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Transition to a green economy – a challenge and a solution for the world economy in multiple crisis context


  • Alina-Mihaela BABONEA

    (The Bucharest University of Economic Studies)

  • Radu-Marcel JOIA

    (The Bucharest University of Economic Studies)


The concept of "Green Economy" is heavily debated recently because it is considered to be essential for the future global economy. This concept aims to find practical solutions that can be applied in international affairs regarding the environment development as a result of the massive problems caused by multiple crises that are no longer solvable. However, the international community is looking for long-term alternatives to improve the quality of life and eliminate poverty population as much as possible. To make sustainable economic development requires a transition with multiple implications for both the government and the private sector. In other words, you need a joint effort between public and private, in order to separate economic growth from excessive use of resources; the main objective should be considered the quality of life along with reducing the environmental and social deficit. The transition to a "Green Economy" means practicing a certain type of economy based on policies and investment that should be able to create a connection between economic development, biodiversity, ecosystem, climate change, health and welfare on the medium and long term. These premises must be connected together to achieve sustainable development – which is considered the resumption of economic growth at global scale. Switching to "Green Economy" implies a proper concern based on adequate knowledge, research and innovation in order to create a framework for promoting sustainable development on long term. This study aims to generate an overview on the concept of "Green Economy", considered by some experts as the main solution to the problems that countries of the world are facing nowadays. It is well known that the economic system is situated in a collapse and requires a rethinking from all points of view. A solution to adapt the economy and its development to these new global challenges can be the transition to "Green Economy", especially by integrating the environment in sustainable development paradigm.

Suggested Citation

  • Alina-Mihaela BABONEA & Radu-Marcel JOIA, 2012. "Transition to a green economy – a challenge and a solution for the world economy in multiple crisis context," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(10(575)), pages 105-114, October.
  • Handle: RePEc:agr:journl:v:10(575):y:2012:i:10(575):p:105-114

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    Cited by:

    1. Marek Ćwiklicki & Łukasz Jabłoński & Riccardo Sartori & Marius Dan Gavriletea, 2019. "The relationship between the economic development of nations and the adoption of green initiatives by companies: a statistical study on 105 countries," Quality & Quantity: International Journal of Methodology, Springer, vol. 53(1), pages 339-361, January.
    2. Bambang Sutikno & Abdul Hakim & Jati Batoro & Harsuko Riniwati, 2018. "Influence of Green Economic Development through Local Wisdom, Economic Potential, and Role of Dairy Cooperative in Pasuruan," International Review of Management and Marketing, Econjournals, vol. 8(3), pages 81-89.
    3. Diana Mihaela Pociovălișteanu & Isabel Novo-Corti & Mirela Ionela Aceleanu & Andreea Claudia Șerban & Eugenia Grecu, 2015. "Employment Policies for a Green Economy at the European Union Level," Sustainability, MDPI, Open Access Journal, vol. 7(7), pages 1-20, July.
    4. Villanueva Cortés, Paloma, 2015. "The external impact of the Green Economy: An analysis of the environmental implications of the Green Economy," IPE Working Papers 56/2015, Berlin School of Economics and Law, Institute for International Political Economy (IPE).


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