Strategies foStrategies for Sustainability of Environmental & Resources Efficiencyr Sustainability

7/30/2019 Strategies foStrategies for Sustainability of Environmental & Resources Efficiencyr Sustainability

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St ra teg ies fo r Susta inab i l i t y o f Env i ronmenta l &

Resources E f f i c iency

J o s h u a I o j i K o n o v

O c t o b e r 4 , 2 0 1 2

C h i c a g o I L , t h e U S A

J o sh u a .k o no v@gma i l . c o m

Abst rac t

Th e be s t g l ob a l mo de l f o r e xp a n d i ng A l t e rn a t i ve

E n e r g i e s a n d E n v i r o n m e n t a l P r o t e c t i o n i s t h r o u g h u s i n g

m a r k e t e q u i l i b r i u m , w h e r e a s g o ve r n m e n t a l s u b s i d i e s a n d

f i s c a l s t im u lu s t o b e j u s t s u p p le m e n t a r y . A c c e l e r a t e d

G lo b a l i z a t i o n a n d r i s i n g P r o d u c t i v i t y M a r k e t e q u i l i b r i u m

d e p e n d s o n m a t c h in g c o n s u m p t i o n d e m a n d a n d s u p p l y

t h r o u g h p r i c e d e l e ve r a g in g 1 . H e n c e i s a c h i e va b le i n a

m o r e f a i r m a r k e t c o m p e t i t i o n o n l y b y c h a n g in g m a r k e t

( i . e . e c o n o m ic ) a g e n t s : f r o m p r e s e n t l y u s e d t r i c k l e - d o w n

e c o n o m ic s t h a t s t im u la t e b i g b u s i n e s s a n d b i g i n ve s t o r s2

t o a m o r e m a r k e t r e l a t e d e c o n o m ic s ( M a r k e t i s m ) t h a t

w o u ld s t im u la t e S m a l l & M e d iu m B u s in e s s e s a n d

I n ve s t o r s ( S M E & I ) b o o s t b u s i n e s s a c t i v i t i e s a n d r e l a t e d

1Tressel 20102 Saez 2013: From 2009 to 2011, average real income per family grew modestly by 1.7% (Table 1) but the gains

were very uneven. Top 1% incomes grew by 11.2% while bottom 99% incomes shrunk by 0.4%.
http://var/www/apps/conversion/tmp/scratch_3/[email protected]://var/www/apps/conversion/tmp/scratch_3/[email protected]


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e m p lo ym e n t , f i s c a l r e s e r ve s a n d o ve r a l l m a r k e t u t i l i z e d

c o n s u m p t i o n .

Th i s pa p e r i s b a se d o n t wo p re v i ou s pa p e rs 3 & 4 a n d

B ib l i o g r a p h y .

H o w e ve r , i t e xp l a i n s a n d a d d s t h e t h e o r y f r o m a n e w

p r o s p e c t i ve .

I n t roduct ion

Longer - te rm market deve lopment s t ra teg ies fo r

env i ronmenta l p ro tec t ion and the adopt ion o f

env i ronmenta l l y f r i end ly energy genera t ion and

a l te rna t ive ways o f consumpt ion to reduce

po l lu t ion and waste a re essent ia l . Such s t ra teg ies

shou ld be done on a g loba l sca le too , whereas the

in te rdependence i s rea l . S h o c k s a p p a r e n t l y e m a n a t i n g

in t h e U n i t e d S t a t e s h a ve l e d t o t h e l a r g e s t g l o b a l

s l o w d o w n s i n c e t h e 1 9 3 0 s 5 .

I n g e n e r a l , the a l te rna t ive energ ies t echno log ies

and env i ronmenta l p ro tec t ion a re expens ive

prepos i t ions unreachab le by less -deve loped

3 Konov 20114 Konov 20115 B a y o u m i a n d B u i , W P / 1 0 / 2 3 9


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markets ( i . e . economies ) . Wh i le market ( i . e .

economic ) s tagnat ion has been acce le ra ted by the

las t 2007-9 Grea t Recess ion the probab i l i t i es fo r

many grea t ly underdeve loped markets to adapt

some advance techno log ies fo r env i ronmenta l

pro tec t ion and reduce po l lu t ion and wast ing

recourses a re prac t i ca l l y incomprehens ib le . The

ongo ing g loba l i za t ion and r i s ing product iv i t y have

estab l i shed some very new market ( i . e . economic )

cond i t ions o f de indust r ia l i za t ion o f some deve loped

markets as the US , most EU , and Japan ones , and

cond i t ions o f l a ck o f poss ib i l i t y fo r

indust r ia l i za t ion o f o ther undeve loped markets as

Easte rn Europe , Southern Europe , many A f r i can and

e .g . markets . 6 T h i s c l im b i s a p e r m a n e n t , i r r e ve r s i b l e

c h a n g e . W i t h C h in a a n d I n d i a - - w h i c h t o g e t h e r a c c o u n t

f o r a lm o s t 4 0 p e r c e n t o f t h e w o r l d ' s p o p u la t i o n - -

r e s o l u t e l y m o v in g u p t h i s l a d d e r , s t r u c t u r a l e c o n o m ic

c h a n g e s i n e m e r g in g c o u n t r i e s w i l l o n l y h a ve m o r e

im p a c t o n t h e r e s t o f t h e w o r l d i n t h e f u t u r e . 7

6K o n o v 2 0 1 17S p e n c e 2 0 1 1


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The long- te rm recess ions cou ld ha rd ly be se l f -

ad jus t ing by cyc l i ca l market fo rces as i t was

observed in the las t recess ion th i s i s why the

governments in te rvened in the markets ( i . e .

economies ) th rough s t imu lus packages , equ i ty

acqu is i t ion in the A IG and GM cases , o r even

fa r ther th rough Quant i ta t ive Eas ing . Hence , market

equ i l ib r ium was not l e f t on i t s se l f - ad jus t ing

powers but i t was reached by d i rec t governmenta l

ac t ions to ensure the overa l l market s tab i l i t y .

