Monday, 26 January 2009

LEADING GREEN ECONOMIST SPEAKS ON THE RECESSION

PRESS RELEASE – FOR IMMEDIATE RELEASE – 26th January 2009 - 27 Audley Avenue, Tonbridge, Kent TN9 1XF - www.kentgreenparty.org

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LEADING GREEN ECONOMIST SPEAKS ON THE RECESSION

Molly Scott Cato, the first Reader in Green Economics in the world’s Higher Education sector, spoke at Wye, near Ashford on Saturday 24th January (1).

Addressing the subject of Green perspective on public spending, she argued that the private sector always shrinks in a recession and that essential changes to our economy will have to be made by the Government and the public sector. She said:
“The credit crunch has exposed the fallacy of globalization. Power has been given to corporations and banks and they have let us down through excessive speculative activities. Our answers, including a Green New Deal to create a low carbon economy, are going to involve public ownership and regulation, and community ownership of projects to deal with the recession. We should start having Bond issues for public projects at local government level, to help maintain employment and improve the resilience of our local economies(2).

“We need to move away from the reasons for ‘defensive expenditures’ to keep public spending under control. Too many existing jobs with long hours create stress and illness. Drug and alcohol abuse as well as crime and mental illness are all amongst the effects of the kind of economy we have been running. Working better, rather than longer, closer to home or in the home rather than by long commuting journeys, will contribute to cutting these expenditures, and allowing the freed resources to used for investment in energy efficiency, renewable energy and other sustainability-related projects.”

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FURTHER INFORMATION: Molly Scott-Cato on 0789 0832891 or Steve Dawe on 01732 355185, 0845 257 4236 or mobile 07747 036192. Contact address for this release as above.





Notes:
1. Molly Scott Cato is Reader in Green Economics at the Cardiff School of Management. She is the author and a contributor to a variety of books on Green economic ideas. Her latest book, Green Economics, was published by Earthscan in 2008.
2. Bond issues are used in this way in the United States, funding public transport and community facilities, as examples.

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