Pub Date : 2023-02-01DOI: 10.1080/13563467.2023.2172147
N. Fuglsang
ABSTRACT Scholars have attributed the resilience of the neoliberal policy paradigm to external pressure on governments by giant corporations and to features of the neoliberal idea itself. This article proposes a different explanation based on the political influence of the economic models that governments use for policy planning. I develop a theoretical perspective to capture how economic models, rather than being mere analytical tools, are policy tools with an overt objective function and a covert political function. To illustrate the value of the theory, I use a qualitative case-study approach to analyse how politicians in the aftermath of the 2008 financial crisis used economic models before and during the 2011–2015 Social Democratic Thorning-Schmidt government in Denmark. I show how the Danish Finance Ministry’s model worked as a weapon, a game board and a shield to discredit certain policies while promoting other policies, and in the process contributing to neoliberal resilience.
{"title":"The ‘strange non-death’ of economic models: how modelling contributed to neoliberal resilience in Denmark","authors":"N. Fuglsang","doi":"10.1080/13563467.2023.2172147","DOIUrl":"https://doi.org/10.1080/13563467.2023.2172147","url":null,"abstract":"ABSTRACT Scholars have attributed the resilience of the neoliberal policy paradigm to external pressure on governments by giant corporations and to features of the neoliberal idea itself. This article proposes a different explanation based on the political influence of the economic models that governments use for policy planning. I develop a theoretical perspective to capture how economic models, rather than being mere analytical tools, are policy tools with an overt objective function and a covert political function. To illustrate the value of the theory, I use a qualitative case-study approach to analyse how politicians in the aftermath of the 2008 financial crisis used economic models before and during the 2011–2015 Social Democratic Thorning-Schmidt government in Denmark. I show how the Danish Finance Ministry’s model worked as a weapon, a game board and a shield to discredit certain policies while promoting other policies, and in the process contributing to neoliberal resilience.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47906633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-05DOI: 10.1080/13563467.2022.2159353
Jamie Dennis, L. Stanley
ABSTRACT Community wealth building (CWB) is a strategy for local economic development that aims to (re-)circulate wealth within the places that produce it – a kind of de-globalisation of capital. CWB has come to prominence in the UK due to its implementation in Preston and endorsements from the Corbyn-led Labour Party. However, CWB has come under criticism for promoting protectionism. As a way into the political economy of CWB, this article analyses this criticism. We do so by bringing the policy debate in the UK into dialogue with political economy literature on protectionism and nationalism. We show that protectionism is as much a political weapon or slur used to discredit interventionist development strategies as it is an analytical concept at home in technical economic discourse. On this basis, we argue that CWB is not protectionist neither in its policy proposal nor in its wider worldview. However, CWB does limit itself to the local without a clear redistributive mechanism between municipalities and so risks siloing local areas from one another.
{"title":"The de-globalisation of capital? The political economy of community wealth building","authors":"Jamie Dennis, L. Stanley","doi":"10.1080/13563467.2022.2159353","DOIUrl":"https://doi.org/10.1080/13563467.2022.2159353","url":null,"abstract":"ABSTRACT Community wealth building (CWB) is a strategy for local economic development that aims to (re-)circulate wealth within the places that produce it – a kind of de-globalisation of capital. CWB has come to prominence in the UK due to its implementation in Preston and endorsements from the Corbyn-led Labour Party. However, CWB has come under criticism for promoting protectionism. As a way into the political economy of CWB, this article analyses this criticism. We do so by bringing the policy debate in the UK into dialogue with political economy literature on protectionism and nationalism. We show that protectionism is as much a political weapon or slur used to discredit interventionist development strategies as it is an analytical concept at home in technical economic discourse. On this basis, we argue that CWB is not protectionist neither in its policy proposal nor in its wider worldview. However, CWB does limit itself to the local without a clear redistributive mechanism between municipalities and so risks siloing local areas from one another.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42160621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-02DOI: 10.1080/13563467.2022.2084519
E. Klein
ABSTRACT The writings of TH Marshall, Esping Anderson and other welfare state scholars have been concerned with class-based inequalities bought about through capitalism. Yet the focus on exploitation of labour overlooks racialised and gendered inequalities bought about through historic and contemporary processes of expropriation also inherent in capitalism. In this paper, I argue that addressing processes of expropriation are fundamental to the political economy of the welfare state and propose a reparative way of thinking to transform the welfare state. Drawing on insights from the transformative reparation literature, I outline three modes of transformation – unsettling accumulation by dispossession, disrupting dehumanising subjectivities and supporting pluriversal possibilities as processes to transform the structures that uphold expropriation and the welfare state.