Th e t r i ck le -down economics cons iders se l f - ad jus t ing

bus iness cyc les as necess i t ies fo r cu t t ing

redundanc ies ; a sys tem o f market fo rces based on

r i s ing product iv i t y and investment o f shady

bus iness prac t i ces and reduced bus iness laws o f

t r i c k e d - u p c o n c e n t r a t i o n o f c a p i t a l p r o m o t i n g l a r g e

t r a n s n a t i o n a l c o r p o r a t i o n s a n d l a r g e i n ve s t o r s . Cap i ta l

tha t wou ld t r i ck le -down to markets (e .g .

economies ) ; these agents a re supposed to prompt

and ma in ta in market ( i . e . economic ) deve lopment

( i . e . g rowth) . A sys tem tha t had brought economic

growth fo r a f ew Centur ies in the US , many EU


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markets ( i . e . count r ies ) and Japan the success fu l l y

bu i l t deve loped markets ( i . e . economies ) . However ,

w i th the most recent acce le ra ted G loba l i za t ion ,

r i s ing P roduct iv i t y , Ch ina s indust r ia l i za t ion , the

overa l l advances in techno log ies 8 a n d I n t e r n e t t h e

g l o b a l m a r k e t e q u i l i br ium has been grea t ly

a f fec ted* 9 . Hence , the marg ina l i z ing US income and

dec l in ing midd le c lass 1 0 and T r a n s n a t i o n a l

C o r p o r a t i o n s , w h i c h a r e c o n s i d e r e d b y t h e m o d e r n e c o n o m i c s a s

f r o n t i e r s o f h i g h p r o d u c t i v i t y a n d g l o b a l g r o w t h , h o w e v e r t h e i r

a c t i o n s h a v e h a d n e g a t i v e e f f e c t i n m a n y o c c a s i o n s o n t h e m a r k e t

d e v e l o p m e n t o f c o u n t r i e s a s B u l g a r i a , R o m a n i a , L a t v i a , e t c . , c o u n t r i e s

l o s i n g e q u i t y b y l e t t i n g e x i s t i n g i n f r a s t r u c t u r e d e t e r i o r a t e , r e d u c i n g

t h e i r S o c i a l P o l i c i e s a n d M e d i c a r e , a n d f i n a l l y d e e p e n i n g i n t o g e n e r a l

d i s p r o p o r t i o n e d i n e q u a l i t y a n d w e a k c o n s u m p t i o n ( m a r k e t d e m a n d )

i n t o n a t i o n a l d e b t . 1 1 ; For the las t 20 years 1 2 and the las t

2007-9 Recess ion s sever i t y was the best example

fo r the imba lance ( i . e . d i sequ i l ib r ium) in the loca l

8 Konov 2011: the three main market facts: 1) the ongoing globalization; 2) the risingproductivity; 3) the environmental pollution and exhausting Earth resources have majorexogenous and endogenous casual effect on the real markets of the Advanced Market(AM) and Emerging Markets (EM) alike. (China is not included as an EM)9 Khanna 2013: There is no doubt that Americas manufacturing base has declined,peaking at 19.6 million jobs in 1979 and now at just over 11 million jobs. Despite thiseconomic transition, however, U.S. manufacturing jobs are still worth having. On average,full-time manufacturing work pays 20 percent more than full-time service-sector jobs.

10T a b l e 111K o n o v 2 0 1 112B a b e c k y , a n d o t h e r s W P / 1 0 / 1 9 8


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and g loba l demand- to - supp ly 1 3 m a r k e t p l aces . The

Imba lance ( i . e . d i sequ i l ib r ium) , wh ich cou ld no t

have been ad jus ted but by d i rec t governmenta l

in te r fe rence and when under the emerg ing

cond i t ions in the European Un ion in te r fe rence was

not proper ly app l ied the consequences were

recess ionary we l l observed (e .g . the EU

marketp lace ) 1 4 . M o d e r n d a y s g l o b a l m o n e t a r y a n d f i s c a l

p o l i c i e s b y t h e M D I E t h a t h a v e c h a n g e s a f t e r 1 9 7 9 f r o m P M A F t o

A M P F p o l i c i e s 1 5 . A l a rg e de l e ve ra g ing o f f o re i g n a sse ts b y

B e lg i u m a n d S w i s s b a n k s ( a b o u t 3 0 p e r c e n t o f f o r e i g n

a s s e t s ) , f o l l o w e d b y B r i t i s h a n d G e r m a n b a n k s ( w i t h

d e l e ve r a g in g o f r e s p e c t i ve l y 2 4 p e r c e n t a n d 2 1

pe r c e n t ) , US a n d Du tc h ba nk s ( 1 3 p e rc e n t ) , a n d F re n c h

b a n k s ( 1 0 p e r c e n t , h o w e ve r t h e u p t o 4 0 d e l e ve r a g in g

b y a l l f a c t o r s o f b a n k in g c a n c a u s e h i g h l o s s e s a n d a

c o l l a p s e o f i n t e r n a t i o n a l b a n k in g a c t i v i t i e s . 1 6

13Friedman 2013: There is no doubt our economy is primarily being held back by thedeleveraging and drop in demand that resulted from the 2008 financial crisis.

