About the Book
This conference is where the " open source" innovation of creating green economics takes place every year The Green Economics Institute greeneconomicsinstitute@yahoo.com www.greeneconomics.org.uk The Green Economics Institute and its Directors is delighted to welcome you to its 8th Annual Green Economics Institute Conference. We do hope you will enjoy its exciting programme as much as we have enjoyed putting it together for you and that you will share in the next few years of innovation we have planned to carry out.It is fair to say we have completly changed the landscape of the economy and we are now about to do the same for finance! The Institute in its first 8 years, has already succeeded in creating and establishing a discipline or school of Economics called "Green Economics" which is in the process of implementing and creating an atmosphere conducive to the reform of mainstream economics and finance into a well-defined goals-based discipline. This new School of Economics and Finance, provides practical answers to existing and future problems by incorporating all relevant aspects, knowledge and complex interactions into a truly holistic understanding of the relevant issues.
It uses complexity, holism, pluralism and interdisciplinary working in order to widen the scope of economics, adding the science from the green aspects, to the social ideas from economics and fnancial discourses. This new much broader scope we offer, for the first time avoids partial explanations or solutions and also the biased and partial perspectives of power elites. It does this by building a global network of voices of different and diverse actors of all kinds from all walks of life from around the world. It uses the latest technologies to allow them to talk to each other without having to worry about acceptability from power elites who might choose to block their progress. According to economics professor, Jack Reardon from the USA (2007) the Institute has been very successful in creating a robust academic basis for this new idea. The Green Economics Institute has influenced the methodology of mainstream economics, according to Professor Tony Lawson of Cambridge University's Economics Department (2007). According to Diane Coyle (Bank of England 2012) Green Economics is one of the healthiest areas of the economy today.
We have pioneered truly trans-disciplinary and interdisciplinary methods so that now economics and philosophy can factor in the complexity of nature into economics and finance. We also seek to provide all people everywhere, non human species, the planet and earth systems with a decent level of well-being based on practical and theoretical approaches targeting both methodology and knowledge , based on a comprehensive reform of the current economic mainstream. Green Economics and Finance can, for example, comfortably incorporate glacial issues, climate change and volcanic, seismic and earth sciences into its explanations. Thus in this, and many other ways, it is far more complete and reflects reality much more closely ,than its predecessors on which it builds. The current narrow conventional economic approach using purposely designed methods, is challenged to bring areas and concepts into its scope which have been neglected until now. Existing outdated or inappropriate propositions and solutions are examined and revised to provide a realistic and more comprehensive understanding of the subject. We seek to create nothing less than a true Renaissance of Finance and Economics.
The Green Economics Institute argues for financial economic development based on economic access and decision making for all, including respect for cultural diversity and normative freedom. It does this by bringing together all the interested parties, who want to help in developing this progressive discipline, by inviting them to its events, and conferences and by means of such activities as writing books, publications and using its research, its campaigns, its lobbying, its speeches and its lecturing all over the world. The Green Economics Institute created the first green academic journal, the International Journal of Green Economics with publishers Inderscience and the first green sets of book series with other larger publishers . Now, The Green Economics Institute is officially registered as an Independent Publisher with over 30 titles available. It is a publisher with a difference. It uses a genuinely "open source" approach. Each of its books contain the voices of about 40 authors from all around the planet, from all walks of life. This gives its books a dynamism, vitality and much more complexity and diversity in their arguments.
It can really reflect what people think and experience themselves, rather than an economics largely constructed on the usual views of "homo economicus" or " "rational economic men." The arena of economic and financial activity is not just Wall Street and the world's Stock Exchanges but everyone of our lives all the time! The Green Economics Institute has its own delegation to the Kyoto Protocol, and is a recommended UK government reviewer on the Intergovernmental Panel on Climate Change (IPCC).
Members of the Green Economics Institute have lectured or worked in governments and Universities around the world, for example Surrey University, the London School of Economics, Newham College, Cambridge University, the Schumacher College, The University of Bolzano, the Tyrollean Cabinet, via Skype in Thessaloniki, University of Skpje, FYRO Macedonia, Turkey, the National Government School in the UK, the Cabinet Office in the heart of the UK government, at University in Cambridge and Oxford, Transition Towns, Oslo, Norway, Liverpool University, Lancaster University, Abuja, Nigeria and Gondar, Ethiopia, Campinas University, Brazil, Malaysia University and Columbia University in the USA, attended and presented at conferences in many places including Cancun, Mexico and Riga, Latvia and appeared on TV and radio in Italy, Tallin in Estonia and the UK and Bangladesh amongst many others and received invitations from the President of Russia, and from the governments and several universities in China and several Gulf States, as well as from Institutions such as the United Nations and the International Labour Organisation and Trade Unions as well as several royal households!
