strategies fostrategies for sustainability of environmental & resources efficiencyr sustainability
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St ra teg ies fo r Susta inab i l i t y o f Env i ronmenta l &
Resources E f f i c iency
J o s h u a I o j i K o n o v
O c t o b e r 4 , 2 0 1 2
C h i c a g o I L , t h e U S A
J o sh u a .k o no v@gma i l . c o m
Abst rac t
Th e be s t g l ob a l mo de l f o r e xp a n d i ng A l t e rn a t i ve
E n e r g i e s a n d E n v i r o n m e n t a l P r o t e c t i o n i s t h r o u g h u s i n g
m a r k e t e q u i l i b r i u m , w h e r e a s g o ve r n m e n t a l s u b s i d i e s a n d
f i s c a l s t im u lu s t o b e j u s t s u p p le m e n t a r y . A c c e l e r a t e d
G lo b a l i z a t i o n a n d r i s i n g P r o d u c t i v i t y M a r k e t e q u i l i b r i u m
d e p e n d s o n m a t c h in g c o n s u m p t i o n d e m a n d a n d s u p p l y
t h r o u g h p r i c e d e l e ve r a g in g 1 . H e n c e i s a c h i e va b le i n a
m o r e f a i r m a r k e t c o m p e t i t i o n o n l y b y c h a n g in g m a r k e t
( i . e . e c o n o m ic ) a g e n t s : f r o m p r e s e n t l y u s e d t r i c k l e - d o w n
e c o n o m ic s t h a t s t im u la t e b i g b u s i n e s s a n d b i g i n ve s t o r s2
t o a m o r e m a r k e t r e l a t e d e c o n o m ic s ( M a r k e t i s m ) t h a t
w o u ld s t im u la t e S m a l l & M e d iu m B u s in e s s e s a n d
I n ve s t o r s ( S M E & I ) b o o s t b u s i n e s s a c t i v i t i e s a n d r e l a t e d
1Tressel 20102 Saez 2013: From 2009 to 2011, average real income per family grew modestly by 1.7% (Table 1) but the gains
were very uneven. Top 1% incomes grew by 11.2% while bottom 99% incomes shrunk by 0.4%.
http://var/www/apps/conversion/tmp/scratch_3/[email protected]://var/www/apps/conversion/tmp/scratch_3/[email protected] -
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e m p lo ym e n t , f i s c a l r e s e r ve s a n d o ve r a l l m a r k e t u t i l i z e d
c o n s u m p t i o n .
Th i s pa p e r i s b a se d o n t wo p re v i ou s pa p e rs 3 & 4 a n d
B ib l i o g r a p h y .
H o w e ve r , i t e xp l a i n s a n d a d d s t h e t h e o r y f r o m a n e w
p r o s p e c t i ve .
I n t roduct ion
Longer - te rm market deve lopment s t ra teg ies fo r
env i ronmenta l p ro tec t ion and the adopt ion o f
env i ronmenta l l y f r i end ly energy genera t ion and
a l te rna t ive ways o f consumpt ion to reduce
po l lu t ion and waste a re essent ia l . Such s t ra teg ies
shou ld be done on a g loba l sca le too , whereas the
in te rdependence i s rea l . S h o c k s a p p a r e n t l y e m a n a t i n g
in t h e U n i t e d S t a t e s h a ve l e d t o t h e l a r g e s t g l o b a l
s l o w d o w n s i n c e t h e 1 9 3 0 s 5 .
I n g e n e r a l , the a l te rna t ive energ ies t echno log ies
and env i ronmenta l p ro tec t ion a re expens ive
prepos i t ions unreachab le by less -deve loped
3 Konov 20114 Konov 20115 B a y o u m i a n d B u i , W P / 1 0 / 2 3 9
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markets ( i . e . economies ) . Wh i le market ( i . e .
economic ) s tagnat ion has been acce le ra ted by the
las t 2007-9 Grea t Recess ion the probab i l i t i es fo r
many grea t ly underdeve loped markets to adapt
some advance techno log ies fo r env i ronmenta l
pro tec t ion and reduce po l lu t ion and wast ing
recourses a re prac t i ca l l y incomprehens ib le . The
ongo ing g loba l i za t ion and r i s ing product iv i t y have
estab l i shed some very new market ( i . e . economic )
cond i t ions o f de indust r ia l i za t ion o f some deve loped
markets as the US , most EU , and Japan ones , and
cond i t ions o f l a ck o f poss ib i l i t y fo r
indust r ia l i za t ion o f o ther undeve loped markets as
Easte rn Europe , Southern Europe , many A f r i can and
e .g . markets . 6 T h i s c l im b i s a p e r m a n e n t , i r r e ve r s i b l e
c h a n g e . W i t h C h in a a n d I n d i a - - w h i c h t o g e t h e r a c c o u n t
f o r a lm o s t 4 0 p e r c e n t o f t h e w o r l d ' s p o p u la t i o n - -
r e s o l u t e l y m o v in g u p t h i s l a d d e r , s t r u c t u r a l e c o n o m ic
c h a n g e s i n e m e r g in g c o u n t r i e s w i l l o n l y h a ve m o r e
im p a c t o n t h e r e s t o f t h e w o r l d i n t h e f u t u r e . 7
6K o n o v 2 0 1 17S p e n c e 2 0 1 1
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The long- te rm recess ions cou ld ha rd ly be se l f -
ad jus t ing by cyc l i ca l market fo rces as i t was
observed in the las t recess ion th i s i s why the
governments in te rvened in the markets ( i . e .
economies ) th rough s t imu lus packages , equ i ty
acqu is i t ion in the A IG and GM cases , o r even
fa r ther th rough Quant i ta t ive Eas ing . Hence , market
equ i l ib r ium was not l e f t on i t s se l f - ad jus t ing
powers but i t was reached by d i rec t governmenta l
ac t ions to ensure the overa l l market s tab i l i t y .
