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Globalization and Climate Change
Abstract
The worldwide phenomena of climate change and globalization raise many questions for the social sciences. How do globalization and climate change affect each other? What challenges do their interactions present to social scientists? Who are the winners and losers from globalization and climate change? Do their impacts on the welfare of specific social groups intensify or offset each other? Within the limited scope of this chapter, I intend to provide some brief (and incomplete) answers to these important questions.
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The book is a concise introduction to an emerging field within economics. Drawing on numerous disciplines, including environmental science, environmental and ecological economics and optimal growth theory, sustainability remains a hazy and complex subject.
In this extraordinary book, the authors combine the latest science with compelling storytelling and amazing photography to create a new narrative for humanity's future. Johan Rockstom and Mattias Klum reject the notion that economic growth and human prosperity can only be achieved at the expense of the environment. They contend that we have unprecedented opportunities to navigate a "good Anthropocene." By embracing a deep mind-shift, humanity can reconnect to Earth, discover universal values, and take on the essential role of planetary steward. With eloquence and profound optimism, Rockstrom and Klum envision a future of abundance within planetary boundaries-a revolutionary future that is at once necessary, possible, and sustainable for coming generations. © Bokförlaget Max Strböm 2015, Text Johan Rockstrom, Text pages 114-115 and photo captions Mattias Klum, All photos Mattias Klum, except photo page 3, NASA/William Anders, and page 51 (top left, polar bear, Johan Rockstrom. All rights reserved.
The same rule which regulates the relative value of commodities in one country does not regulate the relative value of the commodities exchanged between two or more countries.
Under a system of perfectly free commerce, each country naturally devotes its capital and labor to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole. By stimulating industry, by rewarding ingenuity, and by using most efficaciously the peculiar powers bestowed by nature, it distributes labor most effectively and most economically: while, by increasing the general mass of productions, it diffuses general benefit, and binds together, by one common tie of interest and intercourse, the universal society of nations throughout the civilised world. It is this principle which determines that wine shall be made in France and Portugal, that corn sell be grown in America and Poland, and that hardware and other goods shall be manufactured in England…
Of the Division of LabourOf the Principle which Gives Occasion to the Division of LabourOf the Natural and Market Price of CommoditiesNote
Economics and the Challenge of Global Warming is a balanced and comprehensive analysis of the role of economics in confronting global warming, the central environmental issue of the twenty-first century. It avoids a technical exposition in order to reach a wide audience and is up to date in its theoretical and empirical underpinnings. It is addressed to all who have some knowledge of economic concepts and a serious interest in how economics can (and cannot) help in crafting climate policy. The book is organized around three central questions. First, can benefit-cost analysis guide us in setting warming targets? Second, what strategies and policies are cost-effective? Third, and most difficult, can a global agreement be forged between rich and poor, North and South? While economic concepts are foremost in the analysis, they are placed within an accessible ethical and political matrix. The book serves as a primer for the post-Kyoto era.
It is easy to choose a subject for a distinguished lecture like this, before a large and critical audience with a wide range of interests. You need a topic that is absolutely contemporary, but somehow perennial. It should survey a broad field, without being superficial or vague. It should probably bear some relation to economic policy, but of course it must have some serious analytical foundations. It is nice if the topic has an important literature in the past of our subject – a literature which you can summarize brilliantly in about eleven minutes – but it better be something in which economists are interested today, and it should appropriately be a subject you have worked on yourself. The lecture should have some technical interest, because you can’t waffle for a whole hour to a room full of professionals, but it is hardly the occasion to use a blackboard.
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