Economic Policies for Sustainability and Resilience

Preface
Contents
Editors and Contributors
List of Figures
List of Tables
1 Macro-Economic and Financial Policies for Sustainability and Resilience
	1 Introduction
	2 Our Theoretical Model
	3 Economic Policies
		3.1 Fiscal Policy
		3.2 Monetary Policy
		3.3 Financial Stability
	4 Coordination of Policies
	5 Summary and Conclusions
	Appendix
	References
2 Can Economic Growth Last Forever?
	1 Introduction
		1.1 Why Write This Chapter?
		1.2 GDP as an Indicator
		1.3 Structure of This Chapter
	2 Building an Assessment Framework
		2.1 Introduction
		2.2 Ecological Economics
		2.3 Post-Keynesian Economics
		2.4 Evolutionary and Complexity Economics
		2.5 A Combined Analytical Framework to Assess Economic Growth
	3 Is Eternal Growth Possible?
		3.1 Introduction
		3.2 Climate Change and the Immediate Threat
		3.3 The Limits to Growth
		3.4 Can Technology Solve the Problem?
		3.5 Economic Growth… It Had a Good Run
	4 The Final Stages of Capitalism?
		4.1 Introduction
		4.2 Prolonging the Growth Paradigm
		4.3 Entering the Post-growth Era
		4.4 An Automated Future Without Growth?
	5 Summary and Conclusions
	References
3 Forms of Ownership for Sustainability and Resilience: The Need for Biodiversity and Corporate Diversity
	1 Introduction
	2 Sustainability and Resilience
	3 Globalisation and the 2007–2009 Global Financial Crisis
		3.1 A Lost Decade Before Covid-19
	4 Alternative Corporate Forms: The Role of Mutuals
		4.1 Alternative Corporate Ownership Forms
		4.2 Co-owned Business
		4.3 If You’re So Clever, Why Aren’t You Rich?
		4.4 Dropped Political Pledges
		4.5 Governance Arrangements: Workers on the Board?
	5 Social Finance
		5.1 The Historical Experience
		5.2 International Experience
		5.3 Public Services
		5.4 Corporate Diversity
		5.5 A Market for Mutual Finance
		5.6 The Scope for Mutual Corporate Forms
	6 The Great Reset?
		6.1 Lessons from History
		6.2 The Need for a New International Settlement
	7 The Need for a Global Green New Deal
		7.1 The Need for Environmental Sustainability
	8 Summary and Conclusion: Biodiversity and Corporate Diversity
	References
4 Equality, Resilience and Sustainability: Rebalancing Commercial Rights and Economic and Social Rights to Create More Equal Economies
	1 Introduction
	2 Inequalities
	3 Inequalities in UK
	4 Inequalities and Resilience
	5 Inequalities and Sustainability
	6 The Impact of Covid-19 on Inequalities
	7 Towards Greater Equality
	8 Summary and Conclusions
	References
5 Society Must Transform the International Financial System in Order to Stabilise the Ecosystem
	1 Introduction
		1.1 Restoring Public Authority Over the International System
		1.2 There Is Hope of Transformation
	2 1919: A Struggle for Power Over the International Financial System
		2.1 Keynes’s 1919 ‘Scheme’ for the Transformation of the International System
		2.2 Nationalism vs Internationalism
		2.3 The Economic Mechanism of Europe Is Jammed
		2.4 Wilson and JP Morgan’s ‘Ambassador’ Thomas Lamont
		2.5 Looking Back: The Perspective of Historians
		2.6 The Aftermath
	3 Keynes’s 1919 Failed Scheme and the New Deal
		3.1 The Grand Scheme and the Road to Bretton Woods: A New International System
	4 1945 and After: The Rate of Interest, Inequalities of Wealth, and Extractivism
		4.1 1951: The Return of High Rates, Rentierism and Extractivism
	5 The 1970s Onwards: Victory for Private Authority over the International System
		5.1 The Shadow Banking System
		5.2 The Return of the Rentier and Wealth Inequality
	6 Capitalism and the Climate
		6.1 ‘Cathedral Thinking’
		6.2 How to Re-purpose the Global Economy?
		6.3 There is Hope: Keynes’s Grand Scheme Revived in Europe
	7 Summary and Conclusions
	References
6 Exploring the Case for Universal Services
	1 Introduction
		1.1 The Emerging Case for UBS
		1.2 Component Parts of the Concept
		1.3 Satisfying Human Needs
		1.4 The Spectrum of Life’s Essentials
	2 Putting UBS into Practice: A Customised Approach Within a Shared Framework
	3 Extending UBS into New Areas
		3.1 Childcare
		3.2 Housing
		3.3 Transport
		3.4 Food
	4 Potential Benefits of UBS
		4.1 Equality
		4.2 Efficiency
		4.3 Solidarity
		4.4 Sustainability
	5 Challenges to UBS
		5.1 Power and Competence of Government
		5.2 Decision-Making
		5.3 Profiteering by Big Corporations
		5.4 Meeting Political Resistance
		5.5 How Much Would It Cost and is It Affordable?
	6 Cash and Services: Getting the Balance Right
	7 Two Sides of the Same Coin
	8 Summary and Conclusions
	References
7 A Green New Deal: Opportunities and Constraints
	1 Introduction
	2 An Intellectual and Political History of the Green New Deal
	3 Developments in Macroeconomics Since COVID—And Ongoing Limitations of Responses
	4 Limits of Private Finance in Directing Structural Economic Transitions
	5 A Mission-Oriented GND: The Market-Shaping Role of the State
		5.1 From Market Fixing to Market Shaping
		5.2 Mission-Oriented Patient Finance
		5.3 Financial Policy Coordination
	6 Towards a Truly Global GND
	7 Conclusion
	References
8 Rethinking Monetary Policy in the Framework of Inclusive and Sustainable Growth
	1 Introduction
	2 Theoretical and Conceptual Frameworks of Inclusive and Sustainable Growth
		2.1 Inclusive Growth
		2.2 Sustainable Growth
	3 Addressing Distributional and Environmental Issues in the Current Contextual Setting of Monetary Policy
	4 Monetary Policy and Economic Inequalities
		4.1 How Monetary Policy Affects Income and Wealth Inequality
			4.1.1 The Income Composition Channel
			4.1.2 The Earnings Heterogeneity Channel
		4.2 How Monetary Policy Affects Wealth Inequality
			4.2.1 The Portfolio Channel
			4.2.2 The Fisher Channel
			4.2.3 The Interest Rate Exposure Channel
		4.3 Implications of Economic Inequalities for Conducting Monetary Policy
	5 Monetary Policy and Environmental Problems
		5.1 Environmental Sustainability Through the Lens of Monetary Policy
		5.2 Implications of Climate-Related Risks for Monetary Policy
			5.2.1 Shocks Associated to the Transition Phase
			5.2.2 Shocks Related to the Materialization of Physical Risks
		5.3 Monetary Policy in the Fight Against Climate Change
	6 Monetary Policy in the Face of Distributional and Environmental Challenges: Some Policy Proposals
	7 Summary and Conclusions
	References
Index