Abstract
This chapter explains how growth of consumption is a policy goal; shows the legacy of poverty alleviation and industrial upgrading around the world in creating a system of unbridled consumerism, which has given rise to the concepts of "hyper globalization" and "hyper economic growth"; explains that there is not a clear market structure to internalize their social costs; defines social costs in terms of environmental damage; and explains why markets do not to address them equitably and the academy struggles with their operationalization.
This chapter explains how growth of consumption is a policy goal; shows the legacy of poverty alleviation and industrial upgrading around the world in creating a system of unbridled consumerism, which has given rise to the concepts of "hyper globalization" and "hyper economic growth"; explains that there is not a clear market structure to internalize their social costs; defines social costs in terms of environmental damage; and explains why markets do not to address them equitably and the academy struggles with their operationalization. A developing nation marred in poverty does not become an attractive place to build new facilities overnight. The interplay between economic growth policies and environmental policies has been examined by the academy from across disciplines since the 1960s. John Maynard Keynes was one of the three major masterminds that created the Bretton Woods supranational governance organizations, as the main vehicle of policy diffusion in economic learning and international finance.