The Green Economics Institute also ran 4 official side events at the RIO + 20 Summit in 2012 in Rio de Janeiro, whose organisers used our books as well. The Green Economics Institute is pleased that its ideas continue to challenge economics and academia in the unique setting of Indonesia. The Institute works with scholars from across Asia, especially China, Japan, India Indonesia, Pakistan, Bangladesh and Malaysia, and has created a special issue of the International Journal of Green Economics, published by its journal publishers, Inderscience led by the same team as this book stuffed full of academic double blind peer reviewed successful papers. Director Miriam Kennet represented the emerging new School of Green Economics led by the work of The Green Economics Institute at the ISIC 2012 event, which resulted in the signing of the Green Economy Charter by a number of influential Indonesians and international figures. This unique document in its original format, is to be found in this volume.
It is a great pleasure to see the Green Economy is spreading throughout all over the world and especially in Indonesian major institutions, civil society and government as well as other parts of the very vibrant and emerging society, economy and academia and how it is helping to drive its incredible and ground breaking development and its leadership of new styles of implementation of new ideas. At this conference we will be launching several other book projects -The Greening of Eastern Europe, Green Economics and the Arts and The Greening of Global Finance of which we are particularly proud. We look forward to working with you now and in the future in our network for global change and social and environmental justice and imprioving the global economy and global finance for everyone and everything on the planet
Table of Contents:
Introductory Papers Ambassador of the Republic of Indonesia H.E. Teuku Mohammad Hamzah Thayeb Miriam Kennet, Volker Heinemann (UK and Germany) and Michelle S Gale de Oliveira (Brazil) Welcome from the Directors of the Green Economics Institute and Introduction to The Green Economics Institute Prof. Maria Alejandra Madi, Miriam Kennet and Amandeep Gill Fixing Global Finance: The Greening of Global Finance: Re-Conceptualizing, Reforming and Reclaiming Finance for Resilience, Survivability and Sustainability Miriam Kennet The Shadow Market: The Powerhouse of the Sovereign Wealth Funds and the New Economic World Order Sir Crispin Tickell The Economics of the Anthropocene Indonesia feature The Green Economy Charter and Signatories Statement by His Excellency the Educational Attache of Indonesia Conference Papers Sumaya Abdi Somali land - the role of independence for economic stability Amal Abuzeinab and Mohammed Arif A Conceptual Green Business Model for Construction Companies: An Empirical Evaluation Helene Albrecht International Law of Humankind-towards a new Jus Gentium Sofia Amaral The Greening of Portugal in a time of crisis and austerity Christopher Ambrey, Christopher Fleming and Matthew Manning Happiness, Economics and the Environment: Evidence from Australia Dr A S Bakare Minimum Wage -Legislation Trends and Price level dynamics in Nigeria. Professor Michael Benfield Questioning Environmental Sustainability toward a 'route map' for developing an environmental philosophy Kanupriya Bhagat Importance of Corporate Social Responsibility and its implications on Business Practices Kanupriya Bhagat Greening of the Economy: The Indian Perspective Rose Bridger European governments bail out national airlines Michael Briguglio Land rationalization in Malta in an EU context Michael Briguglio Climate Change and ENGOs in Malta and the EU Rose Blackett - Ord Greening of Food, Farming and Agriculture Rose Blackett - Ord The Greening of the Arts Prof Graciela Chichilnisky Avoiding extinction -economics for sustainability, resilience and survivability Henry Cox From Experience to Design of Economies and Economics Dr Susan Canney Elephants in Mali Alan Cunningham Low Carbon Pathways to Health Georgios Diakoulakis Renewable Energy Sources: Boosting Greek economy Amandeep Gill Finance and sustainable growth in China: Lessons after the global crisis Alexander Grunauer Municipal Economic Development in Eastern Serbia Dr. Sandra Gusta and Prof. Atstaja Dzintra Development of Jurmala Resort in the territory of Kemeri National Park - A Case Study of Greening Economy Dr Mayer Hillman What future for road, rail and air transport in the face of climate change? Richard Holcroft Transport, its achievements and environment sustainability Katherine Kennet Maternal health in India is linked to the economy Robin Latimer World GDP (Current prices) divided by managing the economy in a time of peak oil spot price of oil Phoebe Lewis Are humans changing the geological record? An analysis of the Anthropocene concept and the influence of humans on the Earth Professor Maria Madi and Jose Gonzalvez, Campinas University Brazil Global Economic Integration and Brazil Bianca Madison -Vuleta Genetically Modified Food Bianca Madison - Vuleta Global food security, analysis and solutions Steven Mandel Reform of the System Steven Mandel How Theoretical Economics and the Practice of Financial Markets have Unsustainability built into them Roger Martin Population Growth: The missing view Peter MacManners Rebalance or Redesign of the Global Economy? Kristof and Stacia Nordin Learning to Re-Value Nature Don O'Neal What opportunity do poor people have to participate, or lead, in the green economics debate? Bradley Panico Moving From a Linear Economy to a Circular Economy Stephen Plowden Management before investment: the way ahead for transport Viacheslav Potapenko Agricultural Greening: Organic Production and Chernobyl Contaminated Areas Tutik Rachmawati Informal Sector and Local Government Revenue: The Contribution of Street Vendors Carlos Restituyo Successes of PES scheme in Costa