Pages: 9

The polycrisis, as Adam Tooze (2018), eloquently characterized, stressed the need for the transition towards sustainable economic development as is exemplified in the United Nations Sustainable Development Goals (SDGs). 1 After the pandemic crisis, international organisations, non-governmental organisations (NGOs), think tanks, academics and policymakers discuss on how to prepare the ground to approach sustainable development. This interest has motivated us to engage, after 2021, with the epistemic perspectives of sustainable development. Our classical political economy background helps us to understand the direct need to clarify the concept of sustainable development. This realisation resulted in the publication of a paper, in the journal New Political Economy (2022), titled “Broad strokes towards a grand theory in the analysis of sustainable development: a return to the classical political economy”. In this paper, we stressed the need to go back to the classical political economy to provide an analytical and methodological framework for the analysis of sustainable development.

Pages: 30

No chapter abstract available.

Pages: 16

The evolution of mainstream development economics to its current approaches will be laid out. Emphasis will be placed on the shifting and uneven influences of the more general mainstream economics itself, developments within the global economy, the relations to development studies and interdisciplinarity, and the increasing scope of the World Bank in scholarship and policy perspectives. The different phases in the field marked from before and after the Washington Consensus will be unpicked, as will be its relationship to neoliberalism. A crucial insight is the extent to which there is a shifting and variable, but generally inconsistent, relationship between the ideology, scholarship, policy in practice and overall world visions projected by development economics.

Pages: 12

Over the years a mainstream of ideas about economics, management and accounting has been established. These ideas include specific way of understanding economics, human beings, organizations, market transactions, accounting and the framing of policy issues. This conceptual framework has been successful to some extent within the scope of its own ideas about development and progress. But ideas about progress may change over time and new challenges call for new thinking. Sustainable development in the sense of the UN 17 Sustainable Development Goals (SDGs), sanctioned since 2015, represent such a challenge. Ecological economics is here proposed as a response to the new challenges. Ecological economics can actually be defined as “economics for sustainable development”. Alternative or complementary ideas about economics, individuals, organizations, market transactions, accounting and the framing of policy issues are formulated in the hope of contributing constructively to a sustainable society.

Pages: 54

No chapter abstract available.

Pages: 10

Classical Political Economists believed in the inexorable course of history toward material progress and social well-being. Yet, they disagreed on the faith of capitalism. Smith envisioned a sustainable growth depending upon the interaction of labor productivity, the level of the net revenue and the rate of saving. On the contrary, Malthus, Ricardo, James Mill and McCulloch depicted a dark future for the economic system, under the pressure of increasing population and nature’s decreasing returns, leading to stagnation. But, there was one classical economist, John Stuart Mill, who offered a positive image of the stationary state as a superior level of civilization of a society that has resolved the problem of production and distribution of wealth among its members and focused on the personal improvement of its members. The aim of this chapter is to examine the interaction between the economic analysis of development in the long run and the description of future economic reality as a matter of a political agenda. Facing today’s urgent problem of development sustainability in front of the climate crisis, it is urgent to learn from the debate in Classical Political Economy and beyond.

Pages: 28

Mainstream economics has for a long time cherished the idea that, by means of “successive approximations” (Pareto), the gap between economic theory and reality, characteristic of the neoclassical view, could be reduced. Instead, it seems to me significant to recover that historical precedent, revisiting the thought of authors such as Schmoller, Sombart, Max Weber and Spiethoff, who, beyond their differences, insisted that economics must deal with “real objects”. Obviously, it is not a question of looking to the thinking of that period (the period between the 19th and 20th centuries) for solutions to the current problems of economics (such as sustainable economic development), but of seeing to what extent those reflections can be useful in establishing guidelines for the search for a new paradigm. It is important to reintroduce into the analysis the themes that had characterised what Schumpeter called the “Schmollerprogramm”: (a) the limits of theories that emphasise the supposed efficiency of markets and the issue of the stability of economic systems; (b) the theorization of a univocal relationship between the increase in economic wealth and social progress; (c) the role of institutions in economic growth; (d) the problem of inequalities and social stability.

Pages: 14

Marine plastic pollution (MPP) has become ubiquitous in the oceans and is damaging human health, ecosystems, and economies which has resulted in a mandate for a new binding plastics treaty. What would an effective treaty look like? What explains this relatively new global crisis? This review article argues that the work of Karl Polanyi and stage theory can put the MPP problem into context and illuminate requirements of an effective treaty. Polanyi argued that if market society did not restrain the capitalist use of land (nature), labor, and money, it would destroy itself and MPP will only be solved if these social and environmental protections restrain capital. Stage theory looks at the evolving expressions of capitalism in distinct historical periods to provide context for the global economy and implies a structural remedy for the plastics in the ocean. In particular, the post-War Fordist stage introducing mass production and the following post-Fordist neoliberal period witnessed progressively thinned restraints on capital, and the global plastic flow is a function of these changes over time resulting in continuously increasing MPP.

