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2022 | OriginalPaper | Buchkapitel

5. Society Must Transform the International Financial System in Order to Stabilise the Ecosystem

verfasst von : Ann Pettifor

Erschienen in: Economic Policies for Sustainability and Resilience

Verlag: Springer International Publishing

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Abstract

To stabilise the ecosystem at national, global levels, society must first transform the international financial system. The overt intent of financial globalisation is to wrench power over the domestic economy away from democratic governments and transfer this power to markets that now manage public goods vital to the stability of society, the economy and the ecosystem. These include the creation of credit, the rate of interest on credit, investment, exchange rates and capital flows. This transfer of power to markets has deliberately weakened democracies and led to dangerous ecological and economic imbalances, and recurring financial crises. The restoration of public authority over the system is vital, if democratic society is to manage the transition to a steady-state economy based on the ecosystem’s finite limits. The chapter draws on the work of Keynes, on historical evidence and on recent European Union developments to suggest such a transformation is entirely possible.

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Titel: Society Must Transform the International Financial System in Order to Stabilise the Ecosystem
verfasst von: Ann Pettifor
Verlag: Springer International Publishing
Buch: Economic Policies for Sustainability and Resilience
Print ISBN: 978-3-030-84287-1

Electronic ISBN: 978-3-030-84288-8

Copyright-Jahr: 2022
DOI: https://doi.org/10.1007/978-3-030-84288-8_5

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