The Systemic Nature of the Global Crisis and Some Principles for Tackling It

Christian Ghymers ()

Chapter Chapter 3 in Financial Crisis Management and Democracy, 2021, pp 55-72 from Springer

Abstract: Abstract This chapter argues that climate change, the global macroeconomic crisis and the weakening of democracy are all expressions of the same incoherence in the present global economic system, which operates on the basis of major ‘market failures’ that are characterized by the same kind of economic mechanism based on biased relative prices for fossil energies, financial returns and social cohesion. Therefore, the only practical solution is to make sustainable production profitable by first correcting these relative prices in order to re-establish a systemic convergence between private and social returns and between political and economic democracy.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-54895-7_3

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DOI: 10.1007/978-3-030-54895-7_3

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