Growth for Good: Reshaping Capitalism to Save Humanity from Climate Catastrophe

Abstract

Terzi, an economist at the European Commission, describes his approach as follows: ‘Climate change is too important an issue to allow ideology to blind us to truth. I have worked hard to free myself from preconceptions taking as much as possible an open-minded approach, even to theories normally belittled by mainstream economics. This book carefully considers the points raised by those who criticise capitalism, its relation to nature, and therefore the mainstream strategy—green growth—being pursued to deal with climate change’ (p. xii). Alongside this promising start is the final chapter outlining a ‘Blueprint for Green Capitalism’, in which Terzi appears to recognise the scale of the transformation facing economy and society if we are to avoid climate catastrophe, noting that ‘full decarbonization will require a “whole-of-nation approach” akin to a wartime economy’ (p. 184). He repeatedly states that the green transition will require a much larger role for the state, and an even more urgent need to introduce a wide range of policies to reduce economic inequality. European Commissioner Frans Timmermans’s remark that there will either be a just green transition, or no transition, is endorsed with supporting arguments acknowledging that most forms of carbon pricing are regressive, and that some regions especially affected by the transition (such as coal mining areas) are often already suffering from severe economic disadvantage.