The Wall Street Consensus in pandemic times: What does it mean for climate-aligned development?

Dafermos, Yannis; Gabor, Daniela; Michell, Jo

Abstract

The COVID-19 pandemic has reinforced the dominance of what Daniela Gabor calls the Wall Street Consensus (WSC) as the hegemonic approach to sustainable development. Public commitments to “green recoveries” and climate resilience, growing fiscal deficits in the Global South, and new central bank emergency liquidity measures have created more space for WSC policies. We examine the key WSC climate policy tools – climate infrastructure as an asset class, climate rescuer of last resort, disclosure of climate-related financial risks and carbon pricing – and argue that these will increase financial vulnerability in the Global South while doing little to achieve climate-aligned development.

• Journal Article Type: Article
• Acceptance Date: Nov 25, 2020
• Online Publication Date: Jan 15, 2021
• Publication Date: Jan 15, 2021
• Deposit Date: Feb 10, 2021
• Journal: Canadian Journal of Development Studies
• Print ISSN: 0225-5189
• Electronic ISSN: 2158-9100
• Publisher: Taylor & Francis (Routledge)
• Peer Reviewed: Peer Reviewed
• Volume: 42
• Issue: 1-2
• Pages: 238-251
• DOI: https://doi.org/10.1080/02255189.2020.1865137
• Keywords: Development
• Public URL: https://uwe-repository.worktribe.com/output/7045897
• Additional Information: Peer Review Statement: The publishing and review policy for this title is described in its Aims & Scope.; Aim & Scope: http://www.tandfonline.com/action/journalInformation?show=aimsScope&journalCode=rcjd20; Received: 2020-07-26; Accepted: 2020-11-25; Published: 2021-01-15