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The Systemic Nature of the Global Crisis and Some Principles for Tackling It

In: Financial Crisis Management and Democracy

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  • Christian Ghymers

    (IRELAC)

Abstract

This chapter argues that climate change, the global macroeconomic crisis and the weakening of democracy are all expressions of the same incoherence in the present global economic system, which operates on the basis of major ‘market failures’ that are characterized by the same kind of economic mechanism based on biased relative prices for fossil energies, financial returns and social cohesion. Therefore, the only practical solution is to make sustainable production profitable by first correcting these relative prices in order to re-establish a systemic convergence between private and social returns and between political and economic democracy.

Suggested Citation

  • Christian Ghymers, 2021. "The Systemic Nature of the Global Crisis and Some Principles for Tackling It," Springer Books, in: Bettina De Souza Guilherme & Christian Ghymers & Stephany Griffith-Jones & Andrea Ribeiro Hoffmann (ed.), Financial Crisis Management and Democracy, edition 1, chapter 0, pages 55-72, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-54895-7_3
    DOI: 10.1007/978-3-030-54895-7_3
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