A green new deal opportunities and constraints

This chapter considers the opportunities and challenges for an effective ‘Green New Deal’ (GND), with a focus on the U.S. and Europe. We begin by reviewing the intellectual history of the GND and consider how the recent shifts in macroeconomic policy following the Covid-19 pandemic might support the...

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Veröffentlicht in:	Economic policies for sustainability and resilience
1. Verfasser:	Kedward, Katie (VerfasserIn)
Weitere Verfasser:	Ryan-Collins, Josh (VerfasserIn)
Format:	UnknownFormat
Sprache:	eng
Veröffentlicht:	2022
Schlagworte:	Monetary policy > Fiscal policy > Green New Deal > Industrial policy > Innovation > Sustainable finance > Aufsatz im Buch
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Beschreibung
Zusammenfassung:	This chapter considers the opportunities and challenges for an effective ‘Green New Deal’ (GND), with a focus on the U.S. and Europe. We begin by reviewing the intellectual history of the GND and consider how the recent shifts in macroeconomic policy following the Covid-19 pandemic might support the case for a progressive green transition. Despite this opportunity, current GND strategies lack sufficient ambition and scale given the structural economic transformation required and remain constrained within the neoclassical ‘market-failure’ paradigm and/or short-term domestic Keynesian stimulus models. Policy outcomes are overly dependent on lightly regulated financial markets for the needed investment. A more transformative GND requires greater coherence between fiscal, regulatory, monetary and industrial policy spheres, with public financial institutions having a key role in driving mission-oriented innovation. GND strategies must be also more internationally focused, with high-income economies providing space for developing countries to industrialise within binding global carbon emission limits.
ISBN:	9783030842871