Molly Scott Cato Reader in Green Economics, Cardiff School of Management Regeneration A Green Approach to the Local Economy.

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Presentation transcript:

Molly Scott Cato Reader in Green Economics, Cardiff School of Management Regeneration A Green Approach to the Local Economy

Prosperity without Growth? Sustainable Development Commission suggested ‘flourishing within limits’ So far there have been no attempts to categorise and measure different types of consumption and their social usefulness.

CO2 intensity of GDP across nations: 1980–2006

Carbon Intensities Now and Required to Meet 450 ppm Target

A Balanced Economy

What Mervyn King Said ‘Unemployment is up, businesses have closed, and the direct and indirect costs to the taxpayer have resulted in fiscal deficits in several countries of over 10% of GDP – the largest peacetime deficits ever.’ ‘Of all the many ways of organising banking, the worst is the one we have today.’

The lubrication of a fully functioning economy is the most basic role But it is incompatible with the role as a commodity in international speculation

Cautionary tale from Cleveland, Ohio Because of local investment Cleveland was at the cutting-edge of technological developments in the 1920s Innovation networks broke down as a result of local investors sending their money to New York, where it fed the bubble that resulted in the Stock Market Crash They lost their money and the Cleveland local economy never recovered.

Globalisation: Turkeys voting for Christmas?

The global trade system is insecure A system of energy intensity Extended supply chains reduce resilience Weakening of community bonds

Where are the world’s ports?

Living experimentally

Ecological Enterprise Zones Green economy resources Supported by government grants to become hot-houses for the innovation of green technologies and sustainable lifestyles

In return, they would be expected to achieve significant cuts in carbon emissions, resource usage, and levels of waste production Government should enable local authorities in such areas to experiment with policy tools, such as carbon taxation and import and export duties The aim would be for the EEZ to become a prototype of the self-reliant local economy that a green economy requires.

Find out more gaianeconomics.blogspot.com Green Economics: An Introduction to Theory, Policy and Practice (Earthscan, 2009) Environment and Economy (Routledge, 2011)