14Krugman. Paul Data, Stimulus, and Human Nature NYT 2013 That said,

if you look at players in the macro debate who would not face huge

personal and/or political penalties for admitting that they were wrong,

you actually do see data having a considerable impact. Most notably,

the IMF has responded to the actual experience of austerityby

conceding that it was probably underestimating fiscal multipliers by a

factor of about 3.15 T r a u m a n d Y a n g , W P / 1 0 / 2 4 316 T r e s s e l W P / 1 0 / 2 3 6
http://krugman.blogs.nytimes.com/2012/10/11/the-imf-and-the-gop/http://krugman.blogs.nytimes.com/2012/10/11/the-imf-and-the-gop/


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Th e f as t e r act ion by the Ch inese , the Japanese and

the US governments the bet te r resu l t s were

observed , the s lower and indec i s ive ac t ion by the

EU the wors t and less success fu l market ( i . e .

economic ) resu l t s . Most s tud ies reach the broad

conc lus ion tha t f i sca l po l i cy i s cyc l i ca l in

deve lop ing markets and countercyc l i ca l o r acyc l i ca l

in indust r ia l i zed ones 1 7 ,

Long- te rm s t ra teg ies to pro tec t the env i ronment

d i rec t ly re f lec t a cons i s tent g loba l market

deve lopment . Hence , p r i cy techno log ies fo r

reduc ing po l lu t ion and de fo resta t ion cou ld be

ach ieved under the most recent g loba l market

cond i t ions on ly by bus iness d ivers i f i ca t ion ,

bus iness enhancement , and overa l l deve lopment in

a more secure marketp lace . The Ru le o f Law 1 8 o f

c o n t r a c t l a w s , i n t e l l e c t u a l p r o t e c t i o n l a w s , a d e q uate

insurance and bond ing 1 9 , e t c ra i ses the market

17d e l G r a n a d o a n d o t h e r s W P / 1 0 / 2 3 418 Tom Bingham, Lord Chief Justice 1996-2008, presents eight parts of the rule of law: Thelaw must be accessible and so far as possible intelligible, clear and predictable. Questionsof legal right and liability should ordinarily be resolved by application of the law and notthe exercise of discretion. Laws should apply equally to all, unless objective differencesjustify differentiation.

19 strategies to mitigate the impact of climate change will vary by line of business,

solvency-related risks remain central to all insurers and lines of business. As such, thethreat that climate-change-driven weather-related risks pose to insurer solvency is ofuniversal concern for insurance regulators, especially considering that insurer financial


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secur i t y es tab l i sh ing cond i t ions fo r more lend-ab le

SME&I and less -deve loped markets , wh ich combined

wi th the a r t i f i c ia l f o r the markets Soc ia l and

Env i ronmenta l Expenses becoming more equ i tab le

in such more secure marketp lace might invoke

ma jo r market no ise . I n M a s lo v 2 0 t h e t h e o r y o f

c o m p le x i t y i n m o n e t a r y p o l i c i e s , w h i c h c o u ld b e

a c h ie ve d b y d i ve r s i t y i n c u r r e n c i e s i n t h i s p a p e r i s

e x t e n d e d t o m i c r o - m a c r o m a r k e t c o m p le x i t y o f p u t t i n g

n e w w e ig h t s o n b u s i n e s s f r o m e a s y b u s i n e s s o f s h a d y

p r a c t i c e s i n t o more r e gu l a t e d b u s i ne s s . Th e n e w

c o m p le x i t y ( e n t r o p y ) o n a g l o b a l s c a l e f r o m m ic r o -

m a c r o m a r k e t l e ve l w i l l b r i n g s im i l a r e f f e c t t o t h e r e a l

m a r k e t p l a c e ( i . e . E c o n o m y) , t h u s t h e c o m p le x i t y n e e d e d

w i l l s t o p t h e c o m in g d e b t d i s a s t e r a n d r e ve r e s i t u n d e r

t h e n e w c o n d i t i o n s i n t o g l o b a l d e ve l o p m e n t 2 1 .

Th i s pa p e r a d op t s t h e ne c e ss a ry te c hn o log i e s a nd

a p p r o a c h e s t o p r e ve n t g l o b a l w o r m in g a n d e xh a u s t i o n o f

r e s o u r c e s i n t o a s y s t e m o f r e l a t i ve m a r k e t e q u i l i b r i u m

u n d e r t h e c o n d i t i o n s o f g l o b a l m a r k e t l o n g - t e r m

stability is heavily dependent on its investment portfolio. So it is imperative we examinehow climate change will impact the investments insurers hold and establish applicable

regulatory standards for the investment practices of insurers.20M a s l o v 2 0 0 821K o n o v 2 0 1 1


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d e ve lo p m e n t . H o w e ve r , t o s u c c e e d s u c h s u b s t a n t i a l a n d

f u n d a m e n t a l c h a n g e o f a p p r o a c h e s t o w a r d l e s s

d e ve l o p e d m a r k e t s i s n e e d e d , w h e r e a s f r o m g e n e r a l

m a r k e t ( i . e . e c o n o m ic , b u s i n e s s a p p r o a c h e s ) t h a t

p r o m o t e b i g b u s i n e s s a n d b i g i n ve s t o r s i n t o o n e t h a t

d o e s p r o m o t e a n d m a in t a i n r e l a t i ve l y f a i r m a r k e t

c o m p e t i t i o n .

The Market i sm i s based on f ree ent repreneursh ip as

the motor fo r market deve lopment ( i . e . economic

growth) . Moreover , the Soc ia l and In f ras t ruc tura l

expenses a lone w i th Lower In te rest Loans and

Subs id ies a re inc luded as market agents to prompt

market deve lopment , however a r t i f i c ia l t o the

markets agents tha t to be used on ly in cohes ion

wi th the na tura l f o r the markets f ree bus iness

market agents . The Market i sm accepts randomness

as market ( i . e . bus iness ) deve lopment ( i . e . cyc les )

whereas the market too ls coming out o f the market

agents ( i . e . economic agents ) a re used to succeed

market equ i l ib r ium. The accumula ted in t ime

market redundanc ies under th i s new system o f

Market i sm shou ld be ex t ingu ished and de leveraged


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by us ing thus na tura l and a r t i f i c ia l market agents ,

whereas parameters in more l i ke sys tem resembl ing

Quantum Phys i cs ca l led Quantum Economics .