Th e t r i ck le -down economics cons iders se l f - ad jus t ing
bus iness cyc les as necess i t ies fo r cu t t ing
redundanc ies ; a sys tem o f market fo rces based on
r i s ing product iv i t y and investment o f shady
bus iness prac t i ces and reduced bus iness laws o f
t r i c k e d - u p c o n c e n t r a t i o n o f c a p i t a l p r o m o t i n g l a r g e
t r a n s n a t i o n a l c o r p o r a t i o n s a n d l a r g e i n ve s t o r s . Cap i ta l
tha t wou ld t r i ck le -down to markets (e .g .
economies ) ; these agents a re supposed to prompt
and ma in ta in market ( i . e . economic ) deve lopment
( i . e . g rowth) . A sys tem tha t had brought economic
growth fo r a f ew Centur ies in the US , many EU
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markets ( i . e . count r ies ) and Japan the success fu l l y
bu i l t deve loped markets ( i . e . economies ) . However ,
w i th the most recent acce le ra ted G loba l i za t ion ,
r i s ing P roduct iv i t y , Ch ina s indust r ia l i za t ion , the
overa l l advances in techno log ies 8 a n d I n t e r n e t t h e
g l o b a l m a r k e t e q u i l i br ium has been grea t ly
a f fec ted* 9 . Hence , the marg ina l i z ing US income and
dec l in ing midd le c lass 1 0 and T r a n s n a t i o n a l
C o r p o r a t i o n s , w h i c h a r e c o n s i d e r e d b y t h e m o d e r n e c o n o m i c s a s
f r o n t i e r s o f h i g h p r o d u c t i v i t y a n d g l o b a l g r o w t h , h o w e v e r t h e i r
a c t i o n s h a v e h a d n e g a t i v e e f f e c t i n m a n y o c c a s i o n s o n t h e m a r k e t
d e v e l o p m e n t o f c o u n t r i e s a s B u l g a r i a , R o m a n i a , L a t v i a , e t c . , c o u n t r i e s
l o s i n g e q u i t y b y l e t t i n g e x i s t i n g i n f r a s t r u c t u r e d e t e r i o r a t e , r e d u c i n g
t h e i r S o c i a l P o l i c i e s a n d M e d i c a r e , a n d f i n a l l y d e e p e n i n g i n t o g e n e r a l
d i s p r o p o r t i o n e d i n e q u a l i t y a n d w e a k c o n s u m p t i o n ( m a r k e t d e m a n d )
i n t o n a t i o n a l d e b t . 1 1 ; For the las t 20 years 1 2 and the las t
2007-9 Recess ion s sever i t y was the best example
fo r the imba lance ( i . e . d i sequ i l ib r ium) in the loca l
8 Konov 2011: the three main market facts: 1) the ongoing globalization; 2) the risingproductivity; 3) the environmental pollution and exhausting Earth resources have majorexogenous and endogenous casual effect on the real markets of the Advanced Market(AM) and Emerging Markets (EM) alike. (China is not included as an EM)9 Khanna 2013: There is no doubt that Americas manufacturing base has declined,peaking at 19.6 million jobs in 1979 and now at just over 11 million jobs. Despite thiseconomic transition, however, U.S. manufacturing jobs are still worth having. On average,full-time manufacturing work pays 20 percent more than full-time service-sector jobs.
10T a b l e 111K o n o v 2 0 1 112B a b e c k y , a n d o t h e r s W P / 1 0 / 1 9 8
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and g loba l demand- to - supp ly 1 3 m a r k e t p l aces . The
Imba lance ( i . e . d i sequ i l ib r ium) , wh ich cou ld no t
have been ad jus ted but by d i rec t governmenta l
in te r fe rence and when under the emerg ing
cond i t ions in the European Un ion in te r fe rence was
not proper ly app l ied the consequences were
recess ionary we l l observed (e .g . the EU
marketp lace ) 1 4 . M o d e r n d a y s g l o b a l m o n e t a r y a n d f i s c a l
p o l i c i e s b y t h e M D I E t h a t h a v e c h a n g e s a f t e r 1 9 7 9 f r o m P M A F t o
A M P F p o l i c i e s 1 5 . A l a rg e de l e ve ra g ing o f f o re i g n a sse ts b y
B e lg i u m a n d S w i s s b a n k s ( a b o u t 3 0 p e r c e n t o f f o r e i g n
a s s e t s ) , f o l l o w e d b y B r i t i s h a n d G e r m a n b a n k s ( w i t h
d e l e ve r a g in g o f r e s p e c t i ve l y 2 4 p e r c e n t a n d 2 1
pe r c e n t ) , US a n d Du tc h ba nk s ( 1 3 p e rc e n t ) , a n d F re n c h
b a n k s ( 1 0 p e r c e n t , h o w e ve r t h e u p t o 4 0 d e l e ve r a g in g
b y a l l f a c t o r s o f b a n k in g c a n c a u s e h i g h l o s s e s a n d a
c o l l a p s e o f i n t e r n a t i o n a l b a n k in g a c t i v i t i e s . 1 6
13Friedman 2013: There is no doubt our economy is primarily being held back by thedeleveraging and drop in demand that resulted from the 2008 financial crisis.
