Common Wealth: Economics for a Crowded Planet

Common Wealth: Economics for a Crowded Planet

by Jeffrey D. Sachs
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Common Wealth: Economics for a Crowded Planet 3.5 out of 5 based on 0 ratings. 10 reviews.
Willp More than 1 year ago
Jeffrey Sachs is special adviser on the UN's Millennium Development Goals to UN Secretary-General Ban Ki-Moon. He urges that the principles of social justice should guide economic forces, not profit, and he argues that problems need diplomacy and development, not war, sanctions and threats. Development brings security, not vice versa. As he notes, "A world of untrammelled market forces and competing nation-states offer no automatic solutions." "Market forces by themselves do not optimally allocate society's resources." "Market forces alone will not overcome poverty traps." He shows in detail that market forces cannot deliver R&D or ensure the adoption of new technologies or control population growth or protect the environment or prevent species loss or get medicine to the poorest. The market pays no heed to future generations. As we can all now see, capitalism is self-reinforcing, not self-correcting. We have the technology, industry and resources to solve all our problems. As Sachs writes, "Earth has the energy, land, biodiversity, and water resources needed to feed humanity and support long-term economic prosperity for all. The problem is that markets might not lead to their wise and sustainable use." He urges countries to convert commons from open-access to community management, not privatise them. So within each country we need to develop and spread technologies suitable for that country, like carbon capture, drip irrigation, desalination, drought-resistant crops, high-yield wheat (which increased India's harvest from 11 million metric tons in 1960 to 55 million in 1990), vaccines for tropical diseases, and turning coal into petrol by Fischer-Tropsch liquefaction. Within each country, we should promote welfare. Social welfare states like Denmark and Finland do better than free market states like Britain and the USA. They have higher employment rates, higher GNPs per person and more equality. We can cut fertility rates, and therefore increase growth, by providing free access to health services, especially emergency obstetric care and family planning services, and by improving child survival rates. This is a humane and hopeful book. Sachs proves that we can raise incomes, end extreme poverty, stabilise the population, protect the environment and establish peace. Each needs public action, public funding, long-term thinking and planning, and we all have to take the responsibility.
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Anonymous More than 1 year ago
Perfect for Communists and those rich enough to never have to worry about money.
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YourBrotherBob More than 1 year ago
I loved this book. I was impressed with Sach's view of causality. Although I agreed with many of Sach's diagnoses, his solutions were sometime problematic for me as a Catholic, Pragmatist and Capitalist. It should be required reading for Social Studies credits in colleges
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Guest More than 1 year ago
This book along with Purposefully Made by I. Fountaine Allen are good for people who are trying to make it in this society