect nations to behave, in regards to climate change? We often hear that  nations will inevitably try to shape policy in ways that serve their own interests, where “interests” are largely defined in terms of short-run economic growth. Yet, if every nation sets this as a goal, we are—to use a particularly apt colloquialism—cooked.

I’m afraid that economists are particularly to blame for this perverse framing of the issue. In the economics mainstream, people are thought of as autonomous individuals who are driven by a desire to maximize their own levels of personal satisfaction.  Sociality,  care, ethical responsibilities, and environmental impacts are not part of the story. The insistent teaching of this approach over the last century or so has led many people to believe that selfish and even opportunistic behavior is simply “natural” or “standard” in commercial life—and therefore both excusable and unavoidable. A number of scholars of economics, law, and politics have extended this approach to thinking about governments, considering states as simply  “economic man” writ large.

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Spotlight G20: The IMF must heed G20 decisions

Kevin P. Gallagher

The G20 meeting in Cannes earlier this month was derailed by the pressing eurozone crisis. Actors were disappointed if they were looking for concrete action on global imbalances and the food crisis, let alone the new global monetary system that French President Nicolas Sarkozyboasted would be the goal of the summit when he first took the helm as host. But behind the scenes, the G20 actually delivered on a set of “coherent conclusions” on the management of speculative capital flows in emerging markets that should not be overlooked, especially by the International Monetary Fund (IMF).

Sarkozy assumed his role as head of the G20 during a period of excessive volatility in global capital markets that continues to this day. Because of loose monetary policy, low interest rates and a slow recovery in the North Atlantic, accompanied by high interest rates and rapid growth in emerging markets, the world’s investors flocked from north to south – to Brazil, Chile, South Korea, Taiwan and others. More recently, in response to eurozone jitters, capital has retreated from emerging markets to the “safety” of the United States – showing how dangerous speculative capital flows can be. New work released by the IMF this week suggests they are picking and choosing their direction from the G20.

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Capitalism in the Spotlight in the Occupy Movement

Arjun Jayadev

It’s easy for people involved in progressive political movements to be jaded by political discourse. One of the reasons why the Occupy movement has been interesting is that it has been something genuinely new and experimental. And it is not afraid to use the ‘C’ word in an unadmiring way.

The blogger JW Mason writes: “Most of us very seldom experience ourselves as political agents, in the sense of being active participants in the collective decision-making of our community. For better or worse, most of the time we delegate collective decision-making to specialists who represent us more or less faithfully, as the case may be. The only reason for protest — for any kind of mass politics — is that this system has broken down. The message of any protest is: There is a political subject, a We, that is not being represented.”

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Spotlight Durban: Climate change gets personal

Elizabeth A. Stanton, part of a Triple Crisis and Real Climate Economics Blog series on the Durban Climate Change Conference.

It’s that time of year again.

This week marks the start of the 17th annual United Nations climate change conference, or Conference of Parties (COP). Held this year in Durban, South Africa, COP17 will bring together hundreds of official delegates along with thousands of demonstrators and other unofficial observers. It’s always possible that COP17 will reach an international agreement on a viable climate policy (17th time’s the charm!), but the complete lack of consensus seems likely to derail negotiations.

Climate change impacts each nation differently, and each nation would have very different costs from lowering emissions to safe levels. This diversity of impacts complicates climate policy negotiations and makes it very challenging for rich and poor nations to find common ground. But the broad range of climate impacts expected around the world has another critical effect on negotiations, one that receives very little media coverage or scholarly analysis: there is an enormous range of likely climate impacts not just between countries, but within them.

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Spotlight Durban: Occupy Durban

Patrick Bond

There they fell during 2011, one after the other in past-their-prime domino descent: Zine El Abidine Ben Ali from Tunis, Hosni Mubarak from Cairo, Dominique Strauss-Kahn from the International Monetary Fund (IMF), Muammar Gaddafi from Tripoli, Georgios Papandreou from Athens, Silvio Berlusconi from Rome, US football guru and sex-crime cover-upper Joe Paterno from Penn State University – with media baron Rupert Murdoch, soccer supremo Sepp Blatter, Syrian tyrant Bashar al-Assad and Yemeni dictator Ali Abdullah Saleh looking decidedly shaky, too.

However, let’s be frank: in many cases the courageous push by the 99% against these 1% personalities only dislodged the venal creatures, not the system, so replacements crawled right back in.

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