So... I'm a little hesitant to post this link, because it looks like it's political. It's actually not. Well...maybe a little...but it really contends that none of the political and economic systems we've used in the past are really designed to work in the 21st century. Especially with climate threatening to take us all out if we don't do something...like... yesterday. The author probably leans more left than right, but I'm not posting this to start a war over politics...rather, to ponder how economics control politics.
Here in British Columbia, there's been a huge fuss over a hydroelectric dam. The right of center party in power for the last several terms blew the dust off a very old design and signed contracts to get it built. Without doing any cost analysis or oversight. They were determined to push it 'past the point of no return' (their words!) in an effort to attract big LNG projects. The aggressive climate action policies put into action by their predecessors were shelved and ignored.
That party lost the election in May and were replaced with a left of center party who had campaigned on promises of doing the analysis of the dam's economics and swiftly killing it should it be shown impractical. They were pushing the idea of wind and solar to augment our fully hydro-powered grid instead. Embracing future technologies, rather than clinging to old ones...yadda yadda yadda....
The analysis was done and it was extremely damning (no pun intended). The power isn't needed, will cost way more than renewables and the LNG contracts it was supposed to power aren't likely to materialize. The taxpayers of the province would be paying for the dam for the next 70 years. Eat the couple billion dollars spent to date, or go all in and spend 10 billion or more (because overruns are almost guaranteed) to finish a project that won't be competitive?
Simple answer, the obvious answer, even to a former CEO of BC Hydro, was to kill it. The party campaigned on killing it. So what did they do? Decided to complete it, of course! Google for stories on the Site C dam if you're interested in details and comparisons to Muskrat Falls on the other side of the country.
What this tells me is that both sides of the political aisle are bought and paid for by corporations and unions. We are not represented, no matter which side is in power. The left and the right do the same things, but with minor revisions to how they spin their reasoning.
The last line in the essay says, "the central task should be to develop an economic Apollo programme, a conscious attempt to design a new system, tailored to the demands of the 21st century." I think that's necessary. But it will take a helluva lot more than that to sort us out.
Neoliberalism – the ideology at the root of all our problems