An overwhelming majority of scientists who have looked into the matter agree that global warming is underway and is... caused by people burning fossi… - James Howard Kunstler

Finance came to be viewed as a productive activity itself rather than a means to promote production. The public was no longer buying stock to invest in enterprises that would pay dividends over time, but merely because one could get rich from buying and selling stocks. As more people bought in, stock prices climbed still higher—a dangerous positive feedback loop.

Industrialism hasn’t been an abiding set of activities in any particular place but rather a dynamic cycle, of takeoff, peak, and ebb. It has rotated from region to region and country to country, along the way disposing of whole classes of people when it was through with them, chewing through habitats, resources, political systems, and landscapes. The working classes of Europe and America had their decades of factory life and the scene has shifted to Asia, which may be peaking now in the face of constraints on fossil fuels. In the United States, the cultural memory lingers on of the brief, ecstatic period after the Second World War when men on the automobile assembly lines made better salaries than college professors and factory workers enjoyed all the blandishments of suburban living. But of course that was the very peak of the cycle in America. The same class of people is now on the scrap heap, reduced to minimum-wage service jobs at best, or relegated to the cottage industry in outlawed drugs, with the gaps filled by subsidized idleness. Great Britain is a similar story, with Germany and France less eager to surrender their manufacturing.

[Everything, and not just] all human enterprise can tend toward diminishing returns and unsustainability, but some modes have far more long-term prospects than others and some are socially suicidal, even in the short term. Many civilizations, from the Sumerians to the Maya, have faltered when overinvestments in the scale and complexity of food production produced ruinous diminishing returns. On American farms in the early 1800s, the balance between calories expended and calories produced as [the] food was about even. This occurred as tools reached a high stage of refinement but before machines replaced human labor and traditional knowledge. It implies a distinction between tools and machines, between work done with tools and work done by machines. Production improved while entropy was kept to a minimum. Under the current industrial farming system, it takes sixteen calories of “input” to produce one calorie of grain, and seventy calories of input to produce one calorie of meat. A hundred years ago, just before the introduction of… fossil fuel-based technologies, more than 30 percent of the American population was engaged in farming. Now the figure is 1.6 percent. The issue is not moral, academic, or aesthetic. […] It’s a matter of those ratios being made possible only because cheap oil and automation made up for so much human labor. We did what we did in the twentieth century because we could. Of course, not all farm labor amounts to slavery or serfdom. Depending on how farming is organized, it can result in a very satisfactory way of life and rewarding social relations. Agriculture in the United States was organized very differently in Pennsylvania and South Carolina 150 years ago, and not simply because of climatic differences.
Farmers had quickly become addicted to a new debt system of annual operation, mortgaging their farms to raise cash to pay for new machinery and fertilizer—literally betting the farm on a good crop. With prices chronically depressed, mortgages could not be paid off. Farm foreclosures soared in the mid-1920s. Another unanticipated consequence of mechanized farming was the destruction of [the] soil. The tractor and its implements were machines that no one had previously experienced before, and it was some time before farmers noticed the insidious effects of soil compaction, rutting, and erosion that occurred. This would combine a few years later with an extended drought to produce the additional hardship of the .