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Financialisation, industrial strategy and the challenges of climate change and environmental degradation

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  • Malcolm Sawyer

Abstract

The paper discusses the nature of the present era of financialisation, outlining the changes in the financial sector and its relations with the real sector which are particularly relevant for the climate emergency. The relationship between growth of the financial sector (‘financial development’) and economic growth is reviewed, and the relevant of recent empirical findings for the role of the financial sector in addressing the climate emergency drawn out. It is argued that the policy approach to the climate emergency and environmental degradation should be embedded within an industrial strategy. Further, it is argued that the structures of the financial sector need to be changed to encourage financial institutions which are more favourably disposed towards to the allocation of funds to ‘green investment’. It is also argued that the central bank should act in ways that are supportive of environmental policies but that their role is a rather limited one.

Suggested Citation

  • Malcolm Sawyer, 2021. "Financialisation, industrial strategy and the challenges of climate change and environmental degradation," International Review of Applied Economics, Taylor & Francis Journals, vol. 35(3-4), pages 338-354, July.
    • Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:338-354
    DOI: 10.1080/02692171.2020.1836137
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    Cited by:

    1. Amjad Ali & Marc Audi & Ismail Senturk & Yannick Roussel, 2022. "Do Sectoral Growth Promote CO2 Emissions in Pakistan? Time Series Analysis in Presence of Structural Break," International Journal of Energy Economics and Policy, Econjournals, vol. 12(2), pages 410-425, March.
    2. Samreen Hamid & Asif Saeed & Umar Farooq & Faisal Alnori, 2022. "A Bibliometric Retrospection of CSR from the Lens of Finance and Economics: Towards Sustainable Development," Sustainability, MDPI, vol. 14(24), pages 1-25, December.
    3. Malcom Sawyer, 2021. "Beyond social democracy and neo-liberalism: Towards a social economy," PSL Quarterly Review, Economia civile, vol. 74(299), pages 287-306.

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