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INTERNATIONAL PAPERS IN POLITICAL ECONOMY
Economic Policies
for Sustainability
and Resilience
Edited by
ph i l i p a r e s t i s
m a l col m s aw y e r
International Papers in Political Economy
Series Editors
Philip Arestis, Department of Land Economy, University
of Cambridge, Cambridge, UK;
University of Basque Country UPV/EHU, Leioa, Spain
Malcolm Sawyer, University of Leeds, Leeds, UK
This series consists of an annual volume with a single theme. The objec-
tive of the IPPE is the publication of papers dealing with important
topics within the broad framework of Political Economy.
The original series of International Papers in Political Economy started
in 1993, until the new series began in 2005, and was published in the
form of three issues a year with each issue containing a single extensive
paper. Information on the old series and back copies can be obtained
from the editors: Philip Arestis (pa267@cam.ac.uk) and Malcolm Sawyer
(e-mail: mcs@lubs.leeds.ac.uk).
Economic Policies
for Sustainability
and Resilience
Editors
Philip Arestis Malcolm Sawyer
University of Cambridge University of Leeds
Cambridge, UK Leeds, UK
University of Basque Country
UPV/EHU
Leioa, Spain
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature
Switzerland AG 2022
This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher,
whether the whole or part of the material is concerned, specifically the rights of translation, reprinting,
reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical
way, and transmission or information storage and retrieval, electronic adaptation, computer software,
or by similar or dissimilar methodology now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are exempt
from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information in this
book are believed to be true and accurate at the date of publication. Neither the publisher nor the
authors or the editors give a warranty, expressed or implied, with respect to the material contained
herein or for any errors or omissions that may have been made. The publisher remains neutral with
regard to jurisdictional claims in published maps and institutional affiliations.
This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland
AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
v
vi Preface
the Basque Country, Bilbao, Spain in June 2021. These conferences had
to be cancelled as a consequence of restrictions on meetings and travel
in response to the COVID-19 pandemic. We are grateful to the organ-
isers of the Cambridge Trust for New Thinking in Economics, and to the
organisers of the Developments in Economic Theory and Policy conference
series, for funding and help in the organisation of annual conferences
over a number of years, which have enabled presentation of the relevant
papers; and subsequently published in the International Papers in Political
Economy series.
vii
viii Contents
Index 365
Editors and Contributors
ix
x Editors and Contributors
Contributors
Juan-Francisco Albert is a Ph.D. fellow in Economics and a teaching
assistant at the University of Valencia (Spain). Juan-Francisco Albert
holds an M.Sc. in Economics from the University of Alicante (Spain)
and an M.Sc. in Philosophy from the UNED (Spain). Juan-Francisco
Albert’s research interest covers Monetary Policy and Theory, Economics
of Inequality, Welfare Economics and Applied Macroeconomics. Juan-
Francisco Albert has published several scientific articles in interna-
tional peer-reviewed journals such as Structural Change and Economic
Dynamics, Papers in Regional Science, Journal of Economic Policy
Reform and Health Education Journal. During his Ph.D. period, Juan-
Francisco Albert has been Visiting Researcher at the London School
of Economics (UK) and De Nederlandsche Bank (Netherlands). Juan-
Francisco Albert has been awarded as a young researcher to carry out
different projects related to his doctoral thesis (the effects of mone-
tary policy on income, wealth and racial inequality) by the Ministry of
Science in Spain, Fundación Alternativas and Fundación Banco Sabadell.
Editors and Contributors xi
jointly co-authored the original The Green New Deal (New Economics
Foundation). In 2017 Ann Pettifor published The Production of Money
(Verso) on the nature of money, debt and banking. In 2019 Aher book,
The Case for The Green New Deal (Verso) was published. In 2018 the
Heinrich Boll Foundation awarded Ann Pettifor the Hannah Ahrendt
Prize. Ann Pettifor is a fellow of the New Economics Foundation, and
a trustee of the PREP Foundation for pluralist economics. In 2000 the
University of Newcastle awarded Ann Pettifor an honorary doctorate for
leading an international movement for cancellation of $150bn of debt
owed by 35 poor countries, Jubilee 2000. In 2004–2005 Ann Pettifor
worked with Nigerian Finance Minister, Ngozi Okonjo-Iweala to clear
debts of $30 billion owed to official creditors.