14Krugman. Paul Data, Stimulus, and Human Nature NYT 2013 That said,
if you look at players in the macro debate who would not face huge
personal and/or political penalties for admitting that they were wrong,
you actually do see data having a considerable impact. Most notably,
the IMF has responded to the actual experience of austerityby
conceding that it was probably underestimating fiscal multipliers by a
factor of about 3.15 T r a u m a n d Y a n g , W P / 1 0 / 2 4 316 T r e s s e l W P / 1 0 / 2 3 6
http://krugman.blogs.nytimes.com/2012/10/11/the-imf-and-the-gop/http://krugman.blogs.nytimes.com/2012/10/11/the-imf-and-the-gop/ -
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Th e f as t e r act ion by the Ch inese , the Japanese and
the US governments the bet te r resu l t s were
observed , the s lower and indec i s ive ac t ion by the
EU the wors t and less success fu l market ( i . e .
economic ) resu l t s . Most s tud ies reach the broad
conc lus ion tha t f i sca l po l i cy i s cyc l i ca l in
deve lop ing markets and countercyc l i ca l o r acyc l i ca l
in indust r ia l i zed ones 1 7 ,
Long- te rm s t ra teg ies to pro tec t the env i ronment
d i rec t ly re f lec t a cons i s tent g loba l market
deve lopment . Hence , p r i cy techno log ies fo r
reduc ing po l lu t ion and de fo resta t ion cou ld be
ach ieved under the most recent g loba l market
cond i t ions on ly by bus iness d ivers i f i ca t ion ,
bus iness enhancement , and overa l l deve lopment in
a more secure marketp lace . The Ru le o f Law 1 8 o f
c o n t r a c t l a w s , i n t e l l e c t u a l p r o t e c t i o n l a w s , a d e q uate
insurance and bond ing 1 9 , e t c ra i ses the market
17d e l G r a n a d o a n d o t h e r s W P / 1 0 / 2 3 418 Tom Bingham, Lord Chief Justice 1996-2008, presents eight parts of the rule of law: Thelaw must be accessible and so far as possible intelligible, clear and predictable. Questionsof legal right and liability should ordinarily be resolved by application of the law and notthe exercise of discretion. Laws should apply equally to all, unless objective differencesjustify differentiation.
19 strategies to mitigate the impact of climate change will vary by line of business,
solvency-related risks remain central to all insurers and lines of business. As such, thethreat that climate-change-driven weather-related risks pose to insurer solvency is ofuniversal concern for insurance regulators, especially considering that insurer financial
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secur i t y es tab l i sh ing cond i t ions fo r more lend-ab le
SME&I and less -deve loped markets , wh ich combined
wi th the a r t i f i c ia l f o r the markets Soc ia l and
Env i ronmenta l Expenses becoming more equ i tab le
in such more secure marketp lace might invoke
ma jo r market no ise . I n M a s lo v 2 0 t h e t h e o r y o f
c o m p le x i t y i n m o n e t a r y p o l i c i e s , w h i c h c o u ld b e
a c h ie ve d b y d i ve r s i t y i n c u r r e n c i e s i n t h i s p a p e r i s
e x t e n d e d t o m i c r o - m a c r o m a r k e t c o m p le x i t y o f p u t t i n g
n e w w e ig h t s o n b u s i n e s s f r o m e a s y b u s i n e s s o f s h a d y
p r a c t i c e s i n t o more r e gu l a t e d b u s i ne s s . Th e n e w
c o m p le x i t y ( e n t r o p y ) o n a g l o b a l s c a l e f r o m m ic r o -
m a c r o m a r k e t l e ve l w i l l b r i n g s im i l a r e f f e c t t o t h e r e a l
m a r k e t p l a c e ( i . e . E c o n o m y) , t h u s t h e c o m p le x i t y n e e d e d
w i l l s t o p t h e c o m in g d e b t d i s a s t e r a n d r e ve r e s i t u n d e r
t h e n e w c o n d i t i o n s i n t o g l o b a l d e ve l o p m e n t 2 1 .
Th i s pa p e r a d op t s t h e ne c e ss a ry te c hn o log i e s a nd
a p p r o a c h e s t o p r e ve n t g l o b a l w o r m in g a n d e xh a u s t i o n o f
r e s o u r c e s i n t o a s y s t e m o f r e l a t i ve m a r k e t e q u i l i b r i u m
u n d e r t h e c o n d i t i o n s o f g l o b a l m a r k e t l o n g - t e r m
stability is heavily dependent on its investment portfolio. So it is imperative we examinehow climate change will impact the investments insurers hold and establish applicable
regulatory standards for the investment practices of insurers.20M a s l o v 2 0 0 821K o n o v 2 0 1 1
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d e ve lo p m e n t . H o w e ve r , t o s u c c e e d s u c h s u b s t a n t i a l a n d
f u n d a m e n t a l c h a n g e o f a p p r o a c h e s t o w a r d l e s s
d e ve l o p e d m a r k e t s i s n e e d e d , w h e r e a s f r o m g e n e r a l
m a r k e t ( i . e . e c o n o m ic , b u s i n e s s a p p r o a c h e s ) t h a t
p r o m o t e b i g b u s i n e s s a n d b i g i n ve s t o r s i n t o o n e t h a t
d o e s p r o m o t e a n d m a in t a i n r e l a t i ve l y f a i r m a r k e t
c o m p e t i t i o n .
The Market i sm i s based on f ree ent repreneursh ip as
the motor fo r market deve lopment ( i . e . economic
growth) . Moreover , the Soc ia l and In f ras t ruc tura l
expenses a lone w i th Lower In te rest Loans and
Subs id ies a re inc luded as market agents to prompt
market deve lopment , however a r t i f i c ia l t o the
markets agents tha t to be used on ly in cohes ion
wi th the na tura l f o r the markets f ree bus iness
market agents . The Market i sm accepts randomness
as market ( i . e . bus iness ) deve lopment ( i . e . cyc les )
whereas the market too ls coming out o f the market
agents ( i . e . economic agents ) a re used to succeed
market equ i l ib r ium. The accumula ted in t ime
market redundanc ies under th i s new system o f
Market i sm shou ld be ex t ingu ished and de leveraged
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by us ing thus na tura l and a r t i f i c ia l market agents ,
whereas parameters in more l i ke sys tem resembl ing
Quantum Phys i cs ca l led Quantum Economics .
