The financial crisis that has blighted the world’s richest countries since 2008 was a turning point in human history because it ushered in an era in which economies will tend to shrink rather than grow. Incomes will decline becausethe natural resources required for growth — particularly oil, the lifeblood of the world economy — can no longer be extracted in growingquantities. Indeed, as this book shows, the financial crash itself was due to an irresistible force — the rising global demand for cheap fossil fuels — meeting an immoveable object — a static supply.
Richard Douthwaite is a columnist for The Irish Times, New Internationalist, and Earthwatch, and author of the influential book, Short Circuit: Strengthening Local Economies in an Unstable World. He lives in Westport, Ireland.
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