Market i sm and Env i ronmenta l S t ra teg ies

M a r k e t d e ve l o p m e n t ( i . e . e c o n o m ic g r o w t h ) n o t r e l y i n g

o n t h e g o ve r n m e n t s b u t m o s t l y o n t h e f r e e

e n t r e p r e n e u r s h ip i n t h e c o n d i t i o n s o f G l o b a l W o r m in g

a n d D e c r e a s i n g E a r t h R e c o u r s e s c o u ld b e o n l y a c h i e ve d

i f g l o b a l m a r k e t secur i t y i s enhanced tha t i s in the

fundamenta ls o f the Market i sm, whereas

Env i ronmenta l S t ra teg ies a re no t anymore

uncompet i t i ve redundanc ies but pa r t o f the market

ent ropy 2 2 . T h e C a p i t a l i s m i s b a s e d o n l o w e r e c o n o m ic

s e c u r i t y , r e l a t i ve l y h i g h l e n d in g i n t e r e s t r a t e ( e xc l u d e

T i e r I ) , shady bus iness prac t i ces , C u r r e n t l y , t h e s e

s t a n d a r d s d o n o t c r e a t e b i n d i n g l e g a l o b l i g a t i o n s o n U . S . c o r p o r a t i o n s

a n d s t a t e l a w f i d u c i a r y d u t y s t a n d a r d s d o n o t c o m p e l c o r p o r a t e B o a r d s

o f D i r e c t o r s t o a c t i n f u r t h e r a n c e 2 3 o f s h a r p l y f l u c tuat ing

bus iness cyc les , e t c the Market i sm i s based on

22A measure of the disorder or randomness in a closed system. The most generalinterpretation of entropy is as a measure of our uncertainty about a system. Theequilibrium state of a system maximizes the entropy because we have lost all informationabout the initial conditions except for the conserved variables; maximizing the entropymaximizes our ignorance about the details of the system.[18] This uncertainty is not of

the everyday subjective kind, but rather the uncertainty inherent to the experimentalmethod and interpretative model.23L a w f i r m o f F r i e d , F r a n k , H a r r i s , S h r i v e r & J a c o b s o n L L P 2 0 0 7


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h igher market secur i t y , re la t ive ly lower lend ing

ra tes , the ru le o f l aw in bus iness , ad jus ted

randomly market f luc tua t ions by us ing s ta t i s t i cs to

loca te and parameters to d i sperse negat ive bu i l t -

ups . T h e f o r m a l f i r m s a r e t h e m o s t s e ve r e l y a f f e c t e d b y

f i n a n c in g o b s t a c l e s 2 4 . Th e E nv i ro n me n t a l S t ra t e g i e s

c o u ld b e c o m e p a r t o f t h e M a r k e t i s m i n a more d iverse

bus iness ent ropy be ing redundant under the

Cap i ta l i sm as uncompet i t i ve . Under the Cap i ta l i sm,

the Env i ronmenta l S t ra teg ies cou ld be deve loped

through governmenta l subs id ies and f i sca l b reaks

on ly .

Market Secur i t y

Th e p r od uc t i v i t y and the investment a re the agents

fo r economic growth in the Cap i ta l i sm: bus iness

laws and regu la t ions , t axa t ion to the r i ch , soc ia l

and in f ras t ruc tura l expenses , consumer pro tec t ion

laws , even in te l lec tua l p roper ty l aws , and the

env i ronmenta l and consumer pro tec t ion laws , e .g .

a re breaks in the way to economic growth .

However , in t ime , under the soc ia l and market

24D a b l a - N o r r i s a n d I n c h a u s t e W P / 0 7 / 1 1 2


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pressures the bus iness laws and in te l lec tua l

pro tec t ion laws have been bet te r imp lemented by

the best -deve loped economies than by the

deve lop ing and undeve loped economies . The

deve lop ing and undeve loped economies a re

pressured by the In te rna t iona l O rgan iza t ions (WTO,

the WB, and the IMF) toward lower taxa t ion ,

re laxed bus iness laws and regu la t ions to a t t rac t

fo re ign investment I M F - s u p p o r te d m a r k e t r e f o r m s ,

w i t h t h e i r e m p h a s i s o n f i s c a l r e f o r m s , h a ve a f f e c t e d t h e

p r oc yc l i c a l b e h a v i o r o f g ove rn me nt s pe nd in g i n

d e ve l o p in g c o u n t r i e s . 2 5 . and thus to boost

product iv i t y . P ro b ig bus iness has been cons idered

the on ly way fo r g loba l economic growth , there fo re

some t ime f raudu lent co rpora te ac t ions have been

over looked . C o r p o r a t i o n s m a y h a ve a s s e t s a n d

l i a b i l i t i e s , b u t t h e y d o n t c o m m i t c r im e s t h e i r

o f f i c e r s , e xe c u t i ve s a n d e m p lo ye e s d o . A n d t h e 2 3 - p a g e

le t t e r a g r e e m e n t b e t w e e n T ys o n a n d t h e D e p a r t m e n t o f

J u s t i c e , t h e c r im in a l i n f o rma t i on , an d t h e S . E . C . s p ub l i c

s t a t e m e n t o f f a c t s a l l w i t h h e ld n a m e s , i d e n t i f y i n g t h e

25A k i t o b y a n d o t h e r s W P / 0 4 / 2 0


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pa r t i c i p a n t s on l y a s s e n i o r e xe c u t i ve , V P

