Introduction: The world's most powerful number 1. The history of GDP: from crisis to crisis 2. The Frankenstein syndrome 3. The global quest to dethrone GDP 4. Change from below Conclusion: Supremacy and resistance
Lorenzo Fioramonti takes apart the 'content' of GDP - and reveals the powerful political interests that have allowed it to dominate today's economies.
Lorenzo Fioramonti is Jean Monnet Chair in Regional Integration and Governance Studies and Associate Professor of Political Science at the University of Pretoria (South Africa), where he directs the Centre for the Study of Governance Innovation. He is also Senior Fellow at the Centre for Social Investment of the University of Heidelberg and at the Hertie School of Governance (Germany) as well as Associate Fellow at the United Nations University. He is the author of numerous books and articles about development policies, alternative economies and social progress indicators and the director of a short film documentary on GDP and climate change, which can be viewed at his blog: www.globalreboot.org.
GDP numbers are quoted all the time, but the power of GDP relies on
the fact that hardly anyone knows what it means. As Fioramonti
shows in this indispensable guide, there are at least three things
wrong with gross domestic product: it's gross, it's domestic and
it's a product. That is, the GDP number takes no account of the
depletion of capital goods or natural resources, treats income
accruing to foreign investors as a measure of national success and
focuses on the means of economic activity, production, rather than
the ends. Gross Domestic Problem explains why GDP is both so useful
and so misleading, and gives a readable history of this most
powerful and mysterious of numbers.
*John Quiggin, University of Queensland*
Fioramonti shows convincingly that ever since its invention the
measurement of GDP has rested on highly controversial ideological
assumptions. GDP is thus an ideological weapon, not a neutral
scientific measure. There is no hope of escaping the current crisis
until we recognise the role that obssession with GDP has played in
causing it.
*Jonathan Aldred, Director of Studies in Economics, University of
Cambridge*
This book is long overdue. Finally, the political interests behind
the GDP mantra have been unveiled, forcing us to rethink mainstream
economic views and build a more just and sustainable world. It is
indeed the most important struggle of our generation.
*Kumi Naidoo, Greenpeace International Executive Director*
Gross Domestic Problem tells the amazing story of how GDP became
the king of all measurements, against the warnings of its very
architects. In brilliantly excavating the history of national
income measurement, the Depression-era birth of GDP and its
politicization in the Cold War, and the rich body of work behind
today's global movement to transform national accounting systems,
Fioramonti illuminates the politics of GDP like no one else has.
This is a singular contribution on a vitally important subject.
*Lew Daly, Senior Fellow, Demos (USA), author of Beyond GDP: New
Measures for a New Economy*
Going beyond the flaws of using gross domestic product which many
have highlighted, this inspiring book by Fioramonti provides a much
needed history of the development of GDP and an analysis of how it
has been (mis)used to define progress. Further to pointing out the
problem of how government policy priorities have been led astray,
Fioramonti provides a thorough and up-to-date picture of the
various initiatives that have emerged to demote the role of GDP.
Not naive in its recognition of the challenges faced by this
endeavour, Gross Domestic Problem is an excellent read for
academics and activists alike.
*Saamah Abdallah, New Economics Foundation*
As the planet's ecosystems and local and national economies
collapse, going beyond GDP has become a survival imperative. This
is the challenge that Fioramonti has taken up in Gross Domestic
Problem. Further to tracing the short history of GDP, its roots in
mobilising for the war, its artificial construction of wealth
erasing nature's contributions and the wealth created by women and
all who work for sustenance, the author introduces us to new
initiatives, like those of Bhutan, to measure real wealth as well
being and happiness.
*Vandana Shiva*
Never before has one single measure shaped our world so profoundly.
Incisively illuminating the politics behind its numbers, Fioramonti
has reinforced the urgent need to reset our coded image of
ourselves.
*Dr Simon Zadek, award-winning author of The Civil Corporation*
Since WWII, we've been willing to sell our grandchildren's tomorrow
for a bump in GDP today. Fioramonti reveals the insanity that rules
economic thinking by giving us a simple, clear account of "the
world's most powerful number," while also surveying the superior
alternatives.
*Richard Heinberg, author of The End of Growth: Adapting to Our New
Economic Reality*
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