ISSN (print) - 0131-7652

ISSN (online) - 2686-7605

Vol. 52 No. 10 (2022)
Cover story: The Address of Happiness: Siberia!

The Wall Street Consensus as an Obstacle to the Effectiveness of the Green Transition

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  • O.N. Buchinskaia
O.N. Buchinskaia
Financial Research Institute of the Ministry of Finance of the Russian Federation; Institute of Economics of the Ural Branch of Russian Academy of Sciences, Ekaterinburg
DOI: https://doi.org/10.30680/ECO0131-7652-2022-10-56-71

Published 2022-09-28

Keywords

  • Wall Street Consensus; Green agenda; Green economy; green financing; green transition strategy; polluting offshore; institutional investors

How to Cite

1.
Buchinskaia О. The Wall Street Consensus as an Obstacle to the Effectiveness of the Green Transition. ECO [Internet]. 2022 Sep. 28 [cited 2024 Dec. 4];52(10):56-71. Available from: https://ecotrends.ru/index.php/eco/article/view/4517

Abstract

Despite the fact that attempts to green economic processes have been made since the end of the twentieth century, their result is extremely heterogeneous and ineffective for developing countries. This is due to the fact that the tools used in the green agenda do not work to achieve the goals of sustainable development,but only increase the profits of large multinational companies and institutional investors. As a result, the Washington Consensus is being replaced by the so-called Wall Street Consensus. The economic tools suggested by this consensus do not improve the environmental and economic efficiency of the economies of developing countries and make them more dependent on big foreign capital. Under these conditions, developing countries in general and Russia in particular need to review green transition strategies and develop tools to ensure it together with economic growth without increasing socio-economic inequality within the country and increasing dependence on foreign financial structures.
PDF (Русский)

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