Market i sm and Env i ronmenta l S t ra teg ies
M a r k e t d e ve l o p m e n t ( i . e . e c o n o m ic g r o w t h ) n o t r e l y i n g
o n t h e g o ve r n m e n t s b u t m o s t l y o n t h e f r e e
e n t r e p r e n e u r s h ip i n t h e c o n d i t i o n s o f G l o b a l W o r m in g
a n d D e c r e a s i n g E a r t h R e c o u r s e s c o u ld b e o n l y a c h i e ve d
i f g l o b a l m a r k e t secur i t y i s enhanced tha t i s in the
fundamenta ls o f the Market i sm, whereas
Env i ronmenta l S t ra teg ies a re no t anymore
uncompet i t i ve redundanc ies but pa r t o f the market
ent ropy 2 2 . T h e C a p i t a l i s m i s b a s e d o n l o w e r e c o n o m ic
s e c u r i t y , r e l a t i ve l y h i g h l e n d in g i n t e r e s t r a t e ( e xc l u d e
T i e r I ) , shady bus iness prac t i ces , C u r r e n t l y , t h e s e
s t a n d a r d s d o n o t c r e a t e b i n d i n g l e g a l o b l i g a t i o n s o n U . S . c o r p o r a t i o n s
a n d s t a t e l a w f i d u c i a r y d u t y s t a n d a r d s d o n o t c o m p e l c o r p o r a t e B o a r d s
o f D i r e c t o r s t o a c t i n f u r t h e r a n c e 2 3 o f s h a r p l y f l u c tuat ing
bus iness cyc les , e t c the Market i sm i s based on
22A measure of the disorder or randomness in a closed system. The most generalinterpretation of entropy is as a measure of our uncertainty about a system. Theequilibrium state of a system maximizes the entropy because we have lost all informationabout the initial conditions except for the conserved variables; maximizing the entropymaximizes our ignorance about the details of the system.[18] This uncertainty is not of
the everyday subjective kind, but rather the uncertainty inherent to the experimentalmethod and interpretative model.23L a w f i r m o f F r i e d , F r a n k , H a r r i s , S h r i v e r & J a c o b s o n L L P 2 0 0 7
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h igher market secur i t y , re la t ive ly lower lend ing
ra tes , the ru le o f l aw in bus iness , ad jus ted
randomly market f luc tua t ions by us ing s ta t i s t i cs to
loca te and parameters to d i sperse negat ive bu i l t -
ups . T h e f o r m a l f i r m s a r e t h e m o s t s e ve r e l y a f f e c t e d b y
f i n a n c in g o b s t a c l e s 2 4 . Th e E nv i ro n me n t a l S t ra t e g i e s
c o u ld b e c o m e p a r t o f t h e M a r k e t i s m i n a more d iverse
bus iness ent ropy be ing redundant under the
Cap i ta l i sm as uncompet i t i ve . Under the Cap i ta l i sm,
the Env i ronmenta l S t ra teg ies cou ld be deve loped
through governmenta l subs id ies and f i sca l b reaks
on ly .
Market Secur i t y
Th e p r od uc t i v i t y and the investment a re the agents
fo r economic growth in the Cap i ta l i sm: bus iness
laws and regu la t ions , t axa t ion to the r i ch , soc ia l
and in f ras t ruc tura l expenses , consumer pro tec t ion
laws , even in te l lec tua l p roper ty l aws , and the
env i ronmenta l and consumer pro tec t ion laws , e .g .
a re breaks in the way to economic growth .
However , in t ime , under the soc ia l and market
24D a b l a - N o r r i s a n d I n c h a u s t e W P / 0 7 / 1 1 2
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pressures the bus iness laws and in te l lec tua l
pro tec t ion laws have been bet te r imp lemented by
the best -deve loped economies than by the
deve lop ing and undeve loped economies . The
deve lop ing and undeve loped economies a re
pressured by the In te rna t iona l O rgan iza t ions (WTO,
the WB, and the IMF) toward lower taxa t ion ,
re laxed bus iness laws and regu la t ions to a t t rac t
fo re ign investment I M F - s u p p o r te d m a r k e t r e f o r m s ,
w i t h t h e i r e m p h a s i s o n f i s c a l r e f o r m s , h a ve a f f e c t e d t h e
p r oc yc l i c a l b e h a v i o r o f g ove rn me nt s pe nd in g i n
d e ve l o p in g c o u n t r i e s . 2 5 . and thus to boost
product iv i t y . P ro b ig bus iness has been cons idered
the on ly way fo r g loba l economic growth , there fo re
some t ime f raudu lent co rpora te ac t ions have been
over looked . C o r p o r a t i o n s m a y h a ve a s s e t s a n d
l i a b i l i t i e s , b u t t h e y d o n t c o m m i t c r im e s t h e i r
o f f i c e r s , e xe c u t i ve s a n d e m p lo ye e s d o . A n d t h e 2 3 - p a g e
le t t e r a g r e e m e n t b e t w e e n T ys o n a n d t h e D e p a r t m e n t o f
J u s t i c e , t h e c r im in a l i n f o rma t i on , an d t h e S . E . C . s p ub l i c
s t a t e m e n t o f f a c t s a l l w i t h h e ld n a m e s , i d e n t i f y i n g t h e
25A k i t o b y a n d o t h e r s W P / 0 4 / 2 0
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pa r t i c i p a n t s on l y a s s e n i o r e xe c u t i ve , V P
