Prospects and Policies for Global Sustainable Recovery: Promoting Environmental and Economic Sustainability

Description

This book presents economic policies to combat the challenges posed by financial crisis, the COVID-19 pandemic, and the climate crisis. How the role of the markets, the state, and social cohesion have come into question is explored, alongside broader issues, such as inequality. Particular attention is given to policies relating to the funding and financing of investment to confront the climate emergency, enhancing productivity and technical innovation, the significance of the commons in the context of the state, and macroeconomic policies to underpin sustainability. This book aims to present a framework for a sustainable future, with policy suggestions that promote both environmental and economic sustainability. It will be relevant to students and researchers interested in the political economy and sustainable development. Preface Contents Notes on Contributors List of Figures List of Tables 1: The Recent Global Crises and Economic Policies for Future Durable Recovery 1 Introduction 2 Economic Developments and Economic Policies Recent Developments Current Relevant Developments 3 Coordination of Economic Policies 4 Summary and Conclusions References 2: State Capitalism, Government, and Central Bank Responses to Covid-19 1 Introduction 2 Theoretical Background and Related Literature The Rise and Return of State Capitalism State Capacity as a Central Component of State Capitalism Government and Central Bank Responses to Covid-19 3 Empirical Approach Determinants of Covid-19-Related Response 4 Stylised Facts 5 Data and Methodology 6 Results and Interpretations Covid-19 and State Capitalism 7 Summary and Recommendations References 3: Law and (Un)Sustainability in the Age of the Anthropocene 1 Introduction 2 Law and Capitalism in the Long Durée: The Legal Institution of Land, Labour and Capital The Invention of ‘Land’: The Transition from Common to Individual Ownership Property in Labour: From the Guild to the Factory Disembedding the Market: The Rise and Fall of the Poor Law Instituting Capital: The Evolution of the Corporation Enclosing the Corporate Commons The Legal Organization of Nature 3 Unveiling the Corporation: Three Case Studies P & O Ferries Vedanta Royal Dutch Shell 4 Conclusion: A Prospective View of Post-Neoliberal Law References Cases 4: Re-thinking Macroeconomics After the Covid-19 Pandemic 1 Introduction 2 The Story of a Magic Money Tree 3 The Story of Modern Monetary Theory 4 Is MMT a ‘Left-Wing’ Theory? 5 An Alternative Narrative? 6 The Inflation Story: Transient or Permanent? 7 Summary and Conclusions References 5: Productivity, Innovation and Sustainability 1 Introduction This Changes Everything The Economic Possibilities for Our Grandchildren Measuring Output and Growth 2 Productivity Growth: Producing More Goods, or Enjoying More Leisure? 3 Innovation Harnessing the Energy of the Sea Innovating for Environmental Sustainability Innovation—Good and Bad Machine Learning, AI and Robotics The Rise of the Robots? How Productive Is New Technology? Get Back Modern Times? 4 Sustainability Geoengineering Sustainable Finance 5 Creating Social and Environmental Sustainability Reinvent the Corporation Progressive Taxation Creating a New Era of Social and Environmental Sustainability References 6: Combining Short-Term Economic Recovery with Long-Term Sustainability 1 Introduction 2 Covid-19 and the Idea of a Green Recovery The Economic Shock from Covid-19 Greening the Economic Recovery Modelling Green Recovery Measures 3 Long-Term Impacts of the Green Recovery Measures Going from Short Term to Long Term Putting the World on a Path to Sustainability 4 From Green Recovery to Net-Zero Treading the Path to Global Sustainability Economic Prosperity in a Net-Zero World 5 Comparison to the IPCC’s Modelling Results Limitations to Existing Modelling Approaches Modelling Human Behaviour and the Economy Modelling Technology Development 6 Do We Want an Economic Recovery? Is Economic Growth (GDP) the Solution or the Problem? Contribution of Our Model Results Acknowledging the Limitations 7 Summary and Conclusions References 7: Creating Local Sustainability Transitions: Finance, Citizen Participation and the Multi-scalar Governance Challenges of Municipal Energy Transition 1 Introduction 2 Municipal Transition, the Return of the State and Multi-scalar Governance 3 Methodology 4 Placing Municipal Energy Transition in Its Broader Context 5 Uneven Development and the Problems of Shared Learning Across Space in European Municipal Transition 6 The Multi-scalar Legacies and Constraints for Local Actors of the UK’s Centralised and Marketised Energy System 7 Enabling Municipal Transition in Germany’s Decentralised Energy System 8 Municipal Action and a Global Just Transition 9 Ordinary Municipal Action: Getting Beyond the Municipalist Moment 10 Conclusion References Index