{"title":"Towards a reparative welfare state","authors":"E. Klein","doi":"10.1080/13563467.2022.2084519","DOIUrl":"https://doi.org/10.1080/13563467.2022.2084519","url":null,"abstract":"ABSTRACT The writings of TH Marshall, Esping Anderson and other welfare state scholars have been concerned with class-based inequalities bought about through capitalism. Yet the focus on exploitation of labour overlooks racialised and gendered inequalities bought about through historic and contemporary processes of expropriation also inherent in capitalism. In this paper, I argue that addressing processes of expropriation are fundamental to the political economy of the welfare state and propose a reparative way of thinking to transform the welfare state. Drawing on insights from the transformative reparation literature, I outline three modes of transformation – unsettling accumulation by dispossession, disrupting dehumanising subjectivities and supporting pluriversal possibilities as processes to transform the structures that uphold expropriation and the welfare state.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45986547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-02DOI: 10.1080/13563467.2022.2067838
N. Taylor
ABSTRACT This paper seeks to explore how professionals in the financial sector understand the challenge that climate change presents to economy and society. It is a case study into how ‘climate-related financial risk’ is understood in a particular area of expertise – within the actuarial profession. There is an increasingly prominent claim among financial regulators that climate change should be considered as an issue of financial risk and stability; it is argued that this will drive capital towards green ends, and an orderly low carbon transition. Responding to this, actuaries are seeking to establish climate-related risk as part of their professional jurisdiction. Yet they are struggling to do so because of their relationship to the investment chain and because the tools they employ for risk management, mostly drawn from financial economics, are fundamentally failing to consider, quantify and financialise climate risks. Instead, the profession is moving toward scenario-based tools for managing climate-related uncertainty that incorporate narratives about policy interventions and market reaction. The paper draws on interviews and ethnographic research conducted with members of the UK-based Institute and Faculty of Actuaries (IFoA) to explore these established and emerging risk management tools and perspectives.
{"title":"‘Making financial sense of the future’: actuaries and the management of climate-related financial risk","authors":"N. Taylor","doi":"10.1080/13563467.2022.2067838","DOIUrl":"https://doi.org/10.1080/13563467.2022.2067838","url":null,"abstract":"ABSTRACT This paper seeks to explore how professionals in the financial sector understand the challenge that climate change presents to economy and society. It is a case study into how ‘climate-related financial risk’ is understood in a particular area of expertise – within the actuarial profession. There is an increasingly prominent claim among financial regulators that climate change should be considered as an issue of financial risk and stability; it is argued that this will drive capital towards green ends, and an orderly low carbon transition. Responding to this, actuaries are seeking to establish climate-related risk as part of their professional jurisdiction. Yet they are struggling to do so because of their relationship to the investment chain and because the tools they employ for risk management, mostly drawn from financial economics, are fundamentally failing to consider, quantify and financialise climate risks. Instead, the profession is moving toward scenario-based tools for managing climate-related uncertainty that incorporate narratives about policy interventions and market reaction. The paper draws on interviews and ethnographic research conducted with members of the UK-based Institute and Faculty of Actuaries (IFoA) to explore these established and emerging risk management tools and perspectives.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41539954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-02DOI: 10.1080/13563467.2022.2162869
Jérôme Deyris
ABSTRACT In its 2021 strategy review, the European Central Bank's Governing Council unanimously decided to make climate change one of its priorities for the coming years. In this article, we try to understand how this change was achieved. To do so, we rely on mixed methods, studying ECB policies, speeches, exchanges with the European Parliament, and conducting semi-structured interviews. We present a detailed account of the rapid changes within the ECB regarding the climate challenge, and attempt to unpack its conditions of possibility. We show that climate integration results from the combination and hybridisation of internal dynamics and external pressures. On the one hand, the renewal of the Executive Board and modifications in organisational dynamics secured a growing coalition for a change. On the other, pressures from politicians, NGOs, academics and citizens pushed the institution to develop its expertise and provided willing insiders with further argumentative resources to push their green agenda. While these two intertwined dynamics have allowed ‘green doves’ to forge a consensus around the climate action plan, disagreements remain within the Governing Council on the scope and shape of future greening efforts.