Hector Pollitt is a director and the head of modelling at Cambridge
Econometrics. He is also a research fellow at the Cambridge Centre for
Environment, Energy and Natural Resource Governance (CEENRG) at
the University of Cambridge. Hector is a post-Keynesian economist who
is currently working to incorporate insights from complexity theory into
a post-Keynesian modelling framework. The aim of his research is to
develop a linked micro–macro model that can explain technology devel-
opment and long-run growth from first principles, within a demand-
driven economy that includes a realistic representation of the financial
system.Hector has worked with Cambridge Econometrics’ global macro-
econometric model E3ME for more than 17 years. In that time he has
contributed to several high-level European policy assessments of Euro-
pean climate and energy policy, including the targets that have been
set for greenhouse gas emission reduction, renewables deployment and
energy efficiency savings. He has previously co-edited two books on the
policies needed to promote sustainable development in East Asia and is
currently working on sustainability policy in China, India and Brazil.
Josh Ryan-Collins is Head of Finance and Macroeconomics at UCL’s
Institute for Innovation and Public Purpose. His research interests
include money and banking, sustainable finance and the economics of
land and housing. He is the author of three books, two co-authored:
Where Does Money Come From? (2011, New Economics Foundation);
Rethinking the Economics of Land and Housing (2017, Zed books)
Editors and Contributors xv
Chapter 2
Fig. 1 The analytical framework (Source Author’s construction) 58
Chapter 6
Fig. 1 The Social Guarantee (Source Own Construction) 224
Fig. 2 Individual-collective spectrum for securing life’s essentials
(Source Own Construction) 228
Fig. 3 Healthcare carbon footprints per Capita, selected
countries, 2014 (Source Pichler et al. [2019]) 249
xvii
List of Tables
Chapter 2
Table 1 Direct purchases of resources, by sector (share of output,
US in 2010) 67
Chapter 6
Table 1 In-kind benefits as a share of disposable income
by Quintile, average over 27 OECD countries, Late 2000s 244
Chapter 7
Table 1 Annual sources of funding for the European Green Deal 281
Table 2 Implied private investment required to meet annual
investment shortfall 282
Table 3 Market-fixing versus market-shaping green transition
policy frameworks 289
Chapter 8
Table 1 Central bank mandates 350
xix
1
Macro-Economic and Financial Policies
for Sustainability and Resilience
Philip Arestis
1 Introduction
This chapter focuses on fiscal, monetary and financial stability policies;
their aim is to achieve sustainability and resilience. Sustainability and
resilience are defined as “the capacity of a process to be endured or to
be maintained and improved” (Vercelli, 2017, p. 15). This contribution
relies on our macroeconomic model (Arestis, 2019), which goes beyond
the New Consensus Macroeconomic (NCM) model, which has been
employed by central banks especially before the Global Financial Crisis
(GFC). NCM contains serious problems as the GFC demonstrated
(Arestis & González Martinez, 2015), and the recent era of stagflation.
There are assumptions of the GFC, which imply that the NCM is lacking
P. Arestis (B)
University of Cambridge, Cambridge, UK
e-mail: pa267@cam.ac.uk
University of Basque Country UPV/EHU, Leioa, Spain
sustainability and resilience (see, also King, 2016a, who suggests that
“The conceptual framework used by central banks was, and remains,
flawed”; this framework relies heavily on the NCM paradigm). Our
model’s macroeconomic policies for a sustainable and resilient economy,
do not account of the NCM assumptions. This enables our contri-
bution to deal properly with fiscal, monetary and financial stability
policies, which should be properly coordinated to achieve sustainable and
resilient economies. Haldane (2020), correctly argues that, “the extra-
ordinary degree of uncertainty about the economic outlook” implies
“monitoring the economy closely, and setting policy to support it”, are
“more important than ever” (p. 1).
We proceed in Sect. 2 to highlight our theoretical model. Section 3
discusses the economic policies of our model. Section 4 deals with the
coordination of these policies. Finally, Sect. 5 summarizes and concludes.