Pages: 44

No chapter abstract available.

Pages: 20

The present chapter reviews the existing critiques to the sustainable development movement’s challenges in balancing economic advancement with environmental preservation, potential conflicts with democracy and human rights, and unintended consequences such as greenwashing and neocolonial practices. The chapter gets into the political dimensions of sustainability, highlighting power dynamics and the influence of politics, or even geopolitical aims on decision-making and transformative processes under the guise of sustainability and green development. Finally, the chapter emphasizes the need to scrutinize who benefits and holds agency in sustainability initiatives, as power dynamics can both drive and hinder constructive change.

Pages: 22

Cumulative ecological crises, not least the dramatically escalating climate change, have raised significant interest in the nature of the core problems we confront, how they might be addressed, and what alternative systems need to be built. Much of the current debate is heated but, in fact, reflects on similar premises and problems. Perceived differences in diagnoses and associated treatments are converging, but existing ecological challenges have become existential. The future must be different from what is imagined by advocates of ‘green growth’, ‘just transition’, ‘limits to growth’, ‘degrowth’, ‘the environmentalism of the poor’, ‘nature-based solutions’ ‘fair exchange’, or such like. Fresh arguments for global ecological reparations, autonomy, and a new inclusionary economic system are needed not for just another political economy, but a just ecological political economy.

Pages: 29

No chapter abstract available.

Pages: 15

Globalization has transformed the world economy over the past decades, leading to increased integration and interdependence. It has guided to crucial trade, technology, and cultural exchange changes, resulting in economic growth, poverty reduction, and increased access to information and education. However, globalization has also exposed significant challenges, including rising inequality, labor challenges, environmental degradation, cultural homogenization, and erosion of national sovereignty. This chapter explores the complexities and impacts of globalization and other approaches, such as localization, deglobalization, and globalization backlash. It highlights the need for a balanced and inclusive approach that addresses the concerns of vulnerable communities and promotes sustainable development. The chapter concludes with policy implications for a more equitable and interconnected world that benefits everyone. We are now more ready than ever to use past experience to fuel the sustainability of economic development and growth process. Existing conditions call for a more pluralistic approach that will depict reality more effectively. Alternative globalization dynamics confront issues recently raised in the global economy, leading to a more sustainable economic development and growth path.

Pages: 12

Facing the dual challenges from economic underdevelopment and climate change, countries in the Global South have struggled to find a path that is often termed as “sustainable development.” This term “sustainable development” suggests a compromise between continued economic growth (measured by GDP) and some considerations of the ecology. Used broadly, it allows various interpretations of how economies that are considered as developing or underdeveloped should prioritize development versus ecology. This chapter critically assesses several proposals under the umbrella concept of sustainable development and aims to highlight three observations. First, the earlier versions of sustainable development proposals, with its deep root in the neoclassical economics, have a strong North-centric and market fundamentalist bias. Second, the Global Green New Deal (GGND), although emerged in the context of economic recessions in the Global North, has started to reflect an increasingly stronger Global South perspective after being incorporated into the United Nations framework. However, the assumption for GDP-measured economic growth still remains at its core. Third, the Degrowth proposal critically challenges the growth assumptions in the previous versions of the proposals, yet its origin in the Global North climate activism suggests its innate lack of Global South perspective in the framework. The chapter argues that, only by organically incorporating a Global South perspective which should contain an explicit critique of capitalist growth and development, will the sustainable development framework and its variations including the GGND and Degrowth be constructively and consistently applicable to both the North and the South.

Pages: 33

No chapter abstract available.

Pages: 14

This chapter examines the transition from Industry 4.0 and Society 4.0 to Industry 5.0 and Society 5.0, emphasizing the need for a balanced approach between human and technological frontiers for sustainable development. The Quintuple Innovation Helix Framework is introduced as a comprehensive approach to address this challenge, emphasizing collaboration among government, industry, academia, civil society, and environment and challenging mainstream economic development and sustainability thinking. Industry 4.0 and Society 4.0 are discussed in terms of their goals, implications, challenges, and opportunities, highlighting the importance of considering human well-being, social cohesion, job displacement, skills gap, data security, and ethics. The chapter underscores the role of individuals as innovators, entrepreneurs, researchers, educators, consumers, and advocates for innovation in driving the transition to Industry 5.0 and Society 5.0. Industry 5.0 is a human-centered approach to manufacturing and production, emphasizing collaboration between humans and advanced technologies for sustainable and inclusive industrial systems. Society 5.0 expands the societal impact of Industry 4.0, envisioning a technology-driven society that addresses challenges, fosters inclusivity, and enhances well-being. The chapter comprehensively analyzes the Quintuple Innovation Helix Framework and its application in understanding the transition to Industry 5.0 and Society 5.0, recognizing the crucial role of individuals in driving innovation and shaping a technologically advanced human society that will be ready for Industry 6.0 that is about to come.

