The Viable Economy: Economic Policies for a Sustainable Future
Paper Session
Friday, Jan. 5, 2024 2:30 PM - 4:30 PM (CST)
- Chair: Barbara Hopkins, Wright State University
Economic Nationalism and Development: Lessons from Rural America
Abstract
This paper argues that economic nationalism provides an alternative approach to capitalism as well as a new framework to understand the social economy, particularly in the era of cascading interdependences. It is only rarely acknowledged that the nation-state is the primary source of legitimacy and guidance for economic and social development. In addition, the lack of unity within the nation-state regularly led to division among and across social classes. This paper presents a conceptual framework to study economic and social development from the lens of economic nationalism. The framework relies on Fredrick List’s (1) concept of productive power, and (2) assertion that the role of the nation-state as the source of strength for growth and development. This paper subsequently applies the new framework to analyze social and economic development in rural central Pennsylvania in the United States. The case study demonstrates how economic nationalism is operated at the rural and regional scale and how it provides pathways to resiliency during the pandemic.Green Economy: The Dilemma of Social and Private Interests
Abstract
This article seeks to assess the conditions for building up an institutional environment that leads to a sustainable society and a viable economy. The green economy presents a dilemma between social and private interests as it involves striking a balance between social sustainability and the needs/aspirations of individuals and businesses. While the green economy aims to address environmental challenges and promote sustainable development, it can clash with private interests in terms of profits and economic performance priorities. On the one hand, the green economy recognizes the urgent need to switch to renewable energy sources, reduce carbon emissions, preserve natural resources, and promote sustainable practices. These goals are essential for mitigating climate change, protecting ecosystems, and ensuring a vital planet for future generations. They are primarily driven by social/collective interests and aim to benefit society as a whole by tackling environmental challenges. On the other, private interests often prioritize economic growth, profit, and individual wealth accumulation. Industries and businesses may resist the transition to green technologies and sustainable practices if they perceive them as costly or harmful to their bottom line. They may argue that stringent regulations could hamper their competitiveness or lead to unemployment.This article examines the dilemma between social and private interests in the green economy and argues that sustainable development can offer long-term economic opportunities while preserving the environment for future generations. The main goal is to seek solutions that benefit society and the economy in a way that is consistent with environmental, economic and social constraints.
The Global Food Syndemic in Kiribati
Abstract
With a maximum elevation of just 4 meters, Kiribati is among the most vulnerable to climate change. Sea level rise is a threat to economic livelihoods and could create a large population of climate refugees. Kiribati, which has the lowest GDP per capita of the Pacific Island Countries, did not attain any of the health Millennium Development Goals and is not on track to achieve related Sustainable Development Goals. Yet little research explores the interactions between climate change, food insecurity, and health outcomes in Kiribati. Using data from the 2019 – 2020 Kiribati Household Income and Expenditure Survey, we examine the socio-economic determinants of food insecurity in Kiribati. Understanding the drivers of food insecurity in Kiribati is critical to improving physical and mental health, lowering the high rate of noncommunicable diseases, and adapting to climate change.Energy Crisis, Economic Growth, Public Finance, and Social Norms in Italy
Abstract
Italy is the third-largest economy in the European Union after Germany and France. Italy has also the second-highest government debt-to-GDP ratio in the EU after Greece. The 2007-2008 Global Financial Crisis first, and the Covid-19 crisis after, have severely weaken its economy, and further deteriorated its government finance. The recent surge of inflation, due to the rising energy costs in 2022, has had an immediate negative impact on the Italian economy. Could the energy crisis also have profound, long-run effects on the Italian economy, threatening the long-run sustainability of both its government debt-to-GDP ratio and economic growth? This paper assesses the impact of the energy crisis on the Italian economy through a medium-scale, stock-flow consistent, structural macro-econometric model. Through a rigorous accounting framework, the paper captures the effects of the changes in energy costs and the feedback mechanisms on both real and financial variables, evaluating some of the policy response available to policy authorities in the EU and Italy. The main conclusion of the paper is that the Italian economy is on the edge of a precipice. The soft landing scenario will bring a low inflation environment, but modest growth and dire public finance, which may trigger punitive EU policy measures. The hard landing scenarios may succeed in containing inflation or bringing the government deficit to GDP ratio in line to EU rules, but at the price of a severe recession and a ballooning government debt to GDP ratio.JEL Classifications
- B5 - Current Heterodox Approaches
- P1 - Capitalist Economies