{"title":"Too green to be true? Forging a climate consensus at the European Central Bank","authors":"Jérôme Deyris","doi":"10.1080/13563467.2022.2162869","DOIUrl":"https://doi.org/10.1080/13563467.2022.2162869","url":null,"abstract":"ABSTRACT In its 2021 strategy review, the European Central Bank's Governing Council unanimously decided to make climate change one of its priorities for the coming years. In this article, we try to understand how this change was achieved. To do so, we rely on mixed methods, studying ECB policies, speeches, exchanges with the European Parliament, and conducting semi-structured interviews. We present a detailed account of the rapid changes within the ECB regarding the climate challenge, and attempt to unpack its conditions of possibility. We show that climate integration results from the combination and hybridisation of internal dynamics and external pressures. On the one hand, the renewal of the Executive Board and modifications in organisational dynamics secured a growing coalition for a change. On the other, pressures from politicians, NGOs, academics and citizens pushed the institution to develop its expertise and provided willing insiders with further argumentative resources to push their green agenda. While these two intertwined dynamics have allowed ‘green doves’ to forge a consensus around the climate action plan, disagreements remain within the Governing Council on the scope and shape of future greening efforts.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45902165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-02DOI: 10.1080/13563467.2022.2084520
A. Santos
ABSTRACT This article puts forward a narrow definition of state financialisation as a mode of governance whereby the state engineers and re-purposes financial tools and markets as instruments of statecraft in such a way that they bestow the financial sector increased infrastructural power. This is taken as a unifying and operational definition that seeks to bring together extant work and motivate more focused research on the transformations occurring within the state at various scales and policy domains. And it is informed by the differentiated positions countries occupy within the world economy that determine the particular subordinate forms that governance through financial markets takes.
{"title":"Conceptualising state financialisation: from the core to the periphery","authors":"A. Santos","doi":"10.1080/13563467.2022.2084520","DOIUrl":"https://doi.org/10.1080/13563467.2022.2084520","url":null,"abstract":"ABSTRACT This article puts forward a narrow definition of state financialisation as a mode of governance whereby the state engineers and re-purposes financial tools and markets as instruments of statecraft in such a way that they bestow the financial sector increased infrastructural power. This is taken as a unifying and operational definition that seeks to bring together extant work and motivate more focused research on the transformations occurring within the state at various scales and policy domains. And it is informed by the differentiated positions countries occupy within the world economy that determine the particular subordinate forms that governance through financial markets takes.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47342236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-28DOI: 10.1080/13563467.2022.2159354
Jessica Eastland-Underwood
ABSTRACT Building on the burgeoning raced markets literature, I examine the function of markets in colour-blind racism. I argue that ‘the market’ is a useful rhetorical mechanism in everyday political thinking that reproduces white supremacy. To demonstrate this, I look at the work of white supremacist and early American political economist: Thomas Roderick Dew. Focusing on his political economy lectures, I find that the emergent study of markets gave Dew the language to frame the American racial order as the product of natural laws that generate social good. I suggest that the efficacy of his pro-slavery argumentation is contingent on an imbalanced imagination of market histories that over-represents the white experience. Using an un-colourblinding historiography, I amplify the different experiences of Native Americans and enslaved Black Americans as well as challenging the idealisation of the white settler, which exposes the assumptions behind Dew’s pro-slavery rhetoric. Turning to a children’s podcast in the twenty-first century, I reveal how ‘the market’ is a reconfiguration of the same rhetorical strategy, where the white experience is over-represented and idealised, ultimately reproducing the material outcomes of white supremacy: maintaining and deepening the racial wealth divide.