Pages: 17

This chapter aims to highlight the long and co-evolutionary pathway towards the green transition. We show that history matters by pinpointing the fact that Industrial Revolutions are tightly associated with historical energy transitions. Due to the current energy crisis the green transition is regarded as a crucial element in achieving sustainable development. Both technology and innovation play an instrumental role in preparing the ground to achieve green transition. We show that technological advancements, knowledge diffusion and policy arrangements are of vital importance in paving the way to the “green revolution”. Decarbonisation, lower energy costs, greener energy policy mix and energy resilience are the milestones of the green transition. The green transition is associated with historical regularities that intersect with the historical unpredictability and the fusion of technological, economic, political and geostrategic dynamics.

Pages: 62

No chapter abstract available.

Pages: 18

The formidable literature concerning the link between public infrastructure capital and growth proves that this discussion is not new. Numerous papers have been written assessing this relationship (the so-called Infrastructure Puzzle), questioning public policies and suggesting new approaches. Yet, the final verdict remains ambiguous: Part of research sees infrastructure investment as “panacea”, the safe way to cure almost every inefficiency and tackle persistent challenges. On the other hand, spending resourcing for public infrastructure can be regarded as “Pork Barrel” policy, based, among others, on causality and effects size issues. Thus, this chapter tries to shed some new light on the impact of infrastructure on growth for three Southern European countries (namely: Greece, Italy and Spain), capitalizing region-level (NUTS II) data from reliable and acknowledged sources. The results imply that infrastructure investments are indeed crucial for economic growth, although a series of factors such as econometric techniques, quality of the data, types of infrastructure examined, periods under consideration, size of initial infrastructure endowment, to mention just a few, can affect the final outcome. In the new emerging framework, the scope of infrastructure has to be broadened further in order to keep pace with the transformation of the international economy, adjusting itself to the needs of environmental and sustainability concerns.

Pages: 14

Cultural background is gaining more and more attention during the last decades. This is why the recent 2030 Agenda for Sustainable Development from the United Nations considers cultural background aspects. This chapter highlights the role of cultural background in human action and determines its critical role in sustainable development. Using culture in economic analysis requires a more interdisciplinary and pluralistic approach that could lead to a more general and integrated sustainable development process. In this chapter, the role of culture in economic thinking is presented. Then, to describe the role of culture in sustainable development, the following aspects are presented: (a) the role of cultural background on the way the economic system is formed, (b) the role of cultural background in human action, (c) the effects of cultural background on forming resilience in the period of COVID-19, and (d) the importance of cultural background to achieve the SDGs. Realizing the critical role of cultural background in sustainable development, policymakers need to be sensitive to cultural differences when designing and implementing sustainable development policies. Cultural diversity and education on sustainability issues should be incorporated into school and training programs, etc. Indigenous and local knowledge systems should be recognized and integrated into sustainable development policies.

Pages: 28

Information and communications technology (ICT) can boost existing socio-economic inequalities if the former is socially exclusive. Long-standing barriers prevent minoritized populations from accessing ICT, thus leading to a vicious circle between digital divide and poor development. The digital divide can be most important when assessing United Nations (UN) Sustainable Development Goals No. 4 (lifelong learning opportunities), No. 5 (empowerment), No. 8 (growth), and No. 10 (reduced inequalities). The current study presents the outcomes of a business apps training intervention, targeting immigrant entrepreneurs running small firms in Greece, Cyprus, and the United Kingdom. Multifaceted gender digital divides were unravelled, and training was found to improve entrepreneurs’ internet/digital skills and firms’ digital competencies, whilst also boosting empowerment and reducing gender digital disparities. Given the positive contribution of immigrant firms to countries’ growth, ways to facilitate sustainable performances through digital skills training merit consideration. Further, improving immigrant female entrepreneurs’ digital skills requires intersectional approaches that address a vector of socio-economic and cultural barriers, ensuring that ICT-driven sustainable development is much more inclusive.