Rica as a model for further implementation in Latin America Matthew Rinaldi A World of our Own From our poetry book Jonathan Ross-Tatam We need public investment to sow the seeds for the green economy Debunking Myths About Public and Private Finance The Green Investment Bank and Investment Banks from around the world The cost of privatisation to the British rail industry Tomas Stokunas Public economics and the household (in review) Dr Michael Taylor Would Keynes have been a green economist David Taylor Re-thinking Green Policies and the 40th anniversary of the Greens in England and Wales Dr Enrico Tezza The unsustainable heaviness of air. The impact of air pollution on workers' health. Tracy, Marchioness of Worchester The True Cost of Factory Pig Farming A Personal Account of Activism Marko Ulvila and Jarna Pasanen Class, Degrowth and Transition to Just and Sustainable Society Andris Valdemars and Dzintra Atstaja Green Entrepreneurship and Sustainable Transport Solutions Dr Natalie West Kharkongor Sustainability Reporting: Pros and Cons Professor Dr Chow Fah Yee Reforming Finance Professor Dr Chow Fah Yee Pawnbrokers Yuan Yang and Dr Diana Garcia Lopez of the LSE Rethinking Economics
Review :
Indonesian Embassy London Foreword by His Excellency the Ambassador of the Republic of Indonesia H.E. Teuku Mohammad Hamzah Thayeb Green economy has become an integral part of Indonesia's development strategy. The four-track development strategy of pro-poor, pro-jobs, pro-growth and pro-environment adopted by the Indonesian Government aims at promoting an optimal balance between economic growth, social equality and environmental sustainability, taking into account the interests of both present and future generations. Against this background, the basic principles of green economy become clear: it is an integral and indivisible part of a multidisciplinary approach and it embraces various stakeholders, including the world's future leaders - our younger generation. The youth represent a significant number of the world's population and is key in the pursuit of green economy. They have the ability to change and influence policy-making process in pursuing the future development of a green economy. I should therefore like to congratulate the Indonesian Students Association in the United Kingdom (PPI-UK) for organising the 12th Indonesian Scholars International Convention (ISIC) on "Green Economy for Sustainable Development in Indonesia: Challenges and Opportunities from Multidisciplinary Approach", on 9-11 November 2012 in London. I commend this publication as it covers a wide range of issues and abundant creative and innovative ideas. It provides themes on energy, technology and environment, education, social and culture as well as issues on economy and politics. It also presents the challenges and offers the opportunities in pursuing green economy through different approaches and disciplines. Decisions made today affect the world's future. This publication shares the concerns of the younger generation about creating a better future and how green economy contributes in the process. I believe that this publication is indeed a constructive contribution by the Indonesian youth in developing a holistic approach towards a more sustainable and greener Indonesia in the future. By The Right Honorable, Prof. Dr. T. A. Fauzi Soelaiman, MSME Educational Attache to the UK They say that economics makes the world go around. But in doing so, it can introduce pollution, inefficiencies, and carbon emissions that cause global warming. The effects of this will significantly change the environment resulting in shifts of cultivating periods, more tornadoes, and rising sea levels, amongst other things. We need to move towards an economy which takes the effects on our environment into account. We, therefore, need a Green Economy. As defined by the United Nations Environment Programme (UNEP), a Green Economy is "one that results in improved human well-being and social equity, while significantly reducing environment risks and ecological scarcities" [www.unep.org]. As the largest archipelagic country in the world, and also as the lungs of the world from the forests it contains, Indonesia has the responsibility to adopt a green economy. I, therefore, welcomed the initiative of the Indonesian Students Association in United Kingdom, or PPI-UK, to adopt the "Green Economy for Sustainable Development in Indonesia: Challenges and Opportunities from Multidisciplinary Approach" as the theme of the Indonesian Scholars International Convention in 2012 (ISIC 2012), also known as TIIMI 2012. ISIC 2012 was held in London on 9-11 November 2012. The event surpassed my expectations. ISIC is the largest and longest running conference organized by Indonesian students abroad. The ISIC 2012 was the 12th and largest conference so far. We had speakers from all around the world, and the discussions were very lively. The conference papers were strictly chosen from hundreds of abstracts to ensure only the best were presented. ISIC 2012 also introduced the Cultural Gala Night (CGN) for the first time, where the attendees were treated to great performances from the Indonesian students. It also partnered with the Green Economics Institute (GEI) and United Nations Principles for Responsible Investment (UNPRI), officially producing a charter signed by hundreds of participants. The event was well organized and highly successful. Now, the papers presented during ISIC 2012 have been collected together in a book to showcase to the rest of the world. The book represents the best of Indonesians at home and abroad and I believe it will prove to be highly beneficial. I hope that you will enjoy reading our book and I truly believe that Indonesia's future is in good hands. Hidup ISIC 2012! Hidup PPI - UK! Best regards, Prof. Dr.T. A. Fauzi Soelaiman, MSME Education Attache of the Embassy of the Republic of Indonesia in London
