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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

"With each interaction, Alexa is training to hear better, to interpret more precisely, to trigger actions that map to the user's commands more accurately, and to build a more complete model of their preferences, habits and desires. What is required to make this possible? Put simply: each small moment of convenience - be it answering a question, turning on a light, or playing a song - requires a vast planetary network, fueled by the extraction of non-renewable materials, labor, and data. The scale of resources required is many magnitudes greater than the energy and labor it would take a human to operate a household appliance or flick a switch. A full accounting for these costs is almost impossible, but it is increasingly important that we grasp the scale and scope if we are to understand and govern the technical infrastructures that thread through our lives. III The Salar, the world's largest flat surface, is located in southwest Bolivia at an altitude of 3,656 meters above sea level. It is a high plateau, covered by a few meters of salt crust which are exceptionally rich in lithium, containing 50% to 70% of the world's lithium reserves. 4 The Salar, alongside the neighboring Atacama regions in Chile and Argentina, are major sites for lithium extraction. This soft, silvery metal is currently used to power mobile connected devices, as a crucial material used for the production of lithium-Ion batteries. It is known as 'grey gold.' Smartphone batteries, for example, usually have less than eight grams of this material. 5 Each Tesla car needs approximately seven kilograms of lithium for its battery pack. 6 All these batteries have a limited lifespan, and once consumed they are thrown away as waste. Amazon reminds users that they cannot open up and repair their Echo, because this will void the warranty. The Amazon Echo is wall-powered, and also has a mobile battery base. This also has a limited lifespan and then must be thrown away as waste. According to the Ay

"For a close reader of Moyn's work on human rights the differences between his two works are head-spinning.  Where Last Utopia attacked the very idea of historic continuity in explaining the human rights movement that emerged in the 1970s, Not Enough builds an entire narrative on continuities. The result is an aspirational history for a reformed human rights movement, a history of roads not taken - with respect to equality, in particular, which Moyn elevates to the 'original' position - that can still be reclaimed.  Not Enough lacks the skepticism that Moyn employed so effectively in The Last Utopia to explain how disconnected contemporary human rights was from its claimed antecedents and undermines arguments in both books. In addition, by not heeding his own lessons from Last Utopia, Moyn understates the emergent human rights movement's inability to contest what became neoliberalism. As someone who confronted those issues at the time, it is harder to dismiss the claims of complicity."

"Global history faces two seemingly opposite challenges for an inter-dependent, over-heating planet. If we are going to muster meaningful narratives about the togetherness of strangers near and far, we are going to have to be more global and get more serious about engaging other languages and other ways of telling history. Historians and their reader-citizens are also going to have to re-signify the place of local attachments and meanings. Going deeper into the stories of Others afar and Strangers at home means dispensing with the idea that global integration was like an electric circuit, bringing light to the connected. Becoming inter-dependent is not just messier than drawing a wiring diagram. It means reckoning with dimensions of networks and circuits that global historians - and possibly all narratives of cosmopolitan convergence - leave out of the story: lighting up corners of the earth leaves others in the dark.  The story of the globalists illuminates some at the expense of others, the left behind, the ones who cannot move, and those who become immobilised because the light no longer shines on them."

Some have taken a stab at putting the pandemic in historical context. At the start of the Covid-19 pandemic, the Washington Post visualized the devastating plagues of history, with Covid-19 by comparison a tiny dot. (By today, tragically, it'd be a much bigger dot.) This vivid graphic ranks Covid-19 the ninth deadliest in history

"The current paradigm of independent, inflation targeting central banks thus obscures the messy history of central banks as public institutions. Since their inception, monetary authorities have performed various different roles; while they served as guardians of price stability in Victorian England, they have originally served as developmental and fiscal agents for expansionary states, and have frequently continued to do so in the centuries since. Treating central bank independence as an ahistorical best practice approach is misleading, and we should recall that there have been alternatives to the current framework. As some have heralded the end of the era of central bank independence, while others have underscored the benefits of re-politicizing monetary policy, it is worth bearing this history in mind."

"This work presents the first compressive and independent analysis of the contributions of one of the most important public officials in American history.  As a graduate student more than a decade ago, I began to investigate the role that Marriner S. Eccles played during the 1930s, as both a special assistant to the secretary of the Treasury and as the chairman of the Federal Reserve Board of Governors. I was intrigued that Eccles, as a Republican businessman from Utah-and yes a Mormon-became the New Deal's most forceful advocate of Keynesian policy.  Since that time I have come to learn far more about his participation in those years, and, indeed, a good deal more about the vexed political and economic milieu in which his career as a public servant unfolded.  Although this work is clearly intended to amplify the contributions that Eccles made in important policy areas, it also seeks to correct some inaccuracies that have frequently been conveyed about the details of his participation. Moreover, his fiscal and monetary interests were so extensive that it would not be too far afield to view what follows as a history of the New Deal with Eccles as the focal point."

Historians don't just study history. We construct it. We puzzle pieces into meanings. Aided by our instincts and experiences, as well as by our research, we make sense of other times, other nations, other peoples. In that sense, the writing of history is always personal.

Wood runs like a vein throughout human history. It is integral to everything from early copper and iron smelting to wheels, windmills, Viking longships, Celtic barrels, Renaissance crumhorns and Stradivarius violins. It was even the subject of the first book published by a nascent Royal Society troubled by the rapacious demands of a seafaring empire (see G. Hemery Nature 507, 166-167; 2014).

"Stephen Cave and Kanta Dihal revisit the extraordinary history of cultural responses to automata."