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Here’s one way to stop global warming: SMASH CAPITALISM!
That is how I choose to read a study released this week by the Center for Economic and Policy Research, which found that switching to a “more European” work schedule, i.e. working fewer hours and taking more vacation, could prevent as much as half of “global warming that is not already locked in.” From U.S. News:
“The relationship between [shorter work hours and lower emissions] is complex and not clearly understood, but it is understandable that lowering levels of consumption, holding everything else constant, would reduce greenhouse gas emissions,” writes economist David Rosnick, author of the study. Rosnick says some of that reduction can be attributed to fewer operating hours in factories and other workplaces that consume high levels of energy. …
Rosnick says a move toward the European system would result in a trade-off of up to one quarter of income gains in exchange for increased leisure time and vacation. His best-case scenario, which predicts prevention of up to a 1.3 degree Celsius temperature increase, assumes that Americans would begin working about 0.5 percent less each year, starting with a 10-hour reduction in 2013. “We can get a similar amount of work done as productivity and technology improves,” he says. “It’s something we have to decide as a country—there are economic models in which individuals get to decide their hours and are still similarly productive as they are now.”
Rosnick didn’t consider the impact of telecommuting, so it’s not clear how emissions might be affected by fewer people driving to their workplaces, or by companies expecting telecommuters to put in longer hours.
But if everyone did work less, that could mean reductions in all kinds of pollution and pillaging. I don’t see “Smash Capitalism!” catching on at Chevron, though. Maybe “Reduce, Reuse, Recycle Capitalism”?
Susie Cagle writes and draws news for Grist. She also writes and draws tweets for
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On Friday, ExxonMobil passed Apple to become the most valuable company in the world. We were all very happy to see that happen, because who really cares about Apple stuff when we’ve got Exxon’s newest offerings to lust after. (True gas geeks know no greater thrill than when Exxon CEO Rex Tillerson busts out his signature “one more thing”.)
This is all lies and “jokes”; it is, as we noted last week, disconcerting that oil companies continue to make money hand over fist. (In a few days, ExxonMobil will announce its 2012 earnings, so we’ll revisit this theme then.) But we have an ally in our frustration, it seems — Apple CEO Tim Cook.
Tim Cook, speaking last June
From 9to5Mac.com:
Speaking to employees on the current controversies around Apple’s income and future, Cook reportedly told his workers and colleagues that “we [Apple] just had the best quarter of any technology company ever.” Cook expressed this with immense satisfaction and appreciation for his teams that made this happen.
Cook further added, likely referring to gas and fuel juggernaut Exxon, that “the only companies that report better quarters pump oil.” “I do not know about you all, but I do not want to work for those companies,” Cook reportedly said.
There’s a bit of snobbery at play in that quote, I’ll readily admit. But it’s an interesting reflection of both competition and modernity. Apple is a company predicated on the future, on innovative tools for communication. ExxonMobil is a company built on developing ever more streamlined systems for repeating a 100-year-old business model. It’s a weird race, like two horses on different tracks that happen to be going the same speed. The battle is California versus Texas, white collar versus blue, future versus past, green(ish) versus brown, technology versus natural resources.
In some ways, it’s a distillation of two halves of the country. And, according to section VI, subpart 8 of the Rules of Capitalism, the winner isn’t determined through elections or reasoned debate. The winner is determined by stock price.
Update: IF that’s the case, good news for Apple, which has currently regained the lead. Go horses!
Philip Bump writes about the news for Gristmill. He also uses Twitter a whole lot.
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Congratulations to our friends at ExxonMobil, once again the largest company in the world. I think we can all agree that this is a deserved promotion, given how much more ExxonMobil brings to our lives than does Apple. How much more good ExxonMobil does for the planet. Capitalism, guys: It works.
Reuters explains what happened:
Exxon Mobil briefly overtook Apple as the largest U.S. publicly traded company by market value on Friday as shares of the technology giant continued to fall.
Apple shares traded down 2 percent on the day at $441.31, down from a high above $700 set in September, for a market value of roughly $416 billion. Exxon shares, flat on the day at $91.33, added to a market value of about $416.5 billion.
Apple has closed the day as the largest company by market capitalization since late January last year, when it passed Exxon.
Or, in English: A publicly traded company’s market cap is its value calculated by multiplying its share price by the number of public shares it offers. As of a second ago, here’s what that looked like for each company.
ExxonMobil’s public shares were worth a combined $417 billion; Apple’s, $415 billion. 417 is bigger than 415, so: news stories.
All of this could reverse by the time markets close. Apple is down eight points in trading today; the company could recover that value. It’s real money, but an effervescent, artificial marker. And it’s a reflection far more of Apple’s fortunes than of ExxonMobil’s. (Mashable explains why.)
It is nonetheless discouraging that the company waiting in the wings behind Apple is ExxonMobil. Stock markets are often an indicator of expected economic growth; one buys a stock with the hope that its value will increase over time. Meaning that investors in 2013 see a fossil fuel company as one of the best long-term bets, throwing more money at it than any other company in the world.
Sad thing is: They’re probably right.
Philip Bump writes about the news for Gristmill. He also uses Twitter a whole lot.
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Congratulations to ExxonMobil, the new largest company in the world
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