GDP has been a con perpetrated upon the poor of the world: a measure of economic activity and not of actual wealth. What it masks is the way in which we transform their natural capital into our consumption through international rules that regard the ecosystem services upon which they rely as mere externalities.
We all know the principle that the polluter pays? Well one day I got to wondering why it is that the polluter seems to get away with it quite so often! Then it occurred to me that if the polluter is going to pay, somebody needs to tell him how much. The proper valuation of natural capital will enable us to say how much.
A Land Valuation Tax is a levy on the value of the land unimproved by buildings or other enhancement. The method is already used by insurance companies each year when they calculate your home insurance premium - they separate the cost of a total rebuild of the property from the value of the land itself.
The shipping industry plays a fundamental role in boosting global trade and prosperity. Maritime leaders have rightly recognised the need to invest in more energy-efficient vessels and to apply measures like slow-steaming. But to ensure a level playing field, collective action is urgently needed across the sector.
The basis for securing preferential future trade terms with India begins in that recognition of essential equality. Indeed it begins in recognising that India is now an emerging global superpower whose primary interests are regional in South East Asia and who needs a deal with the U.K. less than we need one with her.
U.K. aid spending in India is that it ensures that we are able to work with our partners to develop their markets, business and enterprise, to boost labour standards and rights and, ultimately, to boost the incomes of the poorest which, in the long term, boosts demand for British goods and services.