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" Fearless commentary on finance, economics, politics and power Follow yvessmith on Twitter Feedburner RSS Feed RSS Feed for Comments Subscribe via Email SUBSCRIBE Recent Items Links 3/11/17 - 03/11/2017 - Yves Smith Deutsche Bank Tries to Stay Alive - 03/11/2017 - Yves Smith John Helmer: Australian Government Trips Up Ukrainian Court Claim of MH17 as Terrorism - 03/11/2017 - Yves Smith 2:00PM Water Cooler 3/10/2017 - 03/10/2017 - Lambert Strether Why a 400-Year Program of Modernist Thinking is Exploding - 03/10/2017 - Yves Smith Links 3/10/17 - 03/10/2017 - Yves Smith Why It Will Take a Lot More Than a Smartphone to Get the Sharing Economy Started - 03/10/2017 - Yves Smith CalPERS' General Counsel Railroads Board on Fiduciary Counsel Selection - 03/10/2017 - Yves Smith Another Somalian Famine - 03/10/2017 - Yves Smith Trade now with TradeStation - Highest rated for frequent traders Why a 400-Year Program of Modernist Thinking is Exploding Posted on March 10, 2017 by Yves Smith By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Across the globe, a collective freak-out spanning the whole political system is picking up steam with every new "surprise" election, rush of tormented souls across borders, and tweet from the star of America's great unreality show, Donald Trump. But what exactly is the force that seems to be pushing us towards Armageddon? Is it capitalism gone wild? Globalization? Political corruption? Techno-nightmares? Rajani Kanth, a political economist, social thinker, and poet, goes beyond any of these explanations for the answer. In his view, what's throwing most of us off kilter - whether we think of ourselves as on the left or right, capitalist or socialist -was birthed 400 years ago during the period of the Enlightenment. It's a set of assumptions, a particular way of looking at the world that pushed out previous modes o

The U.S. shale-oil industry may collapse due to the sharp fall in oil prices because of the coronavirus pandemic, a new influential report predicts. The demand for and price of oil tumbled due to the economic slowdown and have since begun to recover, but Australian think tank the Institute for Economics and Peace warns that a low price will affect political regimes in the Middle East, especially in Saudi Arabia, Iraq and Iran.

Throughout the Holocene, societies developed additional layers of administration and more information-rich instruments for managing and recording transactions and events as they grew in population and territory. Yet, while such increases seem inevitable, they are not. Here we use the Seshat database to investigate the development of hundreds of polities, from multiple continents, over thousands of years. We find that sociopolitical development is dominated first by growth in polity scale, then by improvements in information processing and economic systems, and then by further increases in scale. We thus define a Scale Threshold for societies, beyond which growth in information processing becomes paramount, and an Information Threshold, which once crossed facilitates additional growth in scale. Polities diverge in socio-political features below the Information Threshold, but reconverge beyond it. We suggest an explanation for the evolutionary divergence between Old and New World polities based on phased growth in scale and information processing. We also suggest a mechanism to help explain social collapses with no evident external causes.

A rip in the fabric of the economy won't be healed easily, and denial of the severity of the crisis won't solve it.