The Renewable Energy Transition Energy Path Divergence, Increasing Returns and Mutually Reinforcing Leads in the State-Market Symbiosis

Stephen Bell

New Political Economy, 2020, vol. 25, issue 1, 57-71

Abstract: This paper argues that mutually reinforcing relations between states and processes of investment, innovation and technological change are facilitating a global energy transition which is making a contribution to global climate challenge mitigation. This process challenges an existing theory of market-capitalism that argues such a change will be institutionally impeded, in part due to short-termist financial pressures on business. The paper argues instead that a pattern of mutually-reinforcing leads involving state and markets is underway, with markets and price changes likely to reduce the costs of climate mitigation and hopefully help embolden states and climate change policy.

Date: 2020
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DOI: 10.1080/13563467.2018.1562430

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