Balanced Growth Finding Strategies for Sustainable Development
What is balanced growth? This book shows that the definitions and implications of the concept of balanced growth vary significantly among the different disciplines in economic science, but are not exclusive at all. Terms such as sustainability or balanced
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Giulia Mennillo Thomas Schlenzig Elmar Friedrich Editors
Balanced Growth Finding Strategies for Sustainable Development
Editors Giulia Mennillo Institute of Economics University of St. Gallen St. Gallen, Switzerland
Thomas Schlenzig Institute of Management University of St. Gallen St. Gallen, Switzerland
Elmar Friedrich Institute for Economy and the Environment University of St. Gallen St. Gallen, Switzerland
ISSN 2192-8096 e-ISSN 2192-810X ISBN 978-3-642-24652-4 e-ISBN 978-3-642-24653-1 DOI 10.1007/978-3-642-24653-1 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2011941774 © Springer-Verlag Berlin Heidelberg 2012 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
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Preface by the Editors
Ever since the financial and economic crisis of 2008/09 and its accompanying spillover effects, our globalizing world has uncompromisingly shown the flip side of its coin. Its crisis-prone character has intensified the discussion about our economic system’s sustainability. Questions related to acceptable sovereign debt levels, suitable trade deficits and surpluses, and firms’ growth targets have aroused high interest. In our opinion, this discussion must involve rethinking the qualitative and quantitative dimension of our present understanding of the nature of economic growth. The concept of balanced growth as a way of the global economy to grow might be one solution for the systemic risks and imbalances of our times. The kinds of economic growth most countries aim for has created externalities with self-destructive traits concerning the system’s ability to sustain itself. Is this inability based on the system requiring the exclusion of certain groups of countries, regions, and human beings? In other words, is inequality an embedded core element in our way of growing and achieving wealth? Exports and domestic consumption – the two prominent drivers of economic growth – are often also the origin of imbalance and instability. Excessive current account surpluses imply excessive current account deficits. The increase in global demand leads to shortag
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