/biz/ - Business & Finance

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>A central claim of these scholars is that states can never run out of their own currency. Unlike natural, social, and technological resources, sovereign currenciesare not a limiting factor in collective action such as the transition to sustainability. This has been the case since the gold standard was abandoned and fiat money adopted in the 1970s. The state can always spend and invest inits own currency. Moreover, it does not have to hold on to particular jobs or industries for the sake of tax revenues. In other words, from this perspective, collective action, organized at least partly through the state, should be guided not by the need to secure public funds,but on the basis of social goals and material boundary conditions.

>Taken together, what would these policy measures mean for the world economy and geopolitics? Of course, as is always the case in large-scale societal transformations, it is difficult to predict the overall outcome when there are multiple variables, but generally the direction would be toward “a Keynesian world with planetary boundaries”: unique, autonomous economies and societies engaging in regulated international trade for specific reasons, such as food security, rather than for the sake of free tradeas a principle. Individuals, organizations,and nations would approach the economy as a tool to enable a good life rather than as an end in itself. Economic activity will gain meaning not by achieving economic growth but by rebuilding infrastructure and practices toward a post-fossil fuel world with a radically smaller burden on natural ecosystems. In rich countries, citizens would have less purchasingpower than now, but it would be distributed more equally. Citizens in all countries would have access to meaningful jobs and they could trust that a desirable future is being constructed on the collective level

>UN Global Sustainable Development Report 2019
>Invited background document on economic transformation