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A Future Uncertain: The Path to a Post-Market Economy, by Gregg David
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Can market capitalism deal with the greatest problems of our age? How do we navigate through the end of oil, the expansion of human population and the looming risks of climate change? If market capitalism is ill-suited for these tasks, then what kind of economics can take its place? These are amongst the most pertinent and difficult questions that can be asked of human civilisation, yet political discourse and institutional economics resolutely blinker out such fundamental reservations, instead opting to champion increasingly abstract economic growth at the centre of their policies. A Future Uncertain tackles these questions head on, and forcefully deconstructs the taboo and folklore that surrounds economic thought. This groundbreaking work applies a multi-disciplinary approach, encompassing ecology, heterodox economics, sociology and emergent currency technologies, in order to assess the global market capitalist paradigm's applicability for modern human society, and prescribe alternative thought processes for future economic frameworks.
- Published on: 2015-09-30
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.59" w x 6.00" l, 2.05 pounds
- Binding: Paperback
- 704 pages
Most helpful customer reviews
1 of 1 people found the following review helpful.
A profound and exciting look at the economic world past, present, and to come
By Dennis Littrell
This is an enormously exciting book. I might even say it is an astonishment. Written by a non-academic economist, an aerospace engineer with a Master’s degree in Engineering from the University of Liverpool, it reads like a refreshing wave of sanity. Gregg David’s opus is 704 pages long replete with endnotes and references that make it clear that this is one heck of a “hobby” (as he characterized it to me). This is a transformative work with ideas and information that every educated person should know delivered in a style shorn of most of the usual academic econ jargon.
David is an engineer but he doesn’t write like an engineer. He writes a like a highly informed journalist with a keen creative mind set. I confess I am only through about 100 of the 704 pages, but I felt I just had to get a review out since this is the most interesting book on economics that I have ever read.
Here are a couple of tidbits to give you an idea of what I am talking about:
“Graham Hill, CEO of architectural and design firm Life Edited has commented upon how the explosion of belongings available to us has outstripped our ability to store it. In the USA there is currently a $22 billion industry devoted to the storage of personal goods which either cannot be stored at home, or are no longer wanted at home.
“The absurdity of this scenario beggars belief. Large proportions of people now buy possessions for which they have no room or immediate requirement for, in order to pay to store these items in a unit on the other side of the city.” (p. 91)
The quote is from Chapter 1.3 “The Culture of Consumption,” the very title of which gives you an idea of where we’ve been, where we are and where we are going. David recalls built-in obsolescence leading to the consumptive society as early as the 19th century. He recalls how Henry Ford some years later tried to continue selling his Model T automobile (“any color as long as it’s black”) without changes from year to year but had to reverse strategy when other car manufactures came out with new models every third year or so even though the changes were superficial and/or stylistic. This “perceived obsolescence” became the driving force behind “cyclical consumption” (p. 47) and a highly significant “engine of economics.”
David notes that “obsolescence is not necessarily a good or bad thing” (p. 51) while pointing to four types of obsolescence:
Technological obsolescence
Functional obsolescence
Planned obsolescence
Perceived obsolescence
As I see it, the major driving force in the contemporary economy is technological obsolescence. Things don’t grow old and break down; they don’t necessarily go out of style (although there is plenty of that); nor is planned obsolescence even necessary for many products and services. As David observes “a product which is continually and purposefully re-launched with incrementally improved technologies is one which is planned for technological obsolescence.” (p. 52)
Another interesting idea in just this first one-seventh of the book is that of the “flawed consumer” who lacks fluency in “the language of goods.” “In essence ... [this language] demands that consumers be dissatisfied to some degree, as a fully satisfied consumer will naturally desire to consume less; this is anathema to a market predicated on perpetual production, perpetual labour and infinite growth.” (p. 81) The “flawed” part refers to those who have not the coin to buy what they have been taught to desire, and they are embarrassed. They are unemployed or underemployed and are experiencing an “aspiration gap.” (p. 83) In a larger sense the malcontented young men of the Middle East who engage in terrorism are the most extreme example of the flawed consumer. They see what people in other parts of the world can buy and use and feel they have nothing to lose and little to live for and so their sense of right and wrong becomes corrupted.
And then there is the idea of the consumer as an addict. David writes: “Shopping in a consumer society is marketed as a pleasurable pastime which can improve mood or act as a reward for hard work.” (p. 86) There is also the idea of “neophilia” (from sociologist Colin Campbell) in which the addiction is for products and services that are new, pristine and perhaps shiny. (p. 86)
Finally I want to point to the idea that in the consumer society the average individual is not as significant as a voter as he or she is as a consumer of products and services.
I will update this review as I finish reading the book. I am excited to see where David is going with reference to “A Post-Market Economy” which I imagine will demand the kind of sustainability not consistent with today’s economic reality.
--Dennis Littrell, author of “The World Is Not as We Think It Is”
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