Exuberance and scarcity

An extract from Chapter 8 of the book Transcending Politics:

8. Exuberance and scarcity

Let’s set aside for the time being the subject of the previous chapter, namely the threat of an environmental meltdown triggered by reckless human activity. Instead, to start this chapter, let’s consider a different kind of meltdown, in which financial systems cease working around the world.

In such a scenario, ordinary citizens might try to withdraw cash from bank teller machines, sometime in the next few years, only to find they’ve all stopped working. The funds in savings accounts may be significantly reduced overnight. Payment requests using credit cards may be declined, causing chaos in shops and restaurants. In an atmosphere of profound uncertainty, corporations will avoid taking risks. Business contracts will be cancelled, with growing numbers of employees being made redundant. Supermarket shelves will become bare. Populist politicians and newspapers will be quick to blame bankers, businessmen, overseas cabals, the so-called “elites”, reds-under-the-bed, or whoever. Tempers everywhere will flare. Soon, people will be trying to take matters into their own hands. The few “survivalists” who have been able to hoard scarce resources will find their stashes under attack. It won’t be long until law and order breaks down.

That’s a possible disturbing future which has echoes in many past upheavals. History bears witness to a long series of financial crashes, each ugly in their own way. Simpler times saw simpler kinds of crashes, but the effects were still often catastrophic for the individuals involved.

In this chapter, I’ll explore the likely effect on future financial stability from the trend that underpins all the others discussed in this book, namely the acceleration of technological innovation. Should that acceleration make us more apprehensive about forthcoming financial crises? Or will it instead diminish the importance of money? Indeed, if economics is the study of the allocation of scarce resources, and accelerating technology delivers a sustainable abundance of all the basic necessities of life, where will that leave economics? Will the displacement of scarcity by abundance transform the so-called “dismal science” (economics) into an unnecessary science?

To give my answer in advance: that’s not going to happen any time soon, contrary to the apparent expectation of various techno-utopians. Technological innovation, by itself, isn’t going to free society from the risk of financial meltdowns. Instead, we’re going to need better politics: technoprogressive politics.

Lost fortunes over the centuries

One example from each of the last four centuries will set the scene for the question of: what next?

The South Sea Bubble investment craze of 1720 saw thousands of investors losing huge chunks of their personal fortunes…

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Recent Posts

New complete book awaiting reader reviews

The dawn of 2019 marks four years since the original launch of Transpolitica (January 2015).

The dawn of 2019 also marks the first full availability of the book “Sustainable Superabundance: A universal transhumanist manifesto for the 2020s and beyond“.

All twelve chapters of this Manifesto are now awaiting reader review and feedback, ideally over the next 1-2 weeks. I’ll welcome any comments, on any parts of the Manifesto that catch your attention. You can make comments via this shared Google doc.

Depending on the feedback, the Manifesto is expected to be officially published around mid January – first as an ebook, and shortly afterwards in physical and audio formats.

For people inspired by any of the ideas in the Manifesto, the final chapter sets out “options to engage”.

TAM Graphic 12

For the opening chapter and links to all the other chapters, see here.

TAM Graphic 1

I’ve actually rewritten parts of every chapter over the last couple of months, as the overall flow of the message has become clearer to me. Even if you’ve read individual chapters before, you may find new inspiration from looking at the latest versions:

  1. Advance!
  2. Superabundance ahead
  3. Beyond technology
  4. Principles and priorities
  5. Towards abundant energy
  6. Towards abundant food
  7. Towards abundant materials
  8. Towards abundant health
  9. Towards abundant intelligence
  10. Towards abundant creativity
  11. Towards abundant democracy
  12. Options to engage

For comparison, Sustainable Superabundance has 54 thousand words, in the latest draft, whereas the previous Transpolitica book, Transcending Politics, has 142 thousand words. The new book is intended to be much more accessible.

On a personal note: 2019 will see, from me, a greater focus than before on activism rather than analysis. Of course, both are needed. But whereas before my energy was divided roughly 30% activist and 70% analyst, it will now be the other way round.

Similarly, I will put less focus on being a futurist and more focus on being a transhumanist.

I’m keeping an open mind as to the best organisational structures to assist these projects. I may shortly reboot or even shut down some organisations where I’ve previously invested my time. I may wind down my links with some communities and ramp up new links with others.

For the time being, I’m directing people to use the Transpolitica mailing list discussion group, https://groups.google.com/forum/#!forum/transpolitica.

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