Conclusion: “Crisis of What?” “Crisis for Whom?”

Mulberg, Jon and Dassler, Thoralf (2024). Conclusion: “Crisis of What?” “Crisis for Whom?”. In: Agunsoye, Ariane; Dassler, Thoralf; Fotopoulou, Eurydice and Mulberg, Jonathan eds. Heterodox Economics and Global Emergencies. Routledge Frontiers of Political Economy. Routledge, pp. 143–152.

DOI: https://doi.org/10.4324/9781003451990-12

Abstract

There have been many crises before and since the 2008 crash, including the environmental crisis, the pandemic, and inflation and energy crises. The chapter suggests these are linked, and have common ground.

The pandemic witnessed not only unprecedented governmental economic activity but also a change in discourse, with governments now regarded as the focus of problems, and issues of equity coming to the fore. However, both the pandemic and the environmental crisis exacerbated inequalities. While risks are usually framed as scientific problems, they are also social and political issues and require institutional analysis.

The response of orthodox environmental economics is to treat environment the same as other market failures, but this would actually involve a radical overhaul of governance if taken seriously. The chapter argues that interest rates and GDP are linked, and environmental protection therefore requires an overhaul of banking, credit and money.

However, all change requires a change in ideas, therefore we need to look at economics education.

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