I n t e r n a t i o n a l , V P A u d i t a n d s o o n . 2 6 g e n e r a l l y a n d 1 5 1

1 5 3 t h e t r a n s n a t i o n a l c o r p o r a t i o n s : a l a r g e f r a c t i o n o f

d i s p u t e s r e l a t e d t o f o r e i g n i n ve s t m e n t s n o w a d a ys i s

s e t t l e d b y p r i va t e a r b i t r a t i o n a n d n o t b y n a t i o n a l

c o u r t s . S o c o r p o r a t e l a w f i r m s a n d a c c o u n t i n g f i r m s a d d

ye t a d d i t i on a l l a ye rs t o r ou t i ne t r a ns na t i o na l r u l e -

m a k in g . 2 7 I n h i s t o r y s u c h a p p r o a c h h a d w o r k e d f i n e

u n t i l t h e m a jo r c h a n g e s i n t h e l a s t 2 0 - 2 5 ye a r s ,

whereas the ma jo r t ip -o f f in indust r ia l p roduct ion

has occur red w i th the ment ioned above* The out o f

ba lance sys tem br ings the necess i t ies fo r the

Market i sm becoming ach ievab le as never be fo re in

h is to ry . The pr io r i t y o f th i s new system i s to

improve the market secur i t y es tab l i sh ing the

cond i t ions fo r l ower lend ing ra tes , and to boost

SME&I and Less Deve loped Count r ies market

par t i c ipa t ion . On reg iona l markets o r on the g loba l

marketp lace the e f fec t o f improv ing the market

secur i t y i s to lower in te rest l end ing ra tes tha t w i l l

26W e l l s a n d o t h e r s 2 0 0 727M a n , S e n i o r I n t e r n a t i o n a l L a w A d v i s o r I n t e r n a t i o n a l I n s t i t u t e f o r S u s t a i n a b l e D e v e l o p m e n t 2 0 0 8


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a l low more par t i c ipants , more bus iness ent ropy and

more consumpt ion ( i . e . market demand) . By i t s

na ture , such change i s a market revo lu t ion ;

however , in de ta i l s i t i s a ve ry prac t i ca l m ic ro and

macro economic mod i f i ca t ion o f s imp l i f i ed c lose to

the market fo rces amendments . Ach ieved h igh

market secur i t y wou ld a l low long- te rm

env i ronmenta l s t ra teg ies market re la ted

ut i l i za t ion , f o r these becoming par t o f the g loba l

market compet i t ion .

Market Changes and Enhancements

The market ( i . e . economic ) agents tha t work to

prompt economic growth ( i . e . market deve lopment )

o f the Cap i ta l i sm do not necessary p rompt market

deve lopment ( i . e . economic growth) o f the

Market i sm:

Ca p i ta l i s m M a rk e t i s mS h a d y b u s i n e s s c o n t r a c t

l a w s

S t r i c t ru le o f l aw in

bus iness

L imi ted l i ab i l i t y

co rpora te lega l f o rm 2 8

U n l im i t e d l i a b i l i t y

c o r p o r a t e l e g a l f o r

dec i s ion makers fo rm

28Ruggie 2007


15/38

Bus iness and market

exchanges regu la t ions

B u s in e s s a n d m a r k e t

e xc h a n g e s l a w s

Vague l i ab i l i t y and

pro jec t insurance

C o m p r e h e n s i ve l i a b i l i t y

a n d p r o j e c t i n s u r a n c e , a n d

b o n d in g

Vague in te l lec tua l

proper ty pro tec t ion

C o m p r e h e n s i ve i n t e l l e c t u a l

p r o p e r t y p r o t e c t i o n 2 9

Vague env i ronmenta l and

consumer pro tec t ion

C o m p r e h e n s i ve

e n v i r o n m e n t a l a n d

c o n s u m e r p r o t e c t i o n

Soc ia l and in f ras t ruc ture

as expenses

Soc ia l and

in f ras t ruc ture as pa r t ia l

equ i t ies 3 0 3 1

WB and I MF as lender WB and IMF as promoter

and cont ro l le r

Pro cyc l i ca l economic s Counter - cyc l i ca l

economics 3 2

Low Governmenta l

employment and low

taxes

Ba lanced governmenta l

employment and taxes

to overa l l market

ac t iv i t y

Product iv i t y and

investment as ma in

economic agent 3 3

B u s in e s s e n t r o p y ( i . e .

no ise ) and d ivers i t y as

ma in market agent

29Watt 201130

Espinoza 201131Arslanalp 201032Tressel 2010


16/38

Nat iona l budget as

lead ing ind ica to r to a

count ry s economy

In f la t ion /de f la t ion as

lead ing ind ica to r to a

count ry s market3 4

B ig bus iness and

investo rs as

benef i c ia r ies - compare

to SME&I same fo r sma l l

and underdeve loped

count r ies

A l l m a r k e t p a r t i c i p a n t s

i n c l u d in g Sma l l and

Medium bus iness and

investo rs , sma l l and

underdeve loped markets

as bene f i c ia r ies

Pro supp ly economic

po l i c ies

Pro market equ i l ib r ium

market 3 5 e c o n o m ic s 3 6

Globa l cur renc ies

merg ing ( i . e . EU)

G loba l cur renc ies

ent ropy

Th e M a rk e t i s m u t i l i z e s on th e s e c ha n g e s a nd

e n h a n c e m e n t s t o m a r g in a l i z e engraved fo r centur ies

market insu f f i c ienc ies in o rder to acce le ra te

market ac t iv i t i es and overa l l market ent ropy under

a market env i ronment o f we l l deve loped g l oba l

indust r ia l bas i s and capab i l i t i es o f the US , J apan ,

Ch ina , Germany, and e t c .