{"title":"The whiteness of markets: Anglo-American colonialism, white supremacy and free market rhetoric","authors":"Jessica Eastland-Underwood","doi":"10.1080/13563467.2022.2159354","DOIUrl":"https://doi.org/10.1080/13563467.2022.2159354","url":null,"abstract":"ABSTRACT Building on the burgeoning raced markets literature, I examine the function of markets in colour-blind racism. I argue that ‘the market’ is a useful rhetorical mechanism in everyday political thinking that reproduces white supremacy. To demonstrate this, I look at the work of white supremacist and early American political economist: Thomas Roderick Dew. Focusing on his political economy lectures, I find that the emergent study of markets gave Dew the language to frame the American racial order as the product of natural laws that generate social good. I suggest that the efficacy of his pro-slavery argumentation is contingent on an imbalanced imagination of market histories that over-represents the white experience. Using an un-colourblinding historiography, I amplify the different experiences of Native Americans and enslaved Black Americans as well as challenging the idealisation of the white settler, which exposes the assumptions behind Dew’s pro-slavery rhetoric. Turning to a children’s podcast in the twenty-first century, I reveal how ‘the market’ is a reconfiguration of the same rhetorical strategy, where the white experience is over-represented and idealised, ultimately reproducing the material outcomes of white supremacy: maintaining and deepening the racial wealth divide.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41539722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-05DOI: 10.1080/13563467.2022.2149721
C. Henderson, Rafeef Ziadah
ABSTRACT A growing body of literature acknowledges that the Gulf Cooperation Council’s demand for food is met through a set of commodity chains that span the regional and global economy. But the development of national corporate food security strategies premised on the consolidation of logistical networks and food commodity chains has not been sufficiently explored. This paper is concerned with the United Arab Emirates’ footprint on the regional and international food regime, and the state’s production as a regional hub for agri-food trade. We trace the ways the UAE’s corporate food security strategy utilises the private sector, agribusiness and logistics firms, alongside military power, to achieve so-called food security. We bring the literature on food regimes and logistics space into dialogue to explore the UAE’s food security policy as a strategy to consolidate power over agro-commodity production and distribution networks.
{"title":"Logistics of the neoliberal food regime: circulation, corporate food security and the United Arab Emirates","authors":"C. Henderson, Rafeef Ziadah","doi":"10.1080/13563467.2022.2149721","DOIUrl":"https://doi.org/10.1080/13563467.2022.2149721","url":null,"abstract":"ABSTRACT A growing body of literature acknowledges that the Gulf Cooperation Council’s demand for food is met through a set of commodity chains that span the regional and global economy. But the development of national corporate food security strategies premised on the consolidation of logistical networks and food commodity chains has not been sufficiently explored. This paper is concerned with the United Arab Emirates’ footprint on the regional and international food regime, and the state’s production as a regional hub for agri-food trade. We trace the ways the UAE’s corporate food security strategy utilises the private sector, agribusiness and logistics firms, alongside military power, to achieve so-called food security. We bring the literature on food regimes and logistics space into dialogue to explore the UAE’s food security policy as a strategy to consolidate power over agro-commodity production and distribution networks.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46940287","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-05DOI: 10.1080/13563467.2022.2153358
Dillon Wamsley
ABSTRACT Political economy literature has sought to explain the rapid shift from fiscal stimulus to austerity after the 2008 crisis. Influential contributions highlight the relative explanatory value of ideational or structural factors in contributing to post-crisis austerity. Drawing on Stephen Gill’s (1998) analysis of new constitutionalism and Peter Burnham’s (2001) understanding of depoliticisation, I contend that these frameworks offer a more useful lens to understand how post-2010 austerity in the US and UK was shaped by an enduring consensus on macroeconomic policy governance consolidating during the 1990s. Examining the role of fiscal mechanisms such as PAYGO in the US and the ‘Fiscal Golden Rules’ in the UK, and the operational independence conferred to central banks, I illustrate how Third Way governments institutionalised budgetary reforms and distanced macroeconomic policymaking from popular political contestation. Despite temporary lapses with this logic of fiscal restraint, as well as the rollout of historic monetary policies after 2008, I argue that these practices became deeply embedded within state institutions. Focusing on PAYGO in the US and the OBR in the UK, I show how policymakers redeployed policies and practices from the 1990s amidst the 2008 crisis to externalise responsibility for implementing austerity measures.