I n t e r n a t i o n a l , V P A u d i t a n d s o o n . 2 6 g e n e r a l l y a n d 1 5 1
1 5 3 t h e t r a n s n a t i o n a l c o r p o r a t i o n s : a l a r g e f r a c t i o n o f
d i s p u t e s r e l a t e d t o f o r e i g n i n ve s t m e n t s n o w a d a ys i s
s e t t l e d b y p r i va t e a r b i t r a t i o n a n d n o t b y n a t i o n a l
c o u r t s . S o c o r p o r a t e l a w f i r m s a n d a c c o u n t i n g f i r m s a d d
ye t a d d i t i on a l l a ye rs t o r ou t i ne t r a ns na t i o na l r u l e -
m a k in g . 2 7 I n h i s t o r y s u c h a p p r o a c h h a d w o r k e d f i n e
u n t i l t h e m a jo r c h a n g e s i n t h e l a s t 2 0 - 2 5 ye a r s ,
whereas the ma jo r t ip -o f f in indust r ia l p roduct ion
has occur red w i th the ment ioned above* The out o f
ba lance sys tem br ings the necess i t ies fo r the
Market i sm becoming ach ievab le as never be fo re in
h is to ry . The pr io r i t y o f th i s new system i s to
improve the market secur i t y es tab l i sh ing the
cond i t ions fo r l ower lend ing ra tes , and to boost
SME&I and Less Deve loped Count r ies market
par t i c ipa t ion . On reg iona l markets o r on the g loba l
marketp lace the e f fec t o f improv ing the market
secur i t y i s to lower in te rest l end ing ra tes tha t w i l l
26W e l l s a n d o t h e r s 2 0 0 727M a n , S e n i o r I n t e r n a t i o n a l L a w A d v i s o r I n t e r n a t i o n a l I n s t i t u t e f o r S u s t a i n a b l e D e v e l o p m e n t 2 0 0 8
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a l low more par t i c ipants , more bus iness ent ropy and
more consumpt ion ( i . e . market demand) . By i t s
na ture , such change i s a market revo lu t ion ;
however , in de ta i l s i t i s a ve ry prac t i ca l m ic ro and
macro economic mod i f i ca t ion o f s imp l i f i ed c lose to
the market fo rces amendments . Ach ieved h igh
market secur i t y wou ld a l low long- te rm
env i ronmenta l s t ra teg ies market re la ted
ut i l i za t ion , f o r these becoming par t o f the g loba l
market compet i t ion .
Market Changes and Enhancements
The market ( i . e . economic ) agents tha t work to
prompt economic growth ( i . e . market deve lopment )
o f the Cap i ta l i sm do not necessary p rompt market
deve lopment ( i . e . economic growth) o f the
Market i sm:
Ca p i ta l i s m M a rk e t i s mS h a d y b u s i n e s s c o n t r a c t
l a w s
S t r i c t ru le o f l aw in
bus iness
L imi ted l i ab i l i t y
co rpora te lega l f o rm 2 8
U n l im i t e d l i a b i l i t y
c o r p o r a t e l e g a l f o r
dec i s ion makers fo rm
28Ruggie 2007
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Bus iness and market
exchanges regu la t ions
B u s in e s s a n d m a r k e t
e xc h a n g e s l a w s
Vague l i ab i l i t y and
pro jec t insurance
C o m p r e h e n s i ve l i a b i l i t y
a n d p r o j e c t i n s u r a n c e , a n d
b o n d in g
Vague in te l lec tua l
proper ty pro tec t ion
C o m p r e h e n s i ve i n t e l l e c t u a l
p r o p e r t y p r o t e c t i o n 2 9
Vague env i ronmenta l and
consumer pro tec t ion
C o m p r e h e n s i ve
e n v i r o n m e n t a l a n d
c o n s u m e r p r o t e c t i o n
Soc ia l and in f ras t ruc ture
as expenses
Soc ia l and
in f ras t ruc ture as pa r t ia l
equ i t ies 3 0 3 1
WB and I MF as lender WB and IMF as promoter
and cont ro l le r
Pro cyc l i ca l economic s Counter - cyc l i ca l
economics 3 2
Low Governmenta l
employment and low
taxes
Ba lanced governmenta l
employment and taxes
to overa l l market
ac t iv i t y
Product iv i t y and
investment as ma in
economic agent 3 3
B u s in e s s e n t r o p y ( i . e .
no ise ) and d ivers i t y as
ma in market agent
29Watt 201130
Espinoza 201131Arslanalp 201032Tressel 2010
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Nat iona l budget as
lead ing ind ica to r to a
count ry s economy
In f la t ion /de f la t ion as
lead ing ind ica to r to a
count ry s market3 4
B ig bus iness and
investo rs as
benef i c ia r ies - compare
to SME&I same fo r sma l l
and underdeve loped
count r ies
A l l m a r k e t p a r t i c i p a n t s
i n c l u d in g Sma l l and
Medium bus iness and
investo rs , sma l l and
underdeve loped markets
as bene f i c ia r ies
Pro supp ly economic
po l i c ies
Pro market equ i l ib r ium
market 3 5 e c o n o m ic s 3 6
Globa l cur renc ies
merg ing ( i . e . EU)
G loba l cur renc ies
ent ropy
Th e M a rk e t i s m u t i l i z e s on th e s e c ha n g e s a nd
e n h a n c e m e n t s t o m a r g in a l i z e engraved fo r centur ies
market insu f f i c ienc ies in o rder to acce le ra te
market ac t iv i t i es and overa l l market ent ropy under
a market env i ronment o f we l l deve loped g l oba l
indust r ia l bas i s and capab i l i t i es o f the US , J apan ,
Ch ina , Germany, and e t c .
