Chapter 2 The green new deal: Restoring balance and stability to the global financial and ecosystem

Abstract

We are today in the middle of the greatest economic catastrophe – the greatest catastrophe due almost entirely to economic causes – of the modern world…I see no reason to be in the slightest degree doubtful about the initiating causes of the slump….The leading characteristic was an extraordinary willingness to borrow money for the purposes of new real investment at very high rates of interest – rates of interest which were extravagantly high on pre-war standards, rates of interest which have never in the history of the world been earned, I should say, over a period of years over the average of enterprise as a whole. This was a phenomenon which was apparent not, indeed, over the whole world but over a very large part of it.– John Maynard Keynes (First of the Harris Foundation Lectures, 1931)

Citation

Pettifor, A. (2010), "Chapter 2 The green new deal: Restoring balance and stability to the global financial and ecosystem", Leonard, L. and Barry, J. (Ed.) Global Ecological Politics (Advances in Ecopolitics, Vol. 5), Emerald Group Publishing Limited, Leeds, pp. 19-42. https://doi.org/10.1108/S2041-806X(2010)0000005006