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Common Wealth: Economics for a Crowded Planet

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Author: Jeffrey Sachs
Publisher: Allen Lane
Category: Book

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Rating: 4.5 out of 5 stars

2 reviews
Sales Rank: 6563

Media: Hardcover
Pages: 400
Shipping Weight (lbs): 1.7
Dimensions (in): 9.2 x 6.1 x 1.6

ISBN: 0713999195
EAN: 9780713999198
ASIN: 0713999195

Publication Date: March 27, 2008
Availability: Usually dispatched within 1-2 business days
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•	Paperback - Common Wealth: Economics for a Crowded Planet
•	CD-ROM - Common Wealth: Economics for a Crowded Planet
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Customer Reviews:

5 out of 5 stars

A blueprint ro eliminate abject poverty and avoid environmental disaster July 18, 2008
This book presents about as complete a description you can find about the causes of extreme poverty and environmental threats and what can be done about it. The analytical part presents compelling evidence that without drastic action the world will be in deep trouble. For example. One the main causes of the poverty trap in poor countries is large family size. Even with the most effective fertility reduction program combined with a reduction of infant mortality (these two changes must be combined) the population of Africa will from 2005 to 2050 increase with 750 million.When only infant mortality is reduced the increase will be more than a billion. Most of this increase will be in the poorest countries.
The book describes in detail how different negative trends reinforce each other leading to self reinforcing loops. It concerns, water shortage, shortage of oil and gas, overfishing, reduction of forest cover, reduction of arable land, pollution and an increase in temperature. Fortunately the author describes precise programs how these problems can still be solved. Also, what the free-market can and cannot do. The complementary roles of global organisations like the UN, national governments, business and NGOs are described.
An example of such a detail is that the main problems cannot be solved without scientific and technological breakthroughs. For example there is plenty of fossil fuel in the form of coal. But a solution has to be found to sequestrate the harmful gases produced otherwise it will lead to environmental disaster. The author believes I think correctly, that fundamental research around this problem has to be organized and funded on a global scale by governments. This is not happening to day. It requires an integrated global approach, already at the R&D level.
The author may be overoptimistic about governments, business and people in general to make short term sacrifices for long term gains. Historical events have been driven primarily by greed, national self-interest; wars, conquests, internal wars, colonilisation, slavery, overfishing, the financial crisis in 2008 are all examples. China rightly wants to increase the standard of living of its inhabitants; as yet almost regardless of the environmental consequences. The US and Europe have made little progress in reducing energy consumption even though they talk a lot about it and set ambitious targets.
The missing link is how to change the attitudes from governments, business and people to be not only concerned about their own well being the next few years, but to be concerned for the well being of others over the next 20 years. It is urgent; it is not just a question of concern for the next generation.
Fortunately, the book presents many examples of successful radical change projects. The challenge is to scale up to the level of the world.

4 out of 5 stars

A manifesto for sustainable globalism May 11, 2008
11 out of 11 found this review helpful

This book is not so much a book about economics as it is a political manifesto. Professor Sachs is on the faculty at the School of International and Public Affairs and is director of the Earth Institute, both at Columbia University. He is also Special Advisor to United Nations Secretary-General Ban Ki-moon, and was previously Special Advisor to Kofi Annan, Director of the UN Millennium Project, and was advisor to a number of governments around the world at times of economic crisis. In 2007 some of his students at Columbia sought to get him to run for president. In short, Sachs is not "just" an academic, but a man with a mission, and this book is a call to action.

Sachs considers that, with 6.6bn people, we live on a "very crowded planet". (There are those who disagree: see Julian Simon and his followers, for example (there are some excellent lectures on YouTube), who believe that there need be no practical upper limit to the number of people on the planet.) Personally, however, I am instinctively with Sachs on this one, and even if Simon turns out to be right I would rather we approached further population increases rather cautiously. Sachs demonstrates how the key to lowering population growth depends above all on reducing infant mortality in those areas of greatest poverty that are also the areas of highest population growth - sub-Saharan Africa, Asia and some parts of South America. That in turn depends as much on reducing that poverty as tackling disease directly, and that on education, appropriate investments and support, economic participation in the global economy, etc. These were the subject of the "Millennium Promises" that the developed world made in 2000 but which, as Sachs points out, are a long way from being delivered.

Population is at the core of this book, but Sachs covers many other areas as well. He covers global warming, water shortage and biodiversity in some detail, although I found this the least satisfactory part of the book: this section is a good example of what Bjorn Lomborg called "the litany" in "The Skeptical Environmentalist", and Sachs repeatedly refers to the consensus about man-made global warming, etc, without any acknowledgement that there are those who disagree, e.g. "the outcome, we now know with near certainty, is that human activity is decisively changing the climate...". Sachs is, of course, a "UN man", so may have thought it politically sensible to repeat the IPCC line. In fact, action to prevent man-made global warming forms only a small part of his final recommendations, and I was left wondering to what extent he is really convinced by these arguments. (He puts a great deal of faith in the idea of carbon sequestration from coal burning power stations and industry.) In short, if you tend towards scepticism on MMGW you might skip Part Two, while if you agree with the IPCC's assessment and "the consensus" you will find all your existing views confirmed.

Sachs also talks about foreign policy, and in particular (and not surprisingly), about US Foreign Policy. He is highly critical of the current approach of the US government and of neo-conservatism. This is all probably rather more controversial in the US that it will appear to most European observers. His suggestion that supranational organisations like the European Union represent the future, and that the EU should be strengthened through giving its executive a democratic mandate, may be more challenging to those in the UK. Sachs is clearly not an economist who believes that the free market can deal with all of the world's problems, but nor is he a very "left wing" one. He was, after all, the man responsible for devising (although he dislikes the term) "shock therapy" for dealing with economic malaise in Eastern Europe and South America.

Sachs recommends the creation of six new "global funds", along the line of the Global Fund to Fight AIDS, Tuberculosis & Malaria, to bring together governments, academics, NGOs, philanthropists, entrepreneurs and businesses to tackle (more) diseases, African food production, the environment, population, infrastructure, education and community development. To achieve this he estimates a cost of 2.4% of GNP for donor countries, including 1% to develop sustainable energy systems to tackle MMGW. This is a great deal more than the rich world is currently spending, but might, Sachs argues, be a small price to pay to remedy the many problems that will otherwise arise, like overpopulation, famine and mass migration.

This is a thought-provoking book. Whether his plans would work, and whether this approach would represent the best use of the substantial funds required, is another question. There must be a fair chance, however, especially if Barack Obama wins the presidential election, that the US will look much more favourably on this multi-lateralist approach to global economic development.

Apart from its parroting of the "global consensus" view on global warming, I have few criticisms of this book, but the main one would be about references. Sachs makes a large number of quite bold statements in the book, but there are no footnotes, although he does give a series of page referenced notes at the end. I was also surprised that Bjorn Lomborg, whose work on ways to reduce world poverty are not so very different from Sachs', gets not a single mention!