33Contessi 2010
34Anderson 201135Bhattacharya 201136Bayoumi 2011
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Env i ronmenta l P ro tec t ion one o f the Agents fo r
Deve lopment
I f h igher market secur i t y enhances market ent ropy
( i . e . bus iness ac t iv i t i es ) and d ivers i t y the
par t i cu la r and impor tant market agent -
Env i ronmenta l P ro tec t ion i s to be fundamenta l to
ca r ryon even fu r ther th i s market ent ropy and the
fo l low ing market deve lopment . Markets , wh ich a re
crea t ing cond i t ions fo r f as te r market deve lopment
and cou ld be pushed by ta rgeted market l eaps o r
cons is tent pressures on some par t i cu la r market
segments tha t cou ld br ing overa l l a cce le ra ted
market deve lopment . A l te rna t ive energ ies , f a rming ,
and techno log ies a re the one to improve
env i ronmenta l p ro tec t ion , l ower po l lu t ion and
reduce the usage o f Ea r th resources ; however , i f
these a re compet i t i ve market ac t iv i t i es , boosted
through subs id ies and low ra tes lend ing i t ( the
env i ronmenta l p ro tec t ion ) cou ld be the ma jo r agent
fo r overa l l market deve lopment . The most
impor tant , as ment ioned above , i s such market
agent to be na tura l to the market compet i t ion (no t
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ar t i f i c ia l a s i t i s now, because o f the
uncompet i t i veness o f h igh pr i ces , l ow p roduct iv i t y ,
ine f fec t iveness i t b r ings ) . Thus , i f the sys tem o f
economics c rea tes more d iverse and comprehens ive
market cond i t ions the ent ropy ( i . e . no i se ) o f such
market env i ronment wou ld u t i l i ze the
Env i ronmenta l P ro tec t ion as market more e f f i c ient
agent . By i t se l f , such market e f f i c iency wou ld
crea te employment and work ing compet i t i veness
be ing r ight ly sub jec t ive to cur rent market
equ i l ib r ium. Whereas improv ing p roduct i v i ty and
in te rna t iona l investment i s a market agent tha t
inc rease market ent ropy by i t s improv ing e f f i c iency
and compet i t i veness in an market env i ronment o f
dominance fo r La rge Bus inesses and Investo rs , the
improv ing p roduct i v i ty and in ternat iona l
investment enhanced by inc lus ion o f more
par t i c i pants i s a market agent to inc rease the
market ent ropy in a market p lace over loaded w i th
indust r ia l goods and manufac tur ing capab i l i t i es in
a market ent ropy o f no o l igopo l ies ( i . e . d ominance)
but re la t ive ly f a i r market compet i t ion .
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In a market p lace w i th h igh ent ropy o f bus iness
act iv i t i es the overcap i ta l i za t ion , wh ich in case
provoked the 2007-9 Recess ion wou ld no t do such
harmfu l e f fec t because the energ ies tha t bu i l t such
overcap i ta l i za t ion wou ld d i sperse in to o ther market
sec t ions , however prevent ive ac t ions shou ld be
used , too . The t ransmiss ionab i l i t y o f a more
d iverse and ac t ive marketp lace i s to be inc reas ing ,
there fo re any moneta ry and f i sca l ac t ions wou ld
have more and fas te r e f fec t on the overa l l market
( i . e . economy) . Genera l l y , under the cond i t ions o f
l ower lend ing in te rest ra tes the market as a who le
wou ld be ab le to accumula te and go th rough
longer - te rm negat ive recess ionary per iods w i thout
s t ruc tura l d i s in tegra t ion .
Env i ronmenta l P ro tec t ion and Lower Lend ing Rates
L o w e r l e n d in g r a t e s m e a n g e n e r a l l y h i g h e r b u s i n e s s
a c t i v i t i e s , o n a g l o b a l s c a l e c o n s e q u e n c u a l o f l e s s
p o ve r t y a n d u n d e r d e ve l o p m e n t . F o r t h e e n v i r o n m e n t a l
p r o t e c t i o n t o b e c o m e g l o b a l l y e f f e c t i ve a n g l o b a l m a r k e t
p r o s p e c t i ve i s f e a s i b l e o n l y . Po l l u t i o n f r o m e xh a u s t e d
a g in g ve h i c l e s a n d p r im i t i ve h e a t i n g , d e f o r e s t a t i o n ,
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u n c o n t r o l l a b l e w a s t e d i s p o s a l , e . g . a r e u n c o n t r o l l a b l e i n
u n d e r d e ve l o p e d a n d u n d e ve lo p e d m a r k e t s ( i . e .
c o u n t r i e s , e c o n o m ie s ) , b u t i n t e r n a t i o n a l d e p e n d e n c e
f r o m p o l l u t i o n i s e n ve l o p in g E a r t h . M o r e o ve r , i f
h yp o t h e t i c a l l y t h e g l o b a l m a r k e t p l a c e d r i ve n b y
p r o d u c t i v i t y a n d i n t e r n a t i o n a l i n ve s t m e n t n o i s e i s
i n d u s t r i a l i z e d , a n d g l o b a l e c o n o m ic g r o w t h i s s u c c e e d e d
b y t h e c u r r e n t l y a c c e p t e d e c o n o m ic s t h e
d i s p r o p o r t i o n e d p o l l u t i o n a n d e xh a u s t i o n o f r e s o u r c e s
w o u ld d e s t r o y i t a l l . I f , h o w e ve r , t h e u n d e r d e ve l o p m e n t
c o n t i n u e s t h e p o l l u t i o n a n d w a s t e wou ld dest roy i t
too , maybe a b i t l a te r .
Cons ider ing these two poss ib i l i t i es on ly a th i rd ,
more comprehens ive i s poss ib le whereas many
markets ( i . e . economies , count r ies ) a re g iven
cond i t ions to deve lop but no t by indust r ia l i za t ion .
