Abstract
Twenty-eight years after the first ‘Rio Summit’, the world capitalist economy continues to face the twin challenge of expanding economic opportunities for an increasing global population and addressing mounting environmental pressures. This twin challenge gave birth to the contemporary concept of ‘green growth’, which meant to take full account of the complex consequences of greening the growth dynamics of modern economies. Green growth means ensuring economies continue to grow while simultaneously creating a sustainable pathway so that those ecological assets that human being relies upon are there well into the future.
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Notes
- 1.
- 2.
We extend the broad term of a country’s ‘natural assets’ to also incorporate its ‘blue economy’, which comprises economic activities related to seas, oceans, and coasts, and covers interlinked emerging and traditional sectors (European Union, 2018). In addition to the long-established ocean activities such as tourism, maritime transport, and fisheries, the blue economy includes ocean ecosystem services—e.g., biodiversity, carbon sequestration, coastal protection, and waste disposal; economic externalities that are not accounted for by the private market. Besides, it encompasses areas where the private sector can take on a significant role, such as, aquaculture, bioprospecting, marine biotechnology, renewable energy, and seabed extractive activities (IBRD and World Bank 2017).
- 3.
The ‘blue economy’ has its origins in the ‘green economy’ concept, and is based on a sustainable development approach wherein developmental state involvement, similarly, supports targeted ‘blue sectors’ capable of promoting blue growth in a planned way. Such ‘green’ and ‘blue’ sectors and activities may well support endogenous development efforts to build resilient societies, and can form the foundation of a green or blue economy that safeguards sustainability and social and economic equity.
- 4.
For an interesting orthodox contribution, see Rodrik (2014), ‘Green Industrial Policy’.
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Arestis, P., Karagiannis, N., Madjd-Sadjadi, Z. (2022). Linking the Developmental State to Green Economic Growth. In: Karagiannis, N., King, J.E. (eds) Visions and Strategies for a Sustainable Economy. Global Institute for Sustainable Prosperity. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-06493-7_2
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