While global real GDP has nearly tripled since 1980, the number of people living in poverty, below $5 per day, has increased by more than 1.1 billion. Why is this? Because past a certain point, GDP growth begins to produce more negative outcomes than positive ones – more '' than wealth.

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Economists often speculate that the failed to develop because of a lack of capital. But there was no such lack. The wealth that might have provided the capital for development (precious metals in Latin America and surplus labour in Africa) was effectively stolen by Europe and harnessed to the service of Europe's own development. The global South could theoretically have developed as Europe did were it not for the plunder of its resources and labour, and were it not for the fact that it was forced by Europe to supply raw materials while importing manufactured goods. Whether or not they would or should have done so is another matter, of course - after all, much of European-style development required violence towards other lands and other peoples. But the point remains: it is impossible to examine the economic growth of the West without looking at the base on which it drew.

The rise of capitalism, rather than delivering improvements in human welfare, was associated with plummeting wages, a reduction in human stature, and a marked upturn in the incidence of famine. Progress did not begin until the 1880s in the European core, and the 20th century in the European periphery, the latter roughly a century later than the standard narrative suggests.

Scientists tell us that up to 140,000 species of plants and animals are disappearing each year due to our of the Earth's ecosystems. This rate of extinction is 100 to 1,000 times faster than before the Industrial Revolution - so fast that scientists have classed this as the event in the planet's history, with the last one having occurred some 66 million years ago.

A few years ago, virtually no one was talking about this . . . everyone just assumed that the web of life would always be intact. Now the situation is so severe that the United Nations has set up a special task force to monitor it: the (IPBES). In 2019, it published its first – a groundbreaking assessment of the planet's living species, drawing on 15,000 studies from around the world and representing the consensus of hundreds of scientists. It found an accelerating rate of global , unprecedented in human history.

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A contradiction lies at the very centre of the neoliberal project. On a theoretical level, neoliberalism promises to bring about a purer form of democracy, unsullied by the tyranny of the state. Indeed, this claim serves as the model lodestar for neoliberal ideology – a banner under which it justifies radical market . But, in practice, it becomes clear that the opposite is true: that neoliberalism tends to undermine democracy and political freedom. More than 40 years of experimentation with neoliberalism shows that it erodes the power of voters to decide the rules that govern the economic systems they inhabit. It allows for the colonization of political forums by elite interests - a process known as political capture - and sets up new political forums, such as the World Bank, the , and the , that preclude democratic representation from the outset. Neoliberalism also tends to undermine national sovereignty, to the point where parliaments of putatively independent nations no longer have power over their own policy decisions, but are governed instead by foreign banks, the , trade agreements, and undemocratic international institutions, all of which exercise a kind of invisible, remote-control power.

From his base on , the island shared today by Haiti and the Dominican Republic, he forced the local inhabitants – the – to bring him a certain quantity of gold every three months. Those who failed to do so would have their hands chopped off or were hunted down and killed. Men were forced to spend their lives in mines, stripping the mountains in search of gold. Up to a third of workers died every six months. Within two years of the Spanish invasion, some 125,000 people had been killed - half the island's population. Most of the remaining inhabitants of Hispaniola were forced into slave labour on plantations. A few decades later, only a few hundred Arawaks remained alive.

The Reagan and Thatcher administrations eventually came to power on platforms that promised to enhance individual freedoms by liberating capitalism from the 'shackles' of the state – reducing taxes on the rich, cutting state spending, privatizing utilities, deregulating financial markets, and curbing the power of unions. After Reagan and Thatcher, these policies were carried forward by putatively progressive administrations such as Clinton's in the USA and Blair's in Britain, thus sealing the new economic consensus across party lines.

Capitalism rose on the back of organized violence, mass impoverishment, and the systematic destruction of self-sufficient subsistence economies. It did not put an end to serfdom; rather, it put an end to the progressive revolution that had ended serfdom. Indeed, by securing virtually total control over the means of production, and rendering peasants and workers dependent on them for survival, capitalists took the principles of serfdom to new extremes. People did not welcome this new system with open arms; on the contrary, they rebelled against it. The period 1500 to the 1800s, right into the Industrial Revolution, was among the bloodiest, most tumultuous times in world history.

Today, some 4.3 billion people – more than 60 per cent of the – live in debilitating poverty, struggling to survive on less than the equivalent of $5 per day. Half do not have access to enough food. And these numbers have been growing steadily over the past few decades. Meanwhile, the wealth of the very richest is piling up to levels unprecedented in human history. As I write this, it has just been announced that the eight richest men in the world have as much wealth between them as the poorest half of the world's population combined.

It's no wonder that we react so nonchalantly to the ever-mounting statistics about the crisis of mass extinction. We have a habit of taking this information with surprising calm. We don't weep. We don't get worked up. Why? Because we see humans as fundamentally separate from the rest of the living community. Those species are out there, in the environment. They aren't in here; they aren't part of us. It is not surprising that we behave this way. After all, this is the core principle of capitalism: that the world is not really alive, and it is certainly not our kin, but rather just stuff to be extracted and discarded – and that includes most of the human beings living here too. From its very first principles, capitalism has set itself at war against life itself.

People commonly think of neoliberalism as an ideology that promotes totally free markets, where the state retreats from the scene and abandons all interventionist policies. But if we step back a bit, it becomes clear that the extention of neoliberalism has entailed powerful new forms of . The creation of a global 'free market' required not only violent coups and dictatorships backed by Western governments, but also the invention of a totalizing global bureaucracy – the World Bank, the IMF, the WTO and bilateral s – with reams of new laws, backed up by the of the United States. In other words, an unprecedented expansion of state power was necessary to force countries around the world to liberalize their markets against their will. As the has known ever since the in 1842, when British gunboats invaded China in order to knock down China's , free trade has never actually been about freedom. On the contrary, as we have seen, free trade has a tendency to gradually undermine national sovereignty and .