Download - Growing Green Economy- Globally
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Growing Green Economy - Globally
Group MembersMuhammad Haroon Siddiqui
Imran Ayub
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Summary
As the effect of global warming, new sectors of green economy has beenaccelerated i.e. solar, wind, biofuels, tidal projects etc, funded exceptionally bygovt. & private sector.
These investments drove by oil prices & geopolitical risk.
Venture capital provide seed funds for renewable energy sectors because US govt.
purse strings controlled by fossil fuel and nuclear interest. Excluded growing externalities from the price system has made UK, USA, Europe &
other OECD members fall behind. Brazil ( Flex fuel cars and ethanol from sugar cane)
China (Green GDP & private sector spawned companies to solar & wind technology)
India ( Decentralized village with the provision of local off-grid solar electricity)
USA & Canada ( Wasteful transportation, inefficient suburban sprawl and petroleum addiction)
By fulfilling UN millennium development goals and shifting form fossil fuel torenewable resources and their sustainability will expend global prosperity.
Cont
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Cont
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Summary
Reappraisal of the work of Charles Darwin with new evidence pointed out clearly
the evolution of human emotional capacity for bonding, cooperation and altruism.
Competition, territoriality and tribalism are the fears of the past so did the
cooperation and ability to trust and bond with each other.
Today research by scientist form many fields have invalidate the core assumptions
underlying economic model which dominate public and private decision making inmost of the countries.
While competition remains a key driver in evolution and all human affairs,
cooperation is equally important.
Social science, with the exception of economics, assumes competition and self-
interest are rooted in human nature.
Adam Smith drew parallels ascribing of Invisible Hand to Newton Physical Law Of
Motion .
The benefits of competition in societies are widely recognized. The role of
cooperation in families and communities was unpaid, unrewarded and invisible in
economic models.
Cont.
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Summary
Charles Darwin saw the human capacity for bonding, cooperation and altruism as
an essential factor in our successful evolution.
We have evolved into our complex societies, organizations and technologies of
today-we need to reexamine our belief system.
Why we underestimate our genius of bonding, cooperation and altruism-seemingly stuck in our earlier fears and games of competition and territoriality?
Why we over-reward such behavior and still assumed in our economic text books
and businesses schools that maximizing ones individual self interest in
competition with all others is behavior fundamental to human nature?
Why do the neoconservatives that drives most US policies today believe that the
individual has primacy over community? US society is highly individualistic, whereas Mrs. Thatcher sought to rescue
individualism from a more socialistic Britain.
Competition and territoriality are channeled with in the structures of cooperation
and network of agreement, contracts, laws and international regulatory regime .
Cont
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Summary This reality is now recognized as co-opetition but has not supplanted the
competition model in economic theory.
Thus the formula of success has always rested on cooperation while embracing
competition and creativity which shockingly evident in encouraging managers in
the kind of behavior that produce the wave of corporate scandal and crimes at
Enron. ( Corporate Misbehavior)
These primitive beliefs about the primacy of competition and territoriality leads to
poverty, conflicts, terrorism and war- All are rooted in ancient human fear- deeply
coded in our us-versus-them political & economic text book.
These dysfunctional beliefs are deeply entrenched in many of the models of
economics that dominate our decisions and public policies.
This malfunctioning source code underlying economics focused on moneycirculation is still replicating behaviors and organizational structure that imperil
human survival under 21st century conditions.
Echoes of obsolete theories are still heard today and propounded in mainstream
economic textbooks as theories of efficient markets
Cont
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Summary
US Federal Reserve Boards use of neutral interest rates has been exposed by the
Levy Institute as convoluted and favoring asset owners above workers wages.
Central banks hypothetical money-circulation models must be scrutinized because
these institutions have won independence from political control and exercise
enormous power over societies.
central banks lobbied for freedom from political control even by democratically
elected governments. Even Britains labor government under Tony Blair accepted
this autonomy to the bank of England.
This quite brilliantly achieved by central bankers, yet, the failures of these economic
models in achieving their targets of non-non-inflationary economic growth and
fuller employment is evident in the recent history of financial crises , booms, busts,bubbles, unrepayable debt and unemployment.
In 1969, the Central Bank of Sweden put up $US1 million to create a prize to confer
scientific status and legitimacy on the academic discipline.
Cont
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Summary
Thus, the Bank of Sweden named its economics prize in memory of Alfred Nobel
and lobbied this designation onto the Nobel Prize Committee.
Since 1969, most of the Bank of Sweden Prizes in Economic Science has been
awarded to US economists espousing the Chicago School policies of laissez faire
free markets.
