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Profiting in a Warming World

Author

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  • Matthew Soener

    (OSC - Observatoire sociologique du changement (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

Economic growth is a key contributor to climate change, but undergirding growth is capitalist profitability. In this article, I refine this long‐standing relationship between growth and emissions by estimating if the profit rate and the "exploitation rate" (surplus profits / wages and salaries) predict greenhouse gas emissions. I do so in a sample of advanced capitalist economies from 1995 to 2016 with profitability data on four industries (agriculture, manufacturing/construction, energy, and transportation) as well as greenhouse gas emissions data for both those industries and emissions at the national level. Methodologically, I use two‐way fixed effects models and panel‐corrected standard errors. My results show that the total profit and exploitation rates are positively associated with emissions. Exploitation in the transportation and manufacturing/construction sectors, moreover, is also positively associated with emissions. This article provides empirical support for those in environmental sociology claiming that capitalist profitability is a key driver of climate change and ecological change is inseparable from unequal social relations.

Suggested Citation

  • Matthew Soener, 2019. "Profiting in a Warming World," Post-Print hal-03381040, HAL.
    • Handle: RePEc:hal:journl:hal-03381040
    DOI: 10.1111/socf.12559
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    Cited by:

    1. Stefano Di Bucchianico & Federica Cappelli, 2021. "Exploring the theoretical link between profitability and luxury emissions," Working Papers PKWP2114, Post Keynesian Economics Society (PKES).

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