The Approaching Great Transformation: Toward a Livable Post by Joel Magnuson PDF
By Joel Magnuson
"A brave ebook through a wise individual with a masterful command of monetary theory."—Publisher's Weekly
How may still we act and imagine economically on this planet because the period of inexpensive oil involves an finish? The coming near near nice Transformation begins to reply to this large query, concentrating on the folks and groups already at paintings at the transition: strength descent pioneers within the united kingdom and the USA teaching their groups in regards to the street forward, small firms defying conventional “profit” in desire of permanence and sustainability, and towns getting ready for a publish carbon future.
Highlighting the paintings of thinkers like John Ruskin and E. F. Schumacher, Magnuson right here builds on his prior book, Mindful Economics.
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Extra resources for The Approaching Great Transformation: Toward a Livable Post Carbon Economy
Nonetheless, its significance in human history is profound. Up to the end 19th century, industrialization and economic growth were powered by coal and the steam engine. Oil, or petroleum, was used mainly to refine into kerosene for lamps. That changed rapidly by the early 20th century. Coal was used to power external combustion steam engines, which use water boiled by an external heat source for power. Steam engines had their day, but soon were rendered obsolete as inefficient and cumbersome technology compared to the internal combustion engine powered by petroleum-based liquid fuels.
The Twilight of the Oil Age The Oil Age is basically the 20th century. Future historians, if there will be any, may consider it as one of those meta-historical epochs like the Stone Age or the Iron Age, though on the historical timeline it will be comparatively very short. On a chart of geological time, the Oil Age would appear as nothing more than a hair thin blip. Nonetheless, its significance in human history is profound. Up to the end 19th century, industrialization and economic growth were powered by coal and the steam engine.
Feeling the relentless pressure from their shareholders, they are devouring the oil reserves of other companies through a series of corporate mergers so that they can boast of steady future revenues. As oil companies find it impossible to find new oil reserves, their share prices begin to fall. Fruitless exploration, massive capital requirements for offshore drilling, and small returns are putting oil company stocks at risk. The companies have been using the massive cash they have accumulated to buy back outstanding shares in a desperate attempt to boost their share prices.
The Approaching Great Transformation: Toward a Livable Post Carbon Economy by Joel Magnuson