33Contessi 2010

34Anderson 201135Bhattacharya 201136Bayoumi 2011


17/38

Env i ronmenta l P ro tec t ion one o f the Agents fo r

Deve lopment

I f h igher market secur i t y enhances market ent ropy

( i . e . bus iness ac t iv i t i es ) and d ivers i t y the

par t i cu la r and impor tant market agent -

Env i ronmenta l P ro tec t ion i s to be fundamenta l to

ca r ryon even fu r ther th i s market ent ropy and the

fo l low ing market deve lopment . Markets , wh ich a re

crea t ing cond i t ions fo r f as te r market deve lopment

and cou ld be pushed by ta rgeted market l eaps o r

cons is tent pressures on some par t i cu la r market

segments tha t cou ld br ing overa l l a cce le ra ted

market deve lopment . A l te rna t ive energ ies , f a rming ,

and techno log ies a re the one to improve

env i ronmenta l p ro tec t ion , l ower po l lu t ion and

reduce the usage o f Ea r th resources ; however , i f

these a re compet i t i ve market ac t iv i t i es , boosted

through subs id ies and low ra tes lend ing i t ( the

env i ronmenta l p ro tec t ion ) cou ld be the ma jo r agent

fo r overa l l market deve lopment . The most

impor tant , as ment ioned above , i s such market

agent to be na tura l to the market compet i t ion (no t


18/38

ar t i f i c ia l a s i t i s now, because o f the

uncompet i t i veness o f h igh pr i ces , l ow p roduct iv i t y ,

ine f fec t iveness i t b r ings ) . Thus , i f the sys tem o f

economics c rea tes more d iverse and comprehens ive

market cond i t ions the ent ropy ( i . e . no i se ) o f such

market env i ronment wou ld u t i l i ze the

Env i ronmenta l P ro tec t ion as market more e f f i c ient

agent . By i t se l f , such market e f f i c iency wou ld

crea te employment and work ing compet i t i veness

be ing r ight ly sub jec t ive to cur rent market

equ i l ib r ium. Whereas improv ing p roduct i v i ty and

in te rna t iona l investment i s a market agent tha t

inc rease market ent ropy by i t s improv ing e f f i c iency

and compet i t i veness in an market env i ronment o f

dominance fo r La rge Bus inesses and Investo rs , the

improv ing p roduct i v i ty and in ternat iona l

investment enhanced by inc lus ion o f more

par t i c i pants i s a market agent to inc rease the

market ent ropy in a market p lace over loaded w i th

indust r ia l goods and manufac tur ing capab i l i t i es in

a market ent ropy o f no o l igopo l ies ( i . e . d ominance)

but re la t ive ly f a i r market compet i t ion .


19/38

In a market p lace w i th h igh ent ropy o f bus iness

act iv i t i es the overcap i ta l i za t ion , wh ich in case

provoked the 2007-9 Recess ion wou ld no t do such

harmfu l e f fec t because the energ ies tha t bu i l t such

overcap i ta l i za t ion wou ld d i sperse in to o ther market

sec t ions , however prevent ive ac t ions shou ld be

used , too . The t ransmiss ionab i l i t y o f a more

d iverse and ac t ive marketp lace i s to be inc reas ing ,

there fo re any moneta ry and f i sca l ac t ions wou ld

have more and fas te r e f fec t on the overa l l market

( i . e . economy) . Genera l l y , under the cond i t ions o f

l ower lend ing in te rest ra tes the market as a who le

wou ld be ab le to accumula te and go th rough

longer - te rm negat ive recess ionary per iods w i thout

s t ruc tura l d i s in tegra t ion .

Env i ronmenta l P ro tec t ion and Lower Lend ing Rates

L o w e r l e n d in g r a t e s m e a n g e n e r a l l y h i g h e r b u s i n e s s

a c t i v i t i e s , o n a g l o b a l s c a l e c o n s e q u e n c u a l o f l e s s

p o ve r t y a n d u n d e r d e ve l o p m e n t . F o r t h e e n v i r o n m e n t a l

p r o t e c t i o n t o b e c o m e g l o b a l l y e f f e c t i ve a n g l o b a l m a r k e t

p r o s p e c t i ve i s f e a s i b l e o n l y . Po l l u t i o n f r o m e xh a u s t e d

a g in g ve h i c l e s a n d p r im i t i ve h e a t i n g , d e f o r e s t a t i o n ,


20/38

u n c o n t r o l l a b l e w a s t e d i s p o s a l , e . g . a r e u n c o n t r o l l a b l e i n

u n d e r d e ve l o p e d a n d u n d e ve lo p e d m a r k e t s ( i . e .

c o u n t r i e s , e c o n o m ie s ) , b u t i n t e r n a t i o n a l d e p e n d e n c e

f r o m p o l l u t i o n i s e n ve l o p in g E a r t h . M o r e o ve r , i f

h yp o t h e t i c a l l y t h e g l o b a l m a r k e t p l a c e d r i ve n b y

p r o d u c t i v i t y a n d i n t e r n a t i o n a l i n ve s t m e n t n o i s e i s

i n d u s t r i a l i z e d , a n d g l o b a l e c o n o m ic g r o w t h i s s u c c e e d e d

b y t h e c u r r e n t l y a c c e p t e d e c o n o m ic s t h e

d i s p r o p o r t i o n e d p o l l u t i o n a n d e xh a u s t i o n o f r e s o u r c e s

w o u ld d e s t r o y i t a l l . I f , h o w e ve r , t h e u n d e r d e ve l o p m e n t

c o n t i n u e s t h e p o l l u t i o n a n d w a s t e wou ld dest roy i t

too , maybe a b i t l a te r .

Cons ider ing these two poss ib i l i t i es on ly a th i rd ,

more comprehens ive i s poss ib le whereas many

markets ( i . e . economies , count r ies ) a re g iven

cond i t ions to deve lop but no t by indust r ia l i za t ion .

