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most economists see global trade as a win-win proposition, but resource limitation turns it into a win-lose, zero-sum contest. “The faster China grows, the higher grain prices go, the more people in China or India who upgrade to meat, the higher the tendency for Africa to starve,” he said.

Grantham argues that the late-18th-century doomsayer Thomas Malthus pretty much got it right but just had the bad timing to make his predictions about unsustainable population growth on the eve of the hydrocarbon-fueled Industrial Revolution, which “partially removed the barriers to rapid population growth, wealth and scientific progress.” That put off the inevitable for a couple of centuries, but now, ready or not, the age of cheap hydrocarbons is ending. Grantham’s July letter concludes: “We humans have the brains and the means to reach real planetary sustainability. The problem is with us and our focus on short-term growth and profits, which is likely to cause suffering on a vast scale. With foresight and thoughtful planning, this suffering is completely avoidable.”

“E.D.F. is educating people that dealing with climate change will be good for the economy and job creation. One of Jeremy’s insights is that we can make headway on the market side because higher commodity prices will enforce greater efficiency.”

When he reminds us that modern capitalism isn’t equipped to handle long-range problems or tragedies of the commons (situations like overfishing or global warming, in which acting rationally in your own self-interest only deepens the harm to all), when he urges us to outgrow our touching faith in the efficiency of markets and boundless human ingenuity, and especially when he says that a wise investor can prosper in the coming hard times, his bad news and its silver lining come with a built-in answer to the skeptical question that Americans traditionally pose to egghead Cassandras: If you’re so smart, how come you’re not rich?

Grantham believes that the best approach may be to recast global warming, which depresses crop yields and worsens soil erosion, as a factor contributing to resource depletion. “People are naturally much more responsive to finite resources than they are to climate change,” he said. “Global warming is bad news. Finite resources is investment advice.”

“Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan,” he said, “but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.”

Grantham, the public face of a company that manages more than $100 billion in assets, the very embodiment of a high-finance insider in blue blazer and yellow tie, has serious doubts about capitalism’s ability to address the biggest problems facing humanity.

Grantham says that corporations respond well to this message because they are “persuaded by data,” but American public opinion is harder to move, and contemporary American political culture is practically dataproof. “The politicians are the worst,” he said. “An Indian economist once said to me, ‘We have 28 political parties, and they all think climate change is important.’ ” Whatever the precise number of parties in India, and it depends on how you count, his point was that the U.S. has just two that matter, one that dismisses global warming as a hoax and one that now avoids the subject.

Grantham, who says that “this time it’s different are the four most dangerous words in the English language,” has become a connoisseur of bubbles. His historical study of more than 300 of them shows the same pattern occurring again and again. A bump in sales or some other impressive development causes people to get excited. When they do, the price of that asset class — South Sea company shares, dot-coms — goes up, and human nature and the financial industry conspire to push it higher. People want to hear good news; they tend to be bad with numbers and uncertainty, and to assume that present conditions will persist. In the financial industry, the imperative to minimize career risk produces herd behavior.

So it’s news when Grantham, who has built his career on the conviction that peaks and troughs will even out as prices inevitably revert to their historical mean, says that this time it really is different, and not in a good way. In his April letter, “Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever,” he argued that “we are in the midst of one of the giant inflection points in economic history.” The market is “sending us the Mother of all price signals,” warning us that “if we maintain our desperate focus on growth, we will run out of everything and crash.”

here’s the short version: “The prices of all important commodities except oil declined for 100 years until 2002, by an average of 70 percent. From 2002 until now, this entire decline was erased by a bigger price surge than occurred during World War II. Statistically, most commodities are now so far away from their former downward trend that it makes it very probable that the old trend has changed — that there is in fact a Paradigm Shift — perhaps the most important economic event since the Industrial Revolution.”

When prices go up and stay up, it’s not a bubble. Prices may always revert to the mean, but the mean can change; that’s a paradigm shift. As Grantham tells it, oil went first. For a century it steadily returned to about $16 a barrel in today’s currency, then in 1974 the mean shifted to about $35, and Grantham believes it has recently doubled again. Metals and nearly everything else — coal, corn, palm oil, soybeans, sugar, cotton — appear to be following suit. “From now on, price pressure and shortages of resources will be a permanent feature of our lives,” he argues. “The world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.”

Grantham is taking the Malthusian side in an ongoing debate about growth and commodity prices­. The argument often circles back to the bet made in 1980 between the biologist Paul Ehrlich, who foretold catastrophic scarcity caused by overpopulation, and the economist Julian Simon, who argued that any short-term increase in resource prices caused by population growth will stimulate inventors and entrepreneurs to find new ways to exploit those resources, lowering prices in the long run. The two men picked five commodities and wagered on whether their prices, taken as an indicator of scarcity, would be higher or lower in 1990. Simon won, 5-0, even though the world’s population grew by 800 million during that decade. Malthusians have been trying to live down that defeat ever since, but, as Grantham points out in his July letter, if we extend the original bet past its arbitrary 10-year limit to the present day, Ehrlich wins the five-commodity bet 4-1, and he wins big if the bet is further extended to all important commodities.

