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Common Wealth: Economics for a Crowded Planet

Jeffrey D. Sachs
 
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From one of the world's greatest economic minds, author of The New York Times bestseller The End of Poverty, a clear and vivid map of the road to sustainable and equitable global prosperity and an augury of the global economic collapse that lies ahead if we don't follow it

The global economic system now faces a sustainability crisis, Jeffrey Sachs argues, that will overturn many of our basic assumptions about economic life. The changes will be deeper than a rebalancing of economics and p... (show more)

From one of the world's greatest economic minds, author of The New York Times bestseller The End of Poverty, a clear and vivid map of the road to sustainable and equitable global prosperity and an augury of the global economic collapse that lies ahead if we don't follow it

The global economic system now faces a sustainability crisis, Jeffrey Sachs argues, that will overturn many of our basic assumptions about economic life. The changes will be deeper than a rebalancing of economics and politics among different parts of the world; the very idea of competing nation-states scrambling for power, resources, and markets will, in some crucial respects, become passŽ. The only question is how bad it will have to get before we face the unavoidable. We will have to learn on a global scale some of the hard lessons that successful societies have gradually and grudgingly learned within national borders: that there must be common ground between rich and poor, among competing ethnic groups, and between society and nature.

The central theme of Jeffrey Sachs's new book is that we need a new economic paradigm-global, inclusive, cooperative, environmentally aware, science based- because we are running up against the realities of a crowded planet. The alternative is a worldwide economic collapse of unprecedented severity. Prosperity will have to be sustained through more cooperative processes, relying as much on public policy as on market forces to spread technology, address the needs of the poor, and to husband threatened resources of water, air, energy, land, and biodiversity. The "soft issues" of the environment, public health, and population will become the hard issues of geopolitics. New forms of global politics will in important ways replace capital-city-dominated national diplomacy and intrigue. National governments, even the United States, will become much weaker actors as scientific networks and socially responsible investors and foundations become the more powerful actors.

If we do the right things, there is room for all on the planet. We can achieve the four key goals of a global society: prosperity for all, the end of extreme poverty, stabilization of the global population, and environmental sustainability. These are not utopian goals or pipe dreams, yet they are far from automatic. Indeed, we are not on a successful trajectory now to achieve these goals. Common Wealth points the way to the course correction we must embrace for the sake of our common future. (show less)

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Reviews (See all 81) Write a reviewfor this

It's a hit!

In a lucidly written book reflecting a grave urgency, economist Jeffrey Sachs (The End of Poverty: Economic Possibilities for Our Time) states that... (show more)

In a lucidly written book reflecting a grave urgency, economist Jeffrey Sachs (The End of Poverty: Economic Possibilities for Our Time) states that by the year 2050, the world will have 9.2 billion inhabitants, a traumatizing increase from the 2.6 billion people we have now. It's an unprecedented population explosion that everyone agrees will prove toxic in combination with the perils of climate change. Coastal urban zones will become so densely inhabited that the inevitable Katrina-level cyclones will be all the more devastating, while obesity and heart disease become more pervasive. Even within such a fatalistic vision, it will probably strike many readers as sacrilege that Sachs has taken the stance that free market forces will not overcome the sustainability crisis that faces our planet today. Currently as Director of Columbia University's Earth Institute and Special Advisor to United Nations Secretary-General Ban Ki-moon, the author lends a uniquely global perspective to what he views as the inevitable fate of humanity should we not change course immediately.

Sachs believes there are three steps necessary in realizing sustainable development that could avert certain tragedy from dramatic climate change and global warming. The first consists of bolstering sustainable technologies within a short period of time and on a global scale. The second is to take the necessary preventative measures to stabilize global population, especially in Africa. The third step is to minimize national borders to help developing countries to escape poverty. His roadmap indicates that the cost to achieve humanity's shared objectives is comparatively low when considering the dire consequences. He believes the cost of stabilizing levels of carbon in the atmosphere will amount to less than one-percent of the world's annual income. Eradicating poverty will prove marginally more costly since measures to slow population growth and raise standards of living in the poorest countries will cost the rich nations two-to-three percent of their gross national product.

The author makes a compelling argument that there is no shortage of resources on Earth, and in fact, the barriers we face are self-imposed as they reflect our limited capacity to cooperate. Sachs aims much of the blame on recent U.S. administrations, which have bypassed the global leadership responsibilities of the previous generations to fund wasteful wars with no clear purpose. Meanwhile, he shows that China and India have emerged as the great new powers and have to be accommodated to be a true part of the international system, preferably without the need for a world war. There is no doubt that Sachs provides a powerfully compelling argument, but it also seems overly optimistic. Finding a common truth among nations and international organizations with singular objectives has proven elusive, and there is no evidence that a major epiphany appears nowhere in sight.

