Paper assets, real debts: An ecological-economic exploration of the global economic crisis

Giorgos Kallis, Joan Martinez-Alier, Richard B. Norgaard

Research output: Contribution to journalArticleResearchpeer-review

58 Citations (Scopus)

Abstract

Purpose: This paper sets out to investigate the potential contribution of the inter-disciplinary field of ecological economics to the explanation of the current economic crisis. The root of the crisis is the growing disjuncture between the real economy of production and the paper economy of finance. Design/methodology/approach: The authors trace the epistemological origins of this disjuncture to the myths of economism - a mix of academic, popular and political beliefs that served to explain, rationalise and perpetuate the current economic system. Findings: The authors recommend ending with economism and developing new collective and discursive processes for understanding and engaging with ecological-economic systems. Originality/value: The authors embrace the notion of sustainable de-growth: an equitable and democratic transition to a smaller economy with less production and consumption. © Emerald Group Publishing Limited.
Original languageEnglish
Pages (from-to)14-25
JournalCritical Perspectives on International Business
Volume5
DOIs
Publication statusPublished - 10 Apr 2009

Keywords

  • Ecology
  • Economic depression
  • Economic theory
  • Recession

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