Ann Pettifor

To stabilise the ecosystem, we must first transform the international financial system.

I have a chapter in a new book, Economic Policies for Sustainability and Resilience, edited by Professors Philip Arestis and Malcolm Sawyer and published by Palgrave Macmillan. (Details here: eBook ISBN 978-3-030-84288-8 Print ISBN 978-3-030-84287-1). As I argue in an abstract for my chapter:

“the intent of financial globalisation, like the gold standard, is to wrench power to manage the domestic economy away from governments, both democratic and authoritarian. Instead private authority is asserted over the management of credit creation, investment, exchange rates and interest rates across the spectrum of lending, short and long, real, safe and risky. This has led to dangerous ecological and economic imbalances, and to recurring financial crises.  The restoration of public authority over the system is vital for the transition to a steady state economy based on the ecosystem’s finite limits.  The chapter will draw on recent historical evidence to confirm such a transformation is possible, and was achieved relatively recently, thanks to the determination of John Maynard Keynes and the administration of Franklin D. Roosevelt.”

 

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