He’s an impassioned environmentalist not only for the usual reasons but also because he believes humanity’s vexed relationship with the planet is the great economic story of our time. “This commodities thing may turn out to be the most interesting call of my career,” he told me. “I have no doubt we’re going to have a bad hundred years. We have the resources to gracefully handle the transition, but we won’t. We apparently can’t.”

“Whether the stable population will be 1.5 billion or 5 billion,” he said to me, “the question is: How do we get there?”

the European super-nation has long needed to believe itself above the world, above native America, above Asia, and particularly above Africa. The truth is more disconcerting: The dark continent has never been South of the Sahara, but South of Minsk and East of Aachen in the jungles of the European soul. 

I don't have any gospel of my own. Postwar, and the early pages of Bloodlands, have revealed a truth to me: I am an atheist. (I have recently realized this.) I don't believe the arc of the universe bends towards justice. I don't even believe in an arc. I believe in chaos. I believe powerful people who think they can make Utopia out of chaos should be watched closely.

I don't know that it all ends badly. But I think it probably does.

All the same, the rigorous investigation and interrogation of Europe’s competing pasts—and the place occupied by those pasts in Europeans’ collective sense of themselves—has been one of the unsung achievements and sources of European unity in recent decades. It is, however, an achievement that will surely lapse unless ceaselessly renewed.

Maybe the very myths I decry are necessary for that work. I don't know. But history is a brawny refutation for that religion brings morality.

"History contributes to the disenchantment of the world," writes Judt. ...most of what it has to offer is discomforting, even disruptive—which is why it is not always politically prudent to wield the past as a moral cudgel with which to beat and berate a people for its past sins.

But history does need to be learned—and periodically re-learned. In a popular Soviet-era joke, a listener calls up ‘Armenian Radio’ with a question: ‘Is it possible’, he asks, ‘to foretell the future?’ Answer: ‘Yes, no problem. We know exactly what the future will be. Our problem is with the past: that keeps changing’.  So it does—and not only in totalitarian societies. 

I'm also not a cynic. I think that those of us who reject divinity, who understand that there is no order, there is no arc, that we are night travelers on a great tundra, that stars can't guide us, will understand that the only work that will matter, will be the work done by us.

Europe’s barbarous recent history, the dark ‘other’ against which post-war Europe was laboriously constructed, is already beyond recall for young Europeans.  Within a generation the memorials and museums will be gathering dust—visited, like the battlefields of the Western Front today, only by aficionados and relatives. If in years to come we are to remember why it seemed so important to build a certain sort of Europe out of the crematoria of Auschwitz, only history can help us.

If Europeans are to maintain this vital link—if Europe’s past is to continue to furnish Europe’s present with admonitory meaning and moral purpose—then it will have to be taught afresh with each passing generation. ‘European Union’ may be a response to history, but it can never be a substitute.

prescribes a humanitarian approach to slavery -- free men could not be enslaved, and those faithful to foreign religions could live as protected persons, dhimmis, under Muslim rule (as long as they maintained payment of taxes called Kharaj and Jizya). However, the spread of the Islamic Empire resulted in a much harsher interpretation of the law.

Although the law required owners to treat slaves well and provide medical treatment, a slave had no right to be heard in court (testimony was forbidden by slaves), had no right to property, could marry only with permission of their owner, and was considered to be a chattel, that is the (moveable) property, of the slave owner. Conversion to Islam did not automatically give a slave freedom nor did it confer freedom to their children.

Whilst highly educated slaves and those in the military did win their freedom, those used for basic duties rarely achieved freedom.

Black Africans were transported to the Islamic empire across the Sahara to Morocco and Tunisia from West Africa, from Chad to Libya, along the Nile from East Africa, and up the coast of East Africa to the Persian Gulf. This trade had been well entrenched for over 600 years before Europeans arrived, and had driven the rapid expansion of Islam across North Africa

By the time of the Ottoman Empire, the majority of slaves were obtained by raiding in Africa. Russian expansion had put an end to the source of "exceptionally beautiful" female and "brave" male slaves from the Caucasians -- the women were highly prised in the harem, the men in the military.

“The climate crisis is already here,” Iceland’s Prime Minister, Katrín Jakobsdóttir, told the crowd. “It is not just this glacier that has disappeared. We see the heat waves in Europe. We see floods. We see droughts.” Film crews pointed their cameras, while the wind whipped Jakobsdóttir’s hair and the paper on which she had written her remarks. “The time has come not for words, not necessarily for declarations, but for action,” she said.

“Some of the students who are here today are twenty years old,” he said, his voice shaking. “You may live to be a healthy ninety-year-old, and at that time you might have a favorite young person—a great-grandchild, maybe—who is the age you are now. When that person is a healthy ninety-year-old, the year will be 2160, and this event today will be in the order of direct memory from you to your grandchild

Sigurðsson, the glaciologist, insisted to Howe and Boyer that, even though Okjökull was the smallest named glacier in Iceland, its death was a major loss.

