what is needed is a fundamental reordering of the component parts of Gross Domestic Product. GDP is traditionally understood to consist of consumption plus investment plus government spending plus net exports. The free market capitalism of the past three decades has put the emphasis particularly on consumption and trade. But as we remake our economies to stay within our global carbon budget, we need to see less consumption (except among the poor), less trade (as we relocalize our economies), and less private investment in producing for excessive consumption. These reductions would be offset by
...more
