ENVIRONMENTAL FINANCING AS A DIRECTION OF ENVIRONMENTAL AND ECONOMIC POLICY

Keywords: environmental finance, climate crisis, green economy

Abstract

Solving the climate crisis requires a different approach than preserving the relationship between society and nature, based on continuous and rapid accumulation under capitalism. This alternative approach is based on use value, not on the exchange value of nature; The production act is based on the construction of completely new socio-ecological relations, more democratic and socially just, in which the relations of labor and nature are transformed in such a way as to take into account the sustainability of reproduction of all species, including people and the biosphere, and not the accumulation of capital. For this, first of all, nature, which is the common property of all living things, should not be an object of ownership, and the common wealth should be managed on the basis of certain principles and needs of the entire ecosystem. There is no easy way to establish such a social ecological relationship. In the sense of the end of the world as we understand it, we need to reconstruct the meanings that we used to ascribe to life, especially in order to determine the content of such concepts as development, growth, progress, good life, quality of life. In other words, the urgency of the problem requires that not only some countries or certain social segments, but, above all, all citizens of the world formulate their good intentions in this direction and make their political choice in favor of fairer socio-ecological relations, and not towards material wealth. The financialization of nature at the moment is the extreme limit reached by the accumulation of space and the domination of economic reason over nature. Consequently, the issue is not about protecting nature by financing it in various ways, on the contrary, climate problems must be preserved in order for profitable investments to continue through financing.

References

McKinnon, R.I. (1973). Money and Capital in Economic Development, Washington D.C.: Brookings Institution Press.

Woodford, M. (2003). Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton, NJ: Princeton University Press.

Stockhammer, E. (2007). ‘Some stylized facts on the finance-dominated accumulation regime’, Working Paper Series No. 142, Political.

Sawyer, M. (2014). What Is Financialization? International Journal of Political Economy, 42(4), 5–18.

Fine, B. (2010). Financialisation as Neoliberalism: Engaging Neoliberalism, Saad-Filho, A. ve Yalman, G. (eds.). Economic Transitions to Neoliberalism in Middle Income Countries (11-23). London: Routledge.

Harvey, D. (2003), New Imperialism, Oxford: Oxford University Press.

Fairhead, J., Leach, M. ve Scoones, I. (2012). Green Grabbing: A new appropriation of nature The Journal of Peasant Studies, 39:2, 237–261.

Article views: 84
PDF Downloads: 50
Published
2021-07-27
How to Cite
Muradova, N. U. (2021). ENVIRONMENTAL FINANCING AS A DIRECTION OF ENVIRONMENTAL AND ECONOMIC POLICY. Economy and Society, (29). https://doi.org/10.32782/2524-0072/2021-29-60
Section
ECONOMICS