{"title":"Crisis management, new constitutionalism, and depoliticisation: recasting the politics of austerity in the US and UK, 2010–16","authors":"Dillon Wamsley","doi":"10.1080/13563467.2022.2153358","DOIUrl":"https://doi.org/10.1080/13563467.2022.2153358","url":null,"abstract":"ABSTRACT\u0000 Political economy literature has sought to explain the rapid shift from fiscal stimulus to austerity after the 2008 crisis. Influential contributions highlight the relative explanatory value of ideational or structural factors in contributing to post-crisis austerity. Drawing on Stephen Gill’s (1998) analysis of new constitutionalism and Peter Burnham’s (2001) understanding of depoliticisation, I contend that these frameworks offer a more useful lens to understand how post-2010 austerity in the US and UK was shaped by an enduring consensus on macroeconomic policy governance consolidating during the 1990s. Examining the role of fiscal mechanisms such as PAYGO in the US and the ‘Fiscal Golden Rules’ in the UK, and the operational independence conferred to central banks, I illustrate how Third Way governments institutionalised budgetary reforms and distanced macroeconomic policymaking from popular political contestation. Despite temporary lapses with this logic of fiscal restraint, as well as the rollout of historic monetary policies after 2008, I argue that these practices became deeply embedded within state institutions. Focusing on PAYGO in the US and the OBR in the UK, I show how policymakers redeployed policies and practices from the 1990s amidst the 2008 crisis to externalise responsibility for implementing austerity measures.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42115419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-28DOI: 10.1080/13563467.2022.2149722
M. Babić, Adam D. Dixon
ABSTRACT Environmental state debates focus on the governance and steering functions of politics. Concurrently, many states stand out as large global owners and investors in carbon industries. Via various investment vehicles, states control around half of all global oil and gas reserves as well as other carbon assets. We know very little, however, about where these states are invested; how they conduct their carbon investment; and what possibilities and constraints carbon-owning states have to decarbonise. Yet, these aspects – the geography, investment profiles and domestic state carbon capital dependence – are key to assess the possibilities and limitations of climate action states as carbon owners have. Based on new fine-grained firm-level data, we deliver conceptual and empirical insights into all three issues. Our intervention fills an important gap in our knowledge about the environmental state, while drawing the attention of researchers and policymakers to a blind spot, but also to transformation potentials of the carbon-owning state in the following decade.
{"title":"Decarbonising states as owners","authors":"M. Babić, Adam D. Dixon","doi":"10.1080/13563467.2022.2149722","DOIUrl":"https://doi.org/10.1080/13563467.2022.2149722","url":null,"abstract":"ABSTRACT Environmental state debates focus on the governance and steering functions of politics. Concurrently, many states stand out as large global owners and investors in carbon industries. Via various investment vehicles, states control around half of all global oil and gas reserves as well as other carbon assets. We know very little, however, about where these states are invested; how they conduct their carbon investment; and what possibilities and constraints carbon-owning states have to decarbonise. Yet, these aspects – the geography, investment profiles and domestic state carbon capital dependence – are key to assess the possibilities and limitations of climate action states as carbon owners have. Based on new fine-grained firm-level data, we deliver conceptual and empirical insights into all three issues. Our intervention fills an important gap in our knowledge about the environmental state, while drawing the attention of researchers and policymakers to a blind spot, but also to transformation potentials of the carbon-owning state in the following decade.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43449545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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