Towards “Sustainable Democracy” and Common Prosperity Territories: The Legal Aspects of Central Bank Digital Currency and Its Roles in Economic Inequality Elimination

Ge Luna Zhang

Chapter 10 in Fintech and Green Investment:Transforming Challenges into Opportunities, 2024, pp 283-310 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The world is marked by an extreme disparity of economic inequality, and the widening gulf of income and wealth distribution between the “rich” and the “poor” is one of the defining challenges of our time (Dabla-Norris et al., 2015). This chapter, set under the contemporary context of cascading disparities within social hierarchies and progressive innovations in financial sectors, outlines the roles of Central Bank Digital Currencies (CBDCs) in the elimination of economic inequality and probes three potential legal obstacles likely to be encountered during the implementation of CBDCs, by studying the correlations between the issuance of a CBDC and the reduction of economic inequality. This chapter, based on the welfare analyses on the socioeconomic manifestations of economic inequality and the roles of CBDC in the elimination of economic inequality, aims to promote common prosperity from the poorest to the people in high places, in order to construct a justified and legitimate economic system and to establish a free market welfare state, departing from poverty and inequality towards sustainable democratic states and common prosperity territories.

Keywords: Fintech; New Institutional Economics; Climate Change; Commons; Financialization; Distributed Ledger Technology; Neoliberalism; Trilemma; Securitisation; Blockchain; Sustainability; Innovation; Circular Economy; Implementation; Governance; Challenge; Security; Decentralization; Digital Currencies; Circular Economy; Environmental Accountancy; Food Loss; Food Security; Food Waste; Industrial Symbiosis; Material Flow Analysis; Waste Management; China; Green Growth; Digital Finance; Big Four; Coal; Sustainable Development; Bitcoin Mining; Proof-of-Work (PoW); Energy Consumption; Carbon; Footprint; Market Value; Investor Attention; Google Search Volume; Causality; Cardano Coin; Behavioural Finance; Green Cryptocurrencies; Proof-of-Stake (PoS); Energy Efficiency; Green Finance; DeFi; CeFi; Banking System; Financial System; Bank-based Systems; Market-based Systems; SMEs; Corporate Ownership; Cross-border Banking Flows; De Jure; De Facto Regulations; Green Banking; Environmental Risks; Green Finance Regulation; Green Finance Policies; Gender Equality; Financial Inclusion; Women; Climate Change; Environment; Inequality; Poverty; Central Bank Digital Currency (CBDC); Common Prosperity; Sustainable Democracy; Economic Inequality Elimination; COVID-19; Economic Perspectives; Interdisciplinary Study; Youth Banking; Unbanked; Underbanked; Neobank; Accessibility; Practicability; Financial Inclusion; Digital Technologies; Energy Sector; Financial Issues; Supply Chain Financing (search for similar items in EconPapers)
JEL-codes: G2 Q5 (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9781800614604_0010 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9781800614604_0010 (text/html)
Ebook Access is available upon purchase.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9781800614604_0010

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().