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Re-thinking the Fiscal and Monetary Political Economy of the Green State

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  • Dan Bailey

Abstract

Proponents of the Green State repudiate the historical antipathy to the state from many in the green movement and endorse the pragmatic usage of state capacity and legitimacy to realise environmental protection. This article offers a sympathetic critique of the Green State’s fiscal and monetary institutional design in order to refine the concept further. It will investigate an under-theorised contradiction in the political economy of the Green State; centring upon the operationalisation of an interventionist state, moving beyond economic growth, and deference to the ceteris paribus conventions of state financing. It is argued that the three cannot co-exist harmoniously, given the ramifications of moving beyond growth for the fiscal capacity of the state. Therefore, there is a need to go further than even Eckersley does in re-politicising and challenging capitalist conventions. Specifically, Eckersley’s own critical constructivist approach is invoked to interrogate the capitalist conventions that constitute the constraints surrounding state financing, such as the depoliticised production of money and the viability of debt relations.

Suggested Citation

  • Dan Bailey, 2020. "Re-thinking the Fiscal and Monetary Political Economy of the Green State," New Political Economy, Taylor & Francis Journals, vol. 25(1), pages 5-17, January.
    • Handle: RePEc:taf:cnpexx:v:25:y:2020:i:1:p:5-17
    DOI: 10.1080/13563467.2018.1526267
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    Cited by:

    1. Alfano, Lucia, 2022. "The new developmental state and the challenges of the socio-ecological transformation: Lessons from Argentina and Brazil," IPE Working Papers 189/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. Wood, Matthew & Wood, Chantelle & Styring, Peter & Jones, Christopher R. & Smith, Jeffery K. & Day, Marianne & Chakraborty, Rohit & Mensah, Gloria, 2023. "Perceptions of accountability and trust in the regulatory governance of wood burning stove sustainability: Survey evidence from the post-Brexit UK," Energy Policy, Elsevier, vol. 177(C).
    3. Mathias Lund Larsen, 2023. "Bottom-up market-facilitation and top-down market-steering: comparing and conceptualizing green finance approaches in the EU and China," Asia Europe Journal, Springer, vol. 21(1), pages 61-80, March.
    4. Scott Y. Lin, 2021. "Bringing resource management back into the environmental governance agenda: eco-state restructuring in China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(8), pages 12272-12301, August.

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