The True Cost Of Low Prices

Now updated and expanded! Built upon the structure and content of the successful first edition (currently in its eighth printing), this second edition of The True Cost of Low Prices: The Violence of Globalization examines the effects of globalization on the earth's poorest and most vulnerable people within the context of scripture and church teaching. The text engages the reader with stories of the women, men, and children living in poverty who have experienced both the promise of the global economy and its troubling outcomes. The nine thematic chapters begin with a story of a person affected by a particular dimension of the violence of globalization. That is followed by a description of the "signs of the times," including the topic's relationship to low prices, and then by "what the church teaches," utilizing the Catechism, the Compendium of the Social Doctrine of the Church, papal encyclicals, the documents of Vatican II, and the statements of the U.S. Catholic bishops. Each chapter concludes with "signs of hope," descriptions of groups and strategies that make a difference. Each chapter also includes discussion questions and suggestions for making a difference.

This volume offers more than an academic analysis. In each of nine topical chapters authors Jeffry Korgen and Vincent Gallagher begin with a story of a real person who has felt the impact of one particular aspect of globalization. They then explore the 'signs of the times', examining the relationship of these issues to low prices for goods and services.

In this landmark work of investigative reporting, former Financial Times correspondent Alexandra Harney uncovers a story of immense significance to us all: how China's factory economy gains a competitive edge by selling out its workers, environment, and future. Harney's firsthand reporting brings us face-to-face with a world in which intense pricing pressure from Western companies combines with ubiquitous corruption and a lack of transparency to exact a staggering toll in human misery and environmental damage. This eye-opening expose offers, for the first time, an intimate look at the defining business story of our time.

This book explains how True Cost Accounting is an effective tool we can use to address the pervasive imbalance in our food system. Calls are coming from all quarters that the food system is broken and needs a radical transformation. A system that feeds many yet continues to create both extreme hunger and diet-related diseases, and one which has significant environmental impacts, is not serving the world adequately. This volume argues that True Cost Accounting in our food system can create a framework for a systemic shift. What sounds on the surface like a practice relegated to accountants is ultimately a call for a new lens on the valuation of food and a new relationship with the food we eat, starting with the reform of a system out of balance. From the true cost of corn, rice and water, to incentives for soil health, the chapters economically compare conventional and regenerative, more equitable farming practices in and food system structures, including taking an unflinching look at the true cost of cheap labour. Overall, this volume points towards the potential for our food system to be more human-centred than profit-centred and one that has a more respectful relationship to the planet. It sets forth a path forward based on True Cost Accounting for food. This path seeks to fix our current food metrics, in policy and in practice, by applying a holistic lens that evaluates the actual costs and benefits of different food systems, and the impacts and dependencies between natural systems, human systems, agriculture and food systems. This volume is essential reading for professionals and policymakers involved in developing and reforming the food system, as well as students and scholars working on food policy, food systems and sustainability.

This background paper to The State of Food and Agriculture 2023 describes how true cost accounting (TCA) and the lessons learned from its application can inform efforts to develop a sound economic foundation for sustainability in business and finance in agrifood systems. It looks at the current state of TCA in the business and financial sector, giving examples of different initiatives and resources available that have contributed significantly to the development of knowledge and guidance for TCA application within the private and financial sectors in agrifood systems. The paper recognises the value of drawing on the extensive groundwork that has been conducted under various TCA initiatives to develop ready-reference databases and tools for the private sector. It also acknowledges that numerous gaps need to be filled to ensure the mainstreaming of TCA. These include gaps in the standardization of methods, including indicators, impact pathways and valuation factors. Research and guidance are needed to help businesses integrate capital accounting into corporate governance, strategy and performance models. Overcoming these barriers will require coordinated efforts by different actors in agrifood systems.The great challenges of our time call for a new economic foundation for sustainability. The momentum at the international level to reform business accounting and reporting standards can support a transformation towards sustainable agrifood systems. So far, the initial success of agrifood businesses in applying and integrating TCA into decision-making shows that, given the right enabling environment, businesses can contribute to building socially, environmentally and economically sustainable agrifood systems. To achieve this transformation, however, standard-setting is needed to create a level playing field.

A landmark eyewitness exposŽ of how China's factory economy competes for Western business by selling out its workers, its environment, and its future In The China Price, acclaimed Financial Timescorrespondent Alex Harney uncovers the truth about how China is able to offer such amazingly low prices to the rest of the world. What she has discovered is a brutal, Hobbesian world in which intense pricing pressure from Western companies combines with ubiquitous corruption and a lack of transparency to exact an unseen and unconscionable toll in human misery and environmental damage. In a way, Harney shows, what goes on in China is inevitable. In a country with almost no transparency, where graft is institutionalized and workers have little recourse to the rule of law, incentives to lie about business practices vastly outweigh incentives to tell the truth. Harney reveals that despite a decade of monitoring factories, outsiders all too often have no idea of the conditions under which goods from China are made. She exposes the widespread practice of using a dummy or model factory as a company's false window out to the world, concealing a vast number of illegal factories operating completely off the books. Some Western companies are better than others about sniffing out such deception, but too many are perfectly happy to embrace plausible deniability as long as the prices remain so low. And in the gold-rush atmosphere that's infected the country, in which everyone is clamoring to get rich at once and corruption is rampant, it's almost impossible for the Chinese government's own underfunded regulatory mechanisms to do much good at all. But perhaps the most important revelation in The China Priceis how fast change is coming, one way or another. A generation of Chinese flocked from the rural interior of the country to its coastline, where its factory work largely is, in the largest mass migration in human history. But that migration has slowed dramatically, in no small part because of widespread disenchantment with the way of life the factories offer. As pollution in China's industrial cities worsens and their infrastructure buckles, and grassroots activism for more legal recourse grows, pressures are mounting on the system that will not dissipate without profound change. Managing the violence of that change is the greatest challenge China faces in the near future, and managing its impact on the world economy is the challenge that faces us all.

Off-street parking requirements are devastating American cities. So says the author in this no-holds-barred treatise on the way parking should be. Free parking, the author argues, has contributed to auto dependence, rapid urban sprawl, extravagant energy use, and a host of other problems. Planners mandate free parking to alleviate congestion, but end up distorting transportation choices, debasing urban design, damaging the economy, and degrading the environment. Ubiquitous free parking helps explain why our cities sprawl on a scale fit more for cars than for people, and why American motor vehicles now consume one-eighth of the world's total oil production. But it doesn't have to be this way. The author proposes new ways for cities to regulate parking, namely, charge fair market prices for curb parking, use the resulting revenue to pay for services in the neighborhoods that generate it, and remove zoning requirements for off-street parking.