Joel Magnuson Knihy

The book critiques the U.S. economic system, arguing that corporate profit maximization inherently undermines societal and environmental welfare. Joel Magnuson connects various crises—such as wars, rising oil prices, and the mortgage crisis—to the flaws of capitalism, asserting that these issues stem from a system designed to prioritize shareholder profits over public good. He emphasizes the need to understand economics from a critical perspective and presents alternative approaches to the current capitalist model, highlighting the global-local interconnectedness.

The book showcases a courageous exploration of economic theory, presented by an insightful author who expertly navigates complex concepts. It offers a thought-provoking perspective that challenges conventional wisdom and invites readers to reconsider their understanding of economic principles, making it both intellectually stimulating and accessible.

Exploring the 400-year evolution of capitalism, the book highlights the persistent threat of financial instability throughout its history. It examines how the aggregation of capital for investment is inherently susceptible to risks, speculation, and crises, leading to significant economic devastation. Influential economic historians like Hyman Minsky and Charles Kindleberger are referenced to illustrate recurring boom-bust patterns, shedding light on the cyclical nature of financial turmoil.

The book presents an "Engaged Buddhist" perspective on economics, addressing the harmful impacts of global capitalism. It explores how Buddhist concepts of greed, aversion, and ignorance can inform socio-political issues, advocating for both internal self-examination and external economic reform. By integrating traditional Buddhist practices with John Dewey's pragmatic social principles and institutional economics, the author offers a framework for transforming dysfunctional systems. Case studies from Thailand and Bhutan illustrate practical applications of Buddhist-inspired socioeconomic policies.

The Approaching Great Transformation is about the coming shift in how we act and think economically as the era of cheap oil comes to an end. It provides inspiration for those engaged in the ongoing global effort to move away from our dependency on fossil fuels and ceaseless growth, and towards a more sustainable, stable, and just system.

The global financial system seems caught in a cycle of boom and bust, instability and scandal. Building on the classic works of E F Schumacher and other kindred spirits, Magnuson provides a Buddhist economics perspective on this recurring pattern and offers new possibilities for change.