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![Page 1: Molly Scott Cato Reader in Green Economics, Cardiff School of Management Regeneration A Green Approach to the Local Economy.](https://reader036.fdocuments.us/reader036/viewer/2022081603/5697bf881a28abf838c89264/html5/thumbnails/1.jpg)
Molly Scott CatoReader in Green Economics, Cardiff School of Management
Regeneration
A Green Approach to the Local Economy
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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.
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CO2 intensity of GDP across nations: 1980–2006
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Carbon Intensities Now and Required to Meet 450 ppm Target
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A Balanced Economy
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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.’
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• 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
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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.
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Globalisation: Turkeys voting for Christmas?
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The global trade system is insecure
• A system of energy intensity
• Extended supply chains reduce resilience
• Weakening of community bonds
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Where are the world’s ports?
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Living experimentally
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Ecological Enterprise Zones
• Green economy resources
• Supported by government grants to become hot-houses for the innovation of green technologies and sustainable lifestyles
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• 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.
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Find out more
www.greeneconomist.org
gaianeconomics.blogspot.com
Green Economics: AnIntroduction to Theory, Policy and Practice (Earthscan, 2009)
Environment and Economy(Routledge, 2011)