Peter Nobel added, These economists use models to speculate in stock marketsand options the very opposite of the humanitarian purposes of Alfred Nobel.
many scientists revolted, including members of the Nobel Committee and Peter
Nobel himself, and demanded that the Bank of Swedens economics prize either
be properly labeled and delinked from the other Nobel prizes or abolished.
The reason was the awarding of the economics prize to two more Chicago School
economists
The mathematicians pounced to the many misuses of their models by Prescott and
Kydland and other economists to dress up their questionable theories and
unscientific assumptions.
Cont
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Summary
As this news spread around the world (InterPress Service, January 2005,
Henderson, 2005) the usual heralding of the new economics prizewinners in the
mainstream financial press was strangely muted.
Global markets or companies moving toward social and environmental
responsibility. Similarly, such changes in corporate behavior have been driven by
trillions of pension funds dollars and millions of investors who care about their
childrens future and the state of our planet.
Students and prospective employees also ask about companies performance on
human rights and the environment, while new auditing standards of the Global
Reporting Initiative (GRI) prescribed triple bottom line accounting for people,
profit and environment.
Six hundred global corporations now comply with GRI accounting in their Annual
Reports.
Cont
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Summary
We are also entering the Age of Light as we humans shape this current global stage
in our development.
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Summary
Fundamentally, we humans have three basic resources at our disposal for this
transition information, matter and energy and of these, information is primary,
since the quality of information drives our use of matter and energy.
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Summary
The history of social innovation of markets is instructive, and now evolving rapidly.
The belief in an Invisible Hand persist in economic text books.
Not only are independent central bank policies obscure and driven by often
obsolete general equilibrium models, central bankers are also politically motivated.
E.g. Italys independent central bank president, Fazio is accused of cronyism, condoning fraud and
disregard for ethical standards.
The organization of market foster rapid evolution of industrialism three centuries
ago and sparked many innovation.
Legitimized markets and protected property rights led to a revolution of individual
entrepreneurship, creativity and innovation.
Industrialism must be reshaped because it is socially and environmentallyunsustainable BECAUSE sustainability interfaces with economics through the social
and ecological consequences of economic activity.
The early markets of industrial revolution and their business leaders create the
infrastructure platforms of concrete, steel, mechanized production and shipping
that still strengthning todays society.
Cont
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Summary
But the market freedoms provided by social legislation limiting companies
liabilities, enforcing property rights, upholding their patents to their innovation
also brought great harm to less fortunate, vulnerable members of society.
Machinery, property rights and the Enclosure laws drove farmers off their
ancestral common land and into factories.
Then, as factories automated heir product lines, workers moved into service
sector. Today, service are being automated and Full-employment promises fall
short and unemployment remains an ironic result of industrialism.
In every country where industrialism took hold, the tortoise of social innovation
lagged behind the hare of technological innovation.
The history of industrial revolution with all its good and bad news has included thelagging response of social rules.
This steer technological development and regulations to modernize its social cost
and environmental damage. It could steer to foster the common good, shared
prosperity and protect natures wealth.
Cont
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Summary
The economist, Schumpeter describe this process as creative destruction
Dr. Hazel described it as ideological biases of neo-classical economic and the
unreality of many of the inaccurate assumptions underlying even todays economic
text books.
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US society is highly individualistic
Alternative There is considerable evidence that Americans are not individualistic in fact, are
less individualistic than other peoples.
Survey organizations have asked people around the world questions that get at
whether they hold values such as individualism. One of the longest-running is the
International Social Survey Programme. (Another major one, with comparable
results, is the World Values Survey)
The questionnaire consist on following main points:
Personal Conscience
Individual VS Country
Individual VS Family
Individualistic culture encourage their members to be unique and independent. Collective cultures
encourage their members to be loyal and interdependent
http://blogs.berkeley.edu/2010/04/20/american-individualism-%E2%80%93-really
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Evaluation
I Agree with the statement US society is highly individualistic on following
reasons:
Most Americans are only interested in advancement and the prospering of
themselves. (Competition)
The main goal is to become financially independent and to acquire possessions
and the reason is because of how Americans live. (Competition) They have the freedom to believe and think what they want and each individual
concentrates on his own personal goals.
In other countries that do not have the same freedoms as America, the individual
seems to focus on the entire group or society. (Cooperation)
Being a collectivistic culture they are more likely to care about the problems
people have surrounding them. (Cooperation)
individualism is frequently associated with the extreme right in the US
While the extreme right frequently seeks lower taxes and less regulation, it also
seeks to regulate behavior, especially on issues of abortion, sex education and gay
marriage.