The Approaching Great Transformation

March 25, 2013
Soon, fossil fuels will run outâor become ridiculously complicated and expensive to extractâand the global economy will be in a real pickle, says Magnuson, an economist "specializing in non-orthodox approaches to political economy." These days, no one is safe from rhetoric about "going green"; Magnusson argues that this is mostly a "marketing ploy," a way for huge corporations to have and eat their cakesâlabeling their products "green" while relentlessly pursuing "endless growth" and ignoring the reality of a finite planet with limited resources. While "green" and "sustainable" have become catchwords, material consumption in the last 25 years has increased. A "deeper transformation of our core economic institutions" is necessary, he argues; i.e. capitalism must go. While eloquently argued, the book's central message will be difficult to hear for many, though he effectively skewers the mantras of those who hope to ignore the problem: "at least it won't happen in our life time" and "technology will come through." This is a brave book by a smart person with a masterful command of economic theory; unfortunately, for these reasons its reach is probably limited: most people will balk at its central message: that we will "have to get by with much, much less production and consumption."

August 1, 2013

According to Portland, OR-based independent economist and international strategic advisor Magnuson (visiting fellow, Ashcroft International Business Sch. at Anglia Ruskin Univ., Cambridge, England; Mindful Economics: How the US Economy Works, Why It Matters, and How It Could Be Different), the world is ready for a great transformation. As the Oil Age comes to an end, living in the post-carbon economy will require a shift in thinking and consumption, and Magnuson proposes both theoretical and practical ideas for how that might happen. He places his analysis at the intersection of economic and ecological concerns to create a picture of how the world will change in the coming years, focusing on the institutional changes that will have to take place in order for real progress to be possible. He addresses the issues of education, health care, banks, and more to show how these institutions will transform as values shift and we move from a consumption-driven society to a more sustainable one. VERDICT Magnuson's text is extremely readable, and his style is intended to bring these big ideas to a general audience, while his chapter on meta-economics, in which he discusses the ideas of John Ruskin and E.F. Schumacher, may be of greater interest to students of the field.--Elizabeth Nelson, UOP Lib., Des Plaines, IL

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