The process commonly referred to as business-as-usual has given rise to dangerous climate change, but its social history remains strangely unexplored. A key moment in its onset was the transition to steam power as a source of rotary motion in commodity production, in Britain and, first of all, in its cotton industry. This article tries to approach the dynamics of the fossil economy by examining the causes of the transition from water to steam in the British cotton industry in the (...) second quarter of the nineteenth century. Common perceptions of the shift as driven by scarcity are refuted, and it is shown that the choice of steam was motivated by a rather different concern: power over labour. Turning away from standard interpretations of the role of energy in the industrial revolution, this article opens a dialogue with Marx on matters of carbon and outlines a theory of fossil capital, better suited for understanding the drivers of business-as-usual as it continues to this day. (shrink)

Book synopsis: There should no longer be any doubt: global capitalism is fast approaching its terminal crisis. Slavoj Žižek has identified the four horsemen of this coming apocalypse: the worldwide ecological crisis; imbalances within the economic system; the biogenetic revolution; and exploding social divisions and ruptures. But, he asks, if the end of capitalism seems to many like the end of the world, how is it possible for Western society to face up to the end times? In a major new (...) analysis of our global situation, Žižek argues that our collective responses to economic Armageddon correspond to the stages of grief: ideological denial, explosions of anger and attempts at bargaining, followed by depression and withdrawal. For this edition, Žižek has written a long afterword that leaves almost no subject untouched, from WikiLeaks to the nature of the Chinese Communist Party. (shrink)