I . e . , immedia te ly , the quest ion appears , i s i t
poss ib le , anyway?
Indust r ia l i za t ion and Market Deve lopment
Th e i n du s t r i a l i z a t i on i s t he h i g h e s t p o i n t o f d e ve l op me n t
i n t h e C a p i t a l i s m ; t h e t e c h n o lo g i e s a n d R & D , e d u c a t i o n
a n d m id d l e c l a s s , t a xa t i o n a n d f i s c a l p o l i c i e s a r e a l l
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d i r e c t l y r e l a t e d t o t h e i n d u s t r i a l p r o d u c t i o n 3 7 , t h e r e f o r e
w i t h t h e d e c l i n e i n i n d u s t r i a l p r o d u c t i o n o ve r a l l
e conomic dec l ine i s imminent .
H is to r i ca l l y , the fa rming was fundamenta l f o r the
economy agent the indust r ia l p roduct ion i s the
agent now 3 8 . H o w e ve r , t h e n e w g l o b a l d e ve l o p m e n t s *
h a ve r e d u c ed the oppor tun i t ies fo r many markets
( i . e . economies ) to ma in ta in needed fo r the i r f i sca l
reserves indust r ia l p roduct ion 3 9 a n d f o r g r e a t m a n y
o t h e r s t o i n d u s t r i a l i z e . Thus , deve loped and
deve lop ing markets a l i ke cou ld no t manage the i r
f i sca l ba lance o r deve lop in case , there fo re h igh
unemployment , underemployment , f i sca l shor tages ,
dec l in ing midd le c lass , de f i c i t and na t iona l debt 4 0
h a ve b e c o m e s yn o n ym s o f l a c k o f i n d u s t r i a l p r o d u c t i o n .
Wh i le the Economic Growth was not poss ib le but by
indust r ia l p roduct ion ; Market Deve lopment i s on ly
par t ia l l y dependent on indust r ia l p roduct ion . Even
37Stiglitz 200238Bandyopadhyay 201139Boragan and others 201140 Reinhart and Rogoff 2009: have recently engaged in a prodigious research effort aimed at collecting and
analyzing economic data and financial crises across dozens of countries and hundreds of years. The most
comprehensive repository of this work is their 2009 book This Time is Different: Eight Centuries of Financial
Folly; a separate report Growth in a Time of Debt (GITD hereafter), based on a subset of their data on nationaldebt and economic growth, has received considerable attention in the media and among policy makers after
professor Reinhart testified at the National Commission on Fiscal Responsibility and Reform.
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product iv i t y and investment agent does no t lose
impor tance in Market i sm the market ent ropy f rom
enhanced bus iness ac t iv i t i es shou ld become market
agent prompt ing market deve lopment , too ; the
market equ i l ib r ium in such cond i t ions shou ld be
more market o r iented than i t i s now, whereas
governmenta l invo lvement wou ld be less in
percentage -w ise in compress ion . The improv ing
techno log ies , the in te rnet , the h igh manufac tur ing
capac i ty o f t ransnat iona ls and Ch ina , the easy
mov ing and outsourc ing capab i l i t i es , the open
g loba l marketp lace , e .g . a re o f g rea t ba lanc ing
supp ly market agent .
In te rna t iona l F inanc ia l I ns t i tu t ions and the
Env i ronmenta l P ro tec t ion
Th e i n te rna t iona l f inanc ia l ins t i tu t ions (WTO, WB,
and IMF) a re be ing founded 4 1 o n t h e p r i n c i p l e o f
l e nd ing and bank cont ro l l ing : l end ing on re la t ive ly
h igh in te rest ra te and shor t te rm to less and
undeve loped markets ( i . e . count r ies ) 4 2 . T h e h i g h r i s k
o f t h e b o r r o w e r s j u s t i f i e d t h e h i g h r a t e s a n d s h o r t
41Shultz 199842Smith 1937
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t e r m s . P r o g r e s s i ve l y g l o b a l s e c u r i t y e xc h a n ge markets
have ex tended the i r share by t rad ing sovere ign
debt on f ree market pr inc ip les . Bo th ways , a t and
a f te r the 2007-9 Recess ion the ab i l i t i es o f many
count r ies to repay the i r debt have been dec l in ing
and fewer count r ies were dar ing to bor row f rom the
in te rnat iona l f inanc ia l ins t i tu t ions chang ing them
to t ransmi t te rs o f subs id ies and emergenc ies he lp
funds . W h i l e p u b l i c f l o w s p l u n g e d i n a l l c o u n t r i e s , t h e r e
i s a n i n d i c a t i o n t h a t g r a n t s w e r e r e p l a c i n g l o a n s i n l o w -
i n c o m e c o u n t r i e s , w h i c h i s c o n s i s t e n t w i t h d o n o r
c o m m i t m e n t s4 3 . T h e ta rgeted by the in te rna t iona l
f inanc ia l ins t i tu t ions g loba l economic growth has
dece le ra ted in to g loba l s low down o r recess ion but
a few except ions . T h i s p r o c e s s , h o w e ve r , h a s h a d s o m e
lo n g e r t a i l o f a t l e a s t 2 0 ye a r s w i t h d e t e r i o r a t i n g
undeve loped markets bo r row-ab i l i t y and
repayment -ab i l i t y , wh ich process cou ld be
connected to the weaken ing consumpt ion in the
most deve loped economies and the r i s ing indust r ia l
capab i l i t y o f Ch ina , Ind ia , and e .g . tha t has
43C o m b e s a n d o t h e r s W P / 1 1 0 9
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undercut many undeve loped markets ( i . e .
count r ies ) o f manufac tur ing and expor t ing goods .