“A good friend has left us,” Sigurðsson said.

“Ok is the first Icelandic glacier to lose its status as a glacier. In the next 200 years, all our glaciers are expected to follow the same path.

When Sigurðsson conducted a glacier inventory in the early two-thousands, he found more than three hundred glaciers in Iceland; a repeat inventory, in 2017, revealed that fifty-six had disappeared. Many of them were small glaciers in the highlands, which had spent their lives almost entirely unseen. “Most of them didn’t even have names,” he told me. “But we have been working with local people to name every glacier so that they will not go unbaptized.”

in the past several years alone, we have witnessed not only an acceleration of the great thaw but also the sudden bleaching of the coral reefs, the rapid spread of the Sahara desert, continuous sea-level rise, the warming of the oceans, and record-breaking hurricanes each season and every year. This is one of the most distressing things about being alive today: we are witnessing geologic time collapse on a human scale.

Then the mountainside levelled, and the sight of the crater purged all thoughts from my head. The ice was gray, lifeless, uncanny.

“The age of this glacier was about three hundred years,” he said. “Its death was caused by excessive summer heat. Nothing was done to save it.”

Rainforests support a vastly greater range of species than savannah and play a much greater role in absorbing carbon dioxide from the atmosphere.

Parts of the Amazon are receiving much less rain than they used to because of the changing climate.

This year’s fires in the Amazon are the worst in a decade, with a 60% increase in fire hotspots compared with last year.

We understand now that rainforests on all continents are very sensitive to global change and can rapidly lose their ability to adapt. Once gone, their recovery will take many decades to return to their original state. And given that rainforests host the majority of all global species, all this will be forever lost.”

So extreme is inequality that the lowest-earning 50% of the world population – 4 billion people – account for as little as 12% of total emissions.

And those at the very bottom of the pile barely register at all. Mali’s per capita C02 emissions are about one-seventy-fifth of those in the US. Even if the lowest-earning third of the global population – more than 2.6 billion people – were to raise themselves above the $3.2-a-day poverty line, it would increase total emissions by a mere 5% – that is, one-third of the emissions of the richest 1%.

Half the world’s population, led by the top 10% of the income distribution – and, above all, by the global elite – drive a globe-spanning productive system that destabilises the environment for everyone

The worst effects are suffered by the poorest, and in the coming decades the impact will become progressively more extreme. And yet their poverty means they are virtually powerless to protect themselves.

This is the triple inequality that defines the climate global equation: the disparity in responsibility for producing the problem; the disparity in experiencing the impacts of the climate crisis; and the disparity in the available resources for mitigation and adaptation.

global heating will pose huge distributional problems. How will climate refugees be resettled? How will the economy adapt?

For fragile states such as Iraq, it may prove too much. The risk is that they will tip from just about coping into outright collapse, failing to provide water and the electricity for cooling – the bare essentials for survival in extreme heat

You might say, plus ça change. The poor suffer and the rich prosper. But the consequences of the climate triple inequality are radical and new

Rich countries have long traded on unequal terms with the poor. During the era of colonialism, they plundered raw materials and enslaved tens of millions. For two generations after decolonisation, economic growth largely bypassed what was then known as the third world.

As we run ever closer to the edge of the environmental envelope – the conditions within which our species can thrive – the development of the rich world systematically undercuts the conditions for survival of billions of people in the climate danger zone

The middle 40% of the world’s income distribution now account for 41% of global emissions, meaning they have achieved a considerable level of energy consumption. But this “global middle class”, concentrated above all in east Asia, crowds out the carbon budget remaining for those on the lowest incomes, and their growth inflicts irreversible damage on some of the poorest and most disempowered people in the world.

Since the 1980s, with the acceleration of China’s economic growth, the scope of development has dramatically widened.

They are not so much exploited or bypassed as victimised by the climactic effects of economic growth taking place elsewhere. This violent and indirect entanglement is new in its quality and scale

Violent and unequal relationships between groups usually involve some degree of interaction and can, as a result, be resisted. Workers can strike.

But arms-length ecological victimisation entails no such relationship and offers correspondingly fewer channels for resistance from within the system.

can we not hope for more constructive responses to the triple inequality?

This question is still what gives such huge importance to the global climate conferences such as Cop28, which starts on 30 November. They may seem like staid and ritualistic affairs, but it is in such venues that the lethal connection between oil, gas and coal production, rich-world consumption and the lethal risks facing those in the climate danger zone can be articulated in political form.

since then the resistance of US and European negotiators has hardened. As we approach Cop28, the organisation and the financing of the fund are yet

Such a fund is no solution to the problem of the triple inequality. For that we need a comprehensive energy transition and new models of truly inclusive and sustainable development

But a loss and damage fund does one essential thing. It recognises that the global climate crisis is no longer a problem of future development. We have entered the stage where the failure to urgently address the mounting crisis becomes an active process of victimisation. A victimisation that cries out, at least, for an admission of responsibility and adequate compensation.

Adam Tooze is a professor of history at Columbia University