The Approaching Great Transformation

Soon, fossil fuels will run out%E2%80%94or become ridiculously complicated and expensive to extract%E2%80%94and 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 cakes%E2%80%94labeling 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." (Mar)