The subtext within Sachs's seemingly logical book can come across periodically as over-simplistic, especially as he keeps reiterating his strongly-held belief that we could solve all the problems we face if only we all acted in a rational manner. However, he ignores the simple fact that emotions like fear, neurosis and desire can also drive economic decisions. In turn, his advice comes in the form of how-to, multi-step lists which tend to trivialize matters. Most are on the macro level, but he also provides a list of eight actions - including learning and traveling - that each of us can take on to fulfill the hopes of subsequent generations in encouraging sustainable development. One can conclude that living in a sustainable manner is harder in actual practice than Sachs acknowledges even with trade, technology and common markets making for an increasingly borderless world. The potential for collaboration is there but so are the nationalistic feelings that prevent the goal of a greater good. The elements of successful sustainability are there, according to Sachs, but one questions if the spirit is really willing. (show less)

 
Ed Uyeshima
 
by Ed Uyeshima
No, it's a flop!

Make no mistake, Mr. Sachs has set up shop far to the left of the political spectrum. Therefore, this book will not appeal to everyone. I was sorel... (show more)

Make no mistake, Mr. Sachs has set up shop far to the left of the political spectrum. Therefore, this book will not appeal to everyone. I was sorely disappointed in the lack of insightful economic analysis and innovative solutions. At many points in the book Mr. Sachs discusses solving problems by coming up with innovative and scalable solutions. I was disappointed when such solutions were not presented in the context of this book. I think this book would have been much more effective as a tool for change if Mr. Sachs were a little more diplomatic, had a bit more tact, and focused on how to achieve politically feasible solutions. (show less)

 
Jesse Rich
 
by Jesse Rich
More Reviews
  • Super_review

    (Original review written for Readings, Melbourne, Australia)

    Jeffrey Sachs’s much-anticipated book continues his distillation of research from The Earth Institute at Colombia University. (Associated work with Earth Institute includes Sachs’s 2002 “The End of Poverty” and the 2008 undergraduate journal “Consilience.”) Unlike popular economic writing on everyday life, like “Freakonomics” and “The Undercover Economist,” this book is a sobering report of everyday life under increasing inequa... (show more)

    (Original review written for Readings, Melbourne, Australia)

    Jeffrey Sachs’s much-anticipated book continues his distillation of research from The Earth Institute at Colombia University. (Associated work with Earth Institute includes Sachs’s 2002 “The End of Poverty” and the 2008 undergraduate journal “Consilience.”) Unlike popular economic writing on everyday life, like “Freakonomics” and “The Undercover Economist,” this book is a sobering report of everyday life under increasing inequalities worldwide.

    The title reframes the idea of ‘commonwealth,’ asserting how global resource distribution is no longer of national importance alone. Population explosion, poverty, ecosystem strain and declining natural resources are interconnected global problems with serious implications for world stability. Yet global resource economics is not sufficiently viewed as a common problem for humanity. Symbolic alliances aside, its economics is viewed as a divided problem varying between nations, even between urban and rural areas, of importance only for sovereign authorities.

    Sachs provides extensive multi-disciplinary facts from developed and developing nations, proposing how national and local leaders can cooperate across resource jealousies and ideological differences. His is a controversial proposal of dire importance, an ambitious roadmap redirecting popular economics towards global economic concerns. (show less)

     
    by Facebook User on Mar 14, 2008 at 08:52AM

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  • Naische Fulena

    Not as good a follow-up as to 'The End of Poverty' but still insightful. The most interesting sections dealt with the potential that the US has in assisting and promoting social/economic development on a global scale rather than just imposing its will onto others. He delves into how aid has taken a worse turn since the days of the Marshall Plan and how the military budget has taken over and put other issues behind. I also enjoyed the parts that dealt with the promise that science and technolo... (show more)

    Not as good a follow-up as to 'The End of Poverty' but still insightful. The most interesting sections dealt with the potential that the US has in assisting and promoting social/economic development on a global scale rather than just imposing its will onto others. He delves into how aid has taken a worse turn since the days of the Marshall Plan and how the military budget has taken over and put other issues behind. I also enjoyed the parts that dealt with the promise that science and technology has on delivering greater promises and returns to many who do not have the means to prosper. The visions are not too Utopian but more or less within our means, if we only made a conscientious effort and willingly accepted them. In the end, we are all responsible and accountable for our actions. (show less)

     
     
    by Naische Fulena on Aug 02, 2009 at 02:46AM

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