I . e . , immedia te ly , the quest ion appears , i s i t

poss ib le , anyway?

Indust r ia l i za t ion and Market Deve lopment

Th e i n du s t r i a l i z a t i on i s t he h i g h e s t p o i n t o f d e ve l op me n t

i n t h e C a p i t a l i s m ; t h e t e c h n o lo g i e s a n d R & D , e d u c a t i o n

a n d m id d l e c l a s s , t a xa t i o n a n d f i s c a l p o l i c i e s a r e a l l


21/38

d i r e c t l y r e l a t e d t o t h e i n d u s t r i a l p r o d u c t i o n 3 7 , t h e r e f o r e

w i t h t h e d e c l i n e i n i n d u s t r i a l p r o d u c t i o n o ve r a l l

e conomic dec l ine i s imminent .

H is to r i ca l l y , the fa rming was fundamenta l f o r the

economy agent the indust r ia l p roduct ion i s the

agent now 3 8 . H o w e ve r , t h e n e w g l o b a l d e ve l o p m e n t s *

h a ve r e d u c ed the oppor tun i t ies fo r many markets

( i . e . economies ) to ma in ta in needed fo r the i r f i sca l

reserves indust r ia l p roduct ion 3 9 a n d f o r g r e a t m a n y

o t h e r s t o i n d u s t r i a l i z e . Thus , deve loped and

deve lop ing markets a l i ke cou ld no t manage the i r

f i sca l ba lance o r deve lop in case , there fo re h igh

unemployment , underemployment , f i sca l shor tages ,

dec l in ing midd le c lass , de f i c i t and na t iona l debt 4 0

h a ve b e c o m e s yn o n ym s o f l a c k o f i n d u s t r i a l p r o d u c t i o n .

Wh i le the Economic Growth was not poss ib le but by

indust r ia l p roduct ion ; Market Deve lopment i s on ly

par t ia l l y dependent on indust r ia l p roduct ion . Even

37Stiglitz 200238Bandyopadhyay 201139Boragan and others 201140 Reinhart and Rogoff 2009: have recently engaged in a prodigious research effort aimed at collecting and

analyzing economic data and financial crises across dozens of countries and hundreds of years. The most

comprehensive repository of this work is their 2009 book This Time is Different: Eight Centuries of Financial

Folly; a separate report Growth in a Time of Debt (GITD hereafter), based on a subset of their data on nationaldebt and economic growth, has received considerable attention in the media and among policy makers after

professor Reinhart testified at the National Commission on Fiscal Responsibility and Reform.


22/38

product iv i t y and investment agent does no t lose

impor tance in Market i sm the market ent ropy f rom

enhanced bus iness ac t iv i t i es shou ld become market

agent prompt ing market deve lopment , too ; the

market equ i l ib r ium in such cond i t ions shou ld be

more market o r iented than i t i s now, whereas

governmenta l invo lvement wou ld be less in

percentage -w ise in compress ion . The improv ing

techno log ies , the in te rnet , the h igh manufac tur ing

capac i ty o f t ransnat iona ls and Ch ina , the easy

mov ing and outsourc ing capab i l i t i es , the open

g loba l marketp lace , e .g . a re o f g rea t ba lanc ing

supp ly market agent .

In te rna t iona l F inanc ia l I ns t i tu t ions and the

Env i ronmenta l P ro tec t ion

Th e i n te rna t iona l f inanc ia l ins t i tu t ions (WTO, WB,

and IMF) a re be ing founded 4 1 o n t h e p r i n c i p l e o f

l e nd ing and bank cont ro l l ing : l end ing on re la t ive ly

h igh in te rest ra te and shor t te rm to less and

undeve loped markets ( i . e . count r ies ) 4 2 . T h e h i g h r i s k

o f t h e b o r r o w e r s j u s t i f i e d t h e h i g h r a t e s a n d s h o r t

41Shultz 199842Smith 1937


23/38

t e r m s . P r o g r e s s i ve l y g l o b a l s e c u r i t y e xc h a n ge markets

have ex tended the i r share by t rad ing sovere ign

debt on f ree market pr inc ip les . Bo th ways , a t and

a f te r the 2007-9 Recess ion the ab i l i t i es o f many

count r ies to repay the i r debt have been dec l in ing

and fewer count r ies were dar ing to bor row f rom the

in te rnat iona l f inanc ia l ins t i tu t ions chang ing them

to t ransmi t te rs o f subs id ies and emergenc ies he lp

funds . W h i l e p u b l i c f l o w s p l u n g e d i n a l l c o u n t r i e s , t h e r e

i s a n i n d i c a t i o n t h a t g r a n t s w e r e r e p l a c i n g l o a n s i n l o w -

i n c o m e c o u n t r i e s , w h i c h i s c o n s i s t e n t w i t h d o n o r

c o m m i t m e n t s4 3 . T h e ta rgeted by the in te rna t iona l

f inanc ia l ins t i tu t ions g loba l economic growth has

dece le ra ted in to g loba l s low down o r recess ion but

a few except ions . T h i s p r o c e s s , h o w e ve r , h a s h a d s o m e

lo n g e r t a i l o f a t l e a s t 2 0 ye a r s w i t h d e t e r i o r a t i n g

undeve loped markets bo r row-ab i l i t y and

repayment -ab i l i t y , wh ich process cou ld be

connected to the weaken ing consumpt ion in the

most deve loped economies and the r i s ing indust r ia l

capab i l i t y o f Ch ina , Ind ia , and e .g . tha t has

43C o m b e s a n d o t h e r s W P / 1 1 0 9


24/38

undercut many undeve loped markets ( i . e .

count r ies ) o f manufac tur ing and expor t ing goods .

As some o f th e s e c o un t r i e s a re a l s o h e a v i l y d e pe nd e n t

o n e x t e r n a l f i n a n c in g f r o m b a n k s a n d i n ve s t o r s , a r o u n d

6 0 - 7 0 p e r c e n t f o r G r e e c e , I r e l a n d a n d Po r t u g a l , a

f i n a n c in g c r i s i s b e c o m e s a lm o s t i n e v i t a b l e 4 4 . T he re t u rn

on the invested cap i ta l coming th rough WB and IMF

funds fo r many count r ies has dete r io ra ted , a l so

T h e o u t f l o w o f f o r e i g n c a p i t a l f r o m e m e r g in g a n d

d e ve lo p in g c o u n t r i e s , w i t h i t s d e s t a b i l i z i n g e f f e c t o n

p r i va te a n d pu b l i c f i na n c e s i n t h es e ma rk e t s 4 5 . w h e r e a s

t h e g l o b a l i z a t i o n h a s u t i l i z e d e n e rgy and commodi ty

pr i ces r i s ing constant ly . Hence , the bor rowed

cap i ta l d i sappeared in to cover ing prev ious debt ,

bas i c expenses , and co r rupt ion ins tead o f

p rompt ing economic growth . The in te rna t iona l

f inanc ia l ins t i tu t ions s ta r ted lend ing on pro jec t -by -

pro jec t bas i s tha t made no d i f f e rence to the

conc lus ions above .

E ve n t h e w a ys of l end ing o f the in te rna t iona l

f inanc ia l ins t i tu t ions have prac t i ca l l y changed,

44K o n o v 2 0 1 145C h a m i a n d o t h e r s W P / 0 9 / 9 1


25/38

i deo log ica l l y and concept iona l l y they have not

evo lved : the fo rma l t ighten ing budgets and c lose

de f i c i t observance a re in prac t i ce as ever . Hence in

a vo la t i l e and insecure marketp lace i s we l l

reasonab le . However , w i th the ongo ing changes o f

rea l i t i es* the ro le o f the in te rna t iona l f inanc ia l

ins t i tu t ions must change too by comprehend ing and

accommodat ing these rea l i t i es in to regu la to ry and

f inanc ia l s t ruc tures prompt ing market deve lopment

and manag ing in f la t ionary processes . F rom most ly

be ing a lender and co l lec to r to most ly be ing a

promoter and cont ro l le r the in te rna t iona l f inanc ia l

ins t i tu t ions shou ld promote the ru le o f l ow in

bus iness and o ther Market i sm u t i l i t i es on the

g loba l marketp lace , and th ru lower lend ing ra tes to

ra i se market no ise and d ivers i t y .

Bus iness Laws and Env i ronmenta l P ro tec t ion

B u s in e s s r e g u l a t i o n s m o s t l y u s e d f o r e n v i r o n m e n t a l

p r o t e c t i o n 4 6 s h o u ld c h a n g e i n t o b u s i n e s s l a w s a p p l y

i n d i s c r im in a t e l y a n d u n c o n d i t i o n a l l y . M o r e o ve r , f o r m a l

f i r m g r o w t h im p r o ve s w i t h b e t t e r e n f o r c e m e n t a s

46Schnaiberg 1980


26/38

m e a s u r e d b y f a i r a n d im p a r t i a l c o u r t s , w h i l e i n f o r m a l

f i r m g r o w t h i s c o n s t r a i n e d b y o r g a n i z e d c r im e , p o in t i n g

t o t h e i r i n a b i l i t y t o t a k e f u l l a d va n t a g e o f t h e l e g a l a n d

j ud i c i a l s ys t e ms 4 7 . H e n c e , un less eas ing bus iness

laws in cur rent ly used sys tem prompt economics

growth the enhanced bus iness laws wou ld have the

oppos i te e f fec t under the Market i sm prompt ing

market no ise and d iverse bus iness env i ronment .

When i t comes to env i ronmenta l p ro tec t ion 4 8 , the

e f fec t by such change wou ld have the most pos i t i ve

consequences o f a l l . I n a h igher secur i t y market

p lace in lower lend ing ra tes env i ronment whereas

governments and in te rna t iona l o rgan iza t ions use

subs id ies and f i sca l too l s to boost market

deve lopment th rough marg ina l i z ing market

d isadvantage fo r the SME&I the who le new market

oppor tun i t ies w i l l appear the ind iv idua l

imag ina t ion and c rea t iv i t y and the ind iv idua l

ent repreneursh ip wou ld f lour i sh . Th ings l i ke

consumer pro tec t ion and env i ronmenta l p ro tec t ion ,

the s t r i c t bus iness laws e .g . wou ld no t prevent

47 D a b l a - N o r r i s a n d I n c h a u s t e W P / 0 7 / 1 1 248Schnaiberg and Gould 1994


27/38

bus inesses and investo rs f rom expand ing , but in

the oppos i te w i l l l eve l -up compet i t ion c rea t ing

more oppor tun i t ies in h igh techno log ies and more

market re la ted educat ion .

Conc lus ions

Th i s pa p e r ma y se e m to opt im is t i c and border ing

unrea l i t y , however the poss ib i l i t i es tha t cou ld

come wi th r i s ing market secur i t y on a g loba l sca le

may go even fu r ther . The inc lus ion o f

Env i ronmenta l P ro tec t ion in the market compet i t ion

as an market agent ins tead o f the subs id i zed by

the governments a r t i f i c ia l pa r t i s a poss ib i l i t y , i f

no t the on ly one tha t cou ld save Ea r th f rom

dest ruc t ion . The sys tem o f Market i sm i s f ounded on

f ree ent repreneursh ip and ind iv idua l f reedoms a

natura l H i s to r i ca l ex tens ion enta i led in to the best -

succeeded economic sys tems o f the past .

B ib l iography

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