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The green capitalist state in the Global North is a derisking state!
in a new paper, I examine the political embrace of derisking in European/US green industrial policy, and consider the implications for decarbonisation.
osf.io/preprints/soca…
in a new paper, I examine the political embrace of derisking in European/US green industrial policy, and consider the implications for decarbonisation.
osf.io/preprints/soca…
derisking has mutated from co-producing investible infrastructure to investible productive capacity;
- that is precisely how the European Commission @ThierryBreton thinks of it
- that is precisely how the European Commission @ThierryBreton thinks of it
I elaborate the concept of the derisking state in response to (valid) critique about its limitations, specify the structural constraints that render the post-neoliberal (@zeithistoriker) state a derisking state
I briefly discuss what the US Fed's turn to par value collateral in the BTFP tells us about the politics of monetary derisking in Europe
to then turn to the (much debated on twitter) question of derisking-based green industrial policy -
distinguishing it from a Big Green State approach that exercises close control over credit flows as an instrument to discipline private capital.
distinguishing it from a Big Green State approach that exercises close control over credit flows as an instrument to discipline private capital.
derisking and capital discipline are fundamentally at odds because former relies on private profitability to enlist private capital while latter forces capital into pursuing strategic objectives of the state
three days in Brussels at #BeyondGrowth2023 have reinforced my analysis that European elites are stuck in derisking mode, not necessarily by conviction but harsh macrofinancial politics.
One of my favourite #beyondgrowth23 outcomes: against the grey suits of derisking, Clive Spash has given us the ultimate aesthetic of the Ministry of Postgrowth Planning
US IRA derisking amplifies the disorderly expansion of (carbon) capital
https://twitter.com/leee_harris/status/1658848069062983683?s=20
comments welcome @BrusselerMel @KateAronoff @cedric_durand @Shahinvallee @JonathanB4RTH @DantonsHead @JWMason1 @PEWilliams_ @robinsonmeyer
hope 2 move conversation beyond ‘blanket critique of derisking’ - a strawman:
1. Fake choice 'derisking or nothing' - Europe did have political momentum to discipline capital, & US does in CHIPS Act.
2. No criticism of IRA defends preIRA status-quo
1. Fake choice 'derisking or nothing' - Europe did have political momentum to discipline capital, & US does in CHIPS Act.
2. No criticism of IRA defends preIRA status-quo
https://twitter.com/robinsonmeyer/status/1656692433717977094?s=20
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