As some o f th e s e c o un t r i e s a re a l s o h e a v i l y d e pe nd e n t
o n e x t e r n a l f i n a n c in g f r o m b a n k s a n d i n ve s t o r s , a r o u n d
6 0 - 7 0 p e r c e n t f o r G r e e c e , I r e l a n d a n d Po r t u g a l , a
f i n a n c in g c r i s i s b e c o m e s a lm o s t i n e v i t a b l e 4 4 . T he re t u rn
on the invested cap i ta l coming th rough WB and IMF
funds fo r many count r ies has dete r io ra ted , a l so
T h e o u t f l o w o f f o r e i g n c a p i t a l f r o m e m e r g in g a n d
d e ve lo p in g c o u n t r i e s , w i t h i t s d e s t a b i l i z i n g e f f e c t o n
p r i va te a n d pu b l i c f i na n c e s i n t h es e ma rk e t s 4 5 . w h e r e a s
t h e g l o b a l i z a t i o n h a s u t i l i z e d e n e rgy and commodi ty
pr i ces r i s ing constant ly . Hence , the bor rowed
cap i ta l d i sappeared in to cover ing prev ious debt ,
bas i c expenses , and co r rupt ion ins tead o f
p rompt ing economic growth . The in te rna t iona l
f inanc ia l ins t i tu t ions s ta r ted lend ing on pro jec t -by -
pro jec t bas i s tha t made no d i f f e rence to the
conc lus ions above .
E ve n t h e w a ys of l end ing o f the in te rna t iona l
f inanc ia l ins t i tu t ions have prac t i ca l l y changed,
44K o n o v 2 0 1 145C h a m i a n d o t h e r s W P / 0 9 / 9 1
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i deo log ica l l y and concept iona l l y they have not
evo lved : the fo rma l t ighten ing budgets and c lose
de f i c i t observance a re in prac t i ce as ever . Hence in
a vo la t i l e and insecure marketp lace i s we l l
reasonab le . However , w i th the ongo ing changes o f
rea l i t i es* the ro le o f the in te rna t iona l f inanc ia l
ins t i tu t ions must change too by comprehend ing and
accommodat ing these rea l i t i es in to regu la to ry and
f inanc ia l s t ruc tures prompt ing market deve lopment
and manag ing in f la t ionary processes . F rom most ly
be ing a lender and co l lec to r to most ly be ing a
promoter and cont ro l le r the in te rna t iona l f inanc ia l
ins t i tu t ions shou ld promote the ru le o f l ow in
bus iness and o ther Market i sm u t i l i t i es on the
g loba l marketp lace , and th ru lower lend ing ra tes to
ra i se market no ise and d ivers i t y .
Bus iness Laws and Env i ronmenta l P ro tec t ion
B u s in e s s r e g u l a t i o n s m o s t l y u s e d f o r e n v i r o n m e n t a l
p r o t e c t i o n 4 6 s h o u ld c h a n g e i n t o b u s i n e s s l a w s a p p l y
i n d i s c r im in a t e l y a n d u n c o n d i t i o n a l l y . M o r e o ve r , f o r m a l
f i r m g r o w t h im p r o ve s w i t h b e t t e r e n f o r c e m e n t a s
46Schnaiberg 1980
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m e a s u r e d b y f a i r a n d im p a r t i a l c o u r t s , w h i l e i n f o r m a l
f i r m g r o w t h i s c o n s t r a i n e d b y o r g a n i z e d c r im e , p o in t i n g
t o t h e i r i n a b i l i t y t o t a k e f u l l a d va n t a g e o f t h e l e g a l a n d
j ud i c i a l s ys t e ms 4 7 . H e n c e , un less eas ing bus iness
laws in cur rent ly used sys tem prompt economics
growth the enhanced bus iness laws wou ld have the
oppos i te e f fec t under the Market i sm prompt ing
market no ise and d iverse bus iness env i ronment .
When i t comes to env i ronmenta l p ro tec t ion 4 8 , the
e f fec t by such change wou ld have the most pos i t i ve
consequences o f a l l . I n a h igher secur i t y market
p lace in lower lend ing ra tes env i ronment whereas
governments and in te rna t iona l o rgan iza t ions use
subs id ies and f i sca l too l s to boost market
deve lopment th rough marg ina l i z ing market
d isadvantage fo r the SME&I the who le new market
oppor tun i t ies w i l l appear the ind iv idua l
imag ina t ion and c rea t iv i t y and the ind iv idua l
ent repreneursh ip wou ld f lour i sh . Th ings l i ke
consumer pro tec t ion and env i ronmenta l p ro tec t ion ,
the s t r i c t bus iness laws e .g . wou ld no t prevent
47 D a b l a - N o r r i s a n d I n c h a u s t e W P / 0 7 / 1 1 248Schnaiberg and Gould 1994
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bus inesses and investo rs f rom expand ing , but in
the oppos i te w i l l l eve l -up compet i t ion c rea t ing
more oppor tun i t ies in h igh techno log ies and more
market re la ted educat ion .
Conc lus ions
Th i s pa p e r ma y se e m to opt im is t i c and border ing
unrea l i t y , however the poss ib i l i t i es tha t cou ld
come wi th r i s ing market secur i t y on a g loba l sca le
may go even fu r ther . The inc lus ion o f
Env i ronmenta l P ro tec t ion in the market compet i t ion
as an market agent ins tead o f the subs id i zed by
the governments a r t i f i c ia l pa r t i s a poss ib i l i t y , i f
no t the on ly one tha t cou ld save Ea r th f rom
dest ruc t ion . The sys tem o f Market i sm i s f ounded on
f ree ent repreneursh ip and ind iv idua l f reedoms a
natura l H i s to r i ca l ex tens ion enta i led in to the best -
succeeded economic sys tems o f the past .
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