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https://doi.org/10.12759/hsr.44.2019.1.231-257
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Sustