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Premises for a New Economy*

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  • Stephen A Marglin

Abstract

This article draws upon a consensus statement of 18 leading sustainability professionals to argue that given the uncertainty about how tightly ecology constrains planetary growth, prudence dictates a conservative approach, in which both the Global North and the Global South consider new obligations and limits. A basic commitment to social justice requires that the claims of the poor, chiefly residing in the South, take precedence over the claims of the rich, chiefly residing in the North. The North may have to accept an actual reduction in conventional measures of standard of living to create ecological space for Southern growth. However, since the scope for further growth to contribute to well-being in affluent regions is quite limited, the costs to the North of reducing growth may be modest – especially if a new economy is organized to provide the economic basis of a good life based on precepts other than more, more, and still more. While recognizing a priority for the poor imposes obligations on the North, this recognition cannot be a license for the South to replicate the wasteful disregard for ecosystem boundaries that has characterized growth in the North. Nor ought the South to countenance the wanton disregard for the claims of the disadvantaged that has allowed large islands of Northern poverty to continue to exist in oceans of Northern wealth.

Suggested Citation

  • Stephen A Marglin, 2013. "Premises for a New Economy*," Development, Palgrave Macmillan;Society for International Deveopment, vol. 56(2), pages 149-154, June.
  • Handle: RePEc:pal:develp:v:56:y:2013:i:2:p:149-154
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    Cited by:

    1. Asongu, Simplice & Nwachukwu, Jacinta, 2016. "Is the Threat of Foreign Aid Withdrawal an Effective Deterrent to Political Oppression? Evidence from 53 African Countries," MPRA Paper 74649, University Library of Munich, Germany.
    2. Simplice A. Asongu & Jacinta C. Nwachukwu, 2018. "Increasing Foreign Aid for Inclusive Human Development in Africa," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 138(2), pages 443-466, July.
    3. Asongu, Simplice & Nwachukwu, Jacinta, 2015. "Foreign aid volatility and lifelong learning: demand-side empirics to a textual literature," MPRA Paper 67853, University Library of Munich, Germany.
    4. Simplice A. Asongu & Jacinta C. Nwachukwu, 2017. "Foreign Aid and Inclusive Development: Updated Evidence from Africa, 2005–2012," Social Science Quarterly, Southwestern Social Science Association, vol. 98(1), pages 282-298, March.
    5. Simplice A. Asongu & Mohamed Jellal, 2014. "Foreign aid, investment and fiscal policy behavior: theory and empirical evidence," Research Africa Network Working Papers 14/030, Research Africa Network (RAN).
    6. Simplice A. Asongu & Vanessa S. Tchamyou, 2019. "Foreign Aid, Education and Lifelong Learning in Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(1), pages 126-146, March.
    7. Simplice A. ASONGU & Jacinta NWACHUKWU & Nicholas BIEKPE, 2019. "Foreign Aid, Terrorism And Growth: Conditional Evidence From Quantile Regression," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 90(3), pages 457-486, September.
    8. Asongu, Simplice & Efobi, Uchenna & Beecroft, Ibukun, 2015. "FDI, Aid, Terrorism: Conditional Threshold Evidence from Developing Countries," EconStor Preprints 114569, ZBW - Leibniz Information Centre for Economics.
    9. Simplice Asongu, 2014. "The Questionable Economics of Development Assistance in Africa: Hot-Fresh Evidence, 1996–2010," The Review of Black Political Economy, Springer;National Economic Association, vol. 41(4), pages 455-480, December.
    10. Andrew Martin Fischer, 2014. "Redistribution as social justice for decarbonising the global economy," The Economic and Labour Relations Review, , vol. 25(4), pages 574-586, December.
    11. Asongu, Simplice & Odhiambo, Nicholas, 2019. "Foreign Aid Complementarities and Inclusive Human Development in Africa," MPRA Paper 101086, University Library of Munich, Germany.
    12. Wylie Bradford, 2014. "Quo vadis: Does economic theory need a sustainability makeover?," The Economic and Labour Relations Review, , vol. 25(4), pages 551-562, December.
    13. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "Foreign aid and governance in Africa," International Review of Applied Economics, Taylor & Francis Journals, vol. 30(1), pages 69-88, January.
    14. Asongu, Simplice A & Nwachukwu, Jacinta C., 2015. "Foreign aid instability and bundled governance dynamics in Africa," MPRA Paper 71783, University Library of Munich, Germany.
    15. Asongu Simplice, 2014. "The Evolving Debate on the Effect of Foreign Aid on Corruption and Institutions in Africa," Working Papers of the African Governance and Development Institute. 14/009, African Governance and Development Institute..
    16. Shachi Amdekar & Ajit Singh, 2014. "Climate change and the premises for a New Society," The Economic and Labour Relations Review, , vol. 25(4), pages 563-573, December.
    17. Simplice Asongu, 2014. "A brief clarification to the questionable economics of foreign aid for inclusive human development," Working Papers of the African Governance and Development Institute. 14/028, African Governance and Development Institute..
    18. Ashwani Saith, 2018. "Ajit Singh (1940–2015), the Radical Cambridge Economist: Anti†imperialist Advocate of Third World Industrialization," Development and Change, International Institute of Social Studies, vol. 49(2), pages 561-628, March.
    19. Asongu Simplice, 2014. "Taxation, foreign aid and political governance: figures to the facts of a celebrated literature," Working Papers of the African Governance and Development Institute. 14/022, African Governance and Development Institute..
    20. Stefano Bartolini, 2014. "Building sustainability through greater happiness," Department of Economics University of Siena 703, Department of Economics, University of Siena.
    21. Stefano Bartolini, 2014. "Building sustainability through greater happiness," The Economic and Labour Relations Review, , vol. 25(4), pages 587-602, December.

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