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This paper, based on the 2022 Master Class delivered at the 50th National Economic Meeting organized by ANPEC, discusses how post-Keynesian macroeconomics and New Developmentalism complement each other to understand middle-income economies' development in financial globalization. It summarizes my academic reflection about the advance in post-Keynesian thinking to develop macroeconomics for peripheral middle-income economies.

As part of this reflection, I first bring up the idea of a developmental convention and, next, how peripheral financialization impacts the elaboration of this convention. Given the asymmetric configuration of the international financial system and the context of hierarchical currencies, I discuss the challenge of overcoming underdevelopment in peripheral economies. The post-Keynesian macroeconomics and advances in the structuralist debate provide the analytical tools to understand how peripheral economies develop virtuous or vicious growth cycles. At the end of the paper, I present some comments on the stagnation of the Brazilian economy.

The growth strategy with foreign savings does not provide the conditions for middle-income economies to operate with sufficient economic policy autonomy to promote productive transformation. To this end, a developmental convention should replace the neoliberal convention that has dominated since the 1970s.

The dynamics of peripheral, middle-income economies, often influenced by international liquidity flows, are a crucial area of study. This research underscores the importance of understanding these dynamics, as it forms the basis for economic policy recommendations. The paper also highlights the inadequacy of the growth strategy with foreign savings in the current configuration of the international financial system, emphasizing the need for middle-income economies to operate with greater economic policy autonomy to foster productive transformation.

Heritage is widely regarded as an integral constituent of modern tourism and, accordingly, many destinations aspire to gain United Nations Educational, Scientific and Cultural Organisation (UNESCO) World Heritage (WH) status. However, uncontrolled influxes of tourists, ongoing management challenges, competing interests amongst stakeholders and decision-makers, as well as the politicisation of regulatory processes, all threaten to undermine the implied protection of WH inscription. Adopting a ‘wicked problems’ lens effectively elucidates the complex, diverse, and interconnected nature of the WH Convention’s governance structure and how this impact and influences the management of WH Sites.

The purpose of this paper is to evaluate the impact of beneficial externality generated by the World Heritage List (WHL) on residential property values in order to offer new insights into heritage discourses.

The study uses the hedonic price model to estimate empirically the difference in prices for residential properties located in the Old Rauma World Heritage. The study uses residential sales transaction data from the City of Rauma from January 2005 to September 2012 drawn from an online database called KVKL Hintaseurantapalvelu managed by the Central Federation of Finnish Real Estate Agencies.

The research results indicate a positive, but insignificant, relationship between the property sale prices (euros/sqm) and heritage designation. However, the total sale prices are higher in Old Rauma as the properties are significantly larger in Old Rauma compared to other properties in Rauma.

Studies in heritage economics have assessed the influence of the property market on heritage listing and designation at either the national level, the local level or a mix of national/local levels. This paper contributes to the literature by analysing the impact of a United Nations Educational, Scientific and Cultural Organisation (UNESCO) world heritage designation on residential property values. UNESCO is the leading global institution which deals with the protection of heritage sites that transcend national and local boundaries.

The purpose of this study is to contribute to the discussion surrounding the definition of accounting proposed by Carnegie et al. (2021a, 2021b) and further elaborated by Carnegie et al. (2023) from/under an institutionalist political-economy (IPE) based foundation and to specifically extend this approach to the arena of social and environmental accounting (SEA).

By adopting an IPE approach to SEA, this study offers a critique of the use of the notion of capital to refer to nature and people in SEA frameworks and standards.

A SEA framework based on the capabilities approach is proposed based on the concepts of human capabilities and global commons for the purpose of preserving the commons and enabling the flourishing of present and future generations.

The proposed framework allows the engagement of accounting community, in particular SEA researchers, with and contribution to such well-established initiatives as the Planetary Boundaries framework and the human development reports initiative of the United Nations Development Programme.

Based on the capability approach, this study applies Carnegie et al.’s (2023) framework to SEA. This new approach more attuned to the pursuit of sustainable human development and the sustainable development goals, may contribute to turning accounting into a major positive force through its impacts on the world, expressly upon organisations, people and nature.

This chapter analyses indigenous tourism as both a form of indigenous resistance and revindication and a public policy implemented jointly by public institutions, universities and non-governmental organisations (NGOs). The concept of indigenous tourism has a relatively short history in Chile. However, it has acquired particular importance in light of the country’s constitutional process, triggered by the social uprising of 18 October 2019. This process incorporates the recognition of indigenous peoples and their rights as transversal areas.

To explain the process, this chapter examines indigenous tourism from the standpoint of indigenous initiatives, considering the context in which it has developed while also looking at how this concept is incorporated into the public institutional framework. It also examines the different influences and political context of the concept’s installation and how it has acquired increasing importance and complexity in public affairs. Given that it requires a multidimensional and multilevel approach, it can be analysed as a wicked problem.

Finally, this chapter discusses how indigenous tourism takes a political form of revindication of rights and territorial control and as an alternative to the neoliberal and extractivist model of other types of tourism.

Sustainable development is inseparable from rational and responsible use of resources and promotion of green entrepreneurship. The contemporary green development agenda encompasses climate, economic, technical, social, cultural, and political dimensions. International efforts to greening the global development are conducted by the major economies, including China as the world’s largest consumer of energy and the biggest emitter of greenhouse gases. China is aware of its environmental problems, as well as of its part of the overall responsibility for the accomplishment of the sustainable development goals. By means of the decarbonization efforts, the latter are integrated both into the national development agenda (the concept of ecological civilization) and China’s international initiatives (the greening narrative within the Belt and Road Initiative). Over the past decade, China has made a breakthrough on the way to promoting green entrepreneurship and greening of its development (better quality of air and water, renewable energy, electric vehicles, and organic farming). On the other hand, emissions remain high, agricultural land loses productivity, and freshwater resources degrade due to climate change. In conventional industries (oil, coal mining, and electric and thermal energy), decarbonization faces an array of impediments. In this chapter, the authors summarize fundamental provisions of China’s approach to building an ecological civilization and measures to reduce emissions and achieve the carbon neutrality status within the nearest decades. The analysis of obstacles to the decarbonization of the economy and possible prospects for the development of green entrepreneurship summarizes China’s practices for possible use in other countries.

Critical examination of Bangladeshi laws related to workers’ rights in the garment industry. This paper aims to examine the impact of foreign direct investment (FDI) on the protection of garment workers’ rights in Bangladesh, analyzing how international investment practices influence labor standards and the overall well-being of workers in the garment industry.

In this study, qualitative and analytical methods has been used to analyze legal frameworks related to labor rights in Bangladesh and BITs.

The findings indicate a need to strengthen the current legal framework to better protect workers' rights in Bangladesh. The study also provides recommendations for the relevant authorities to improve the existing laws.

Novel idea critically evaluating the Bangladeshi legal framework in the context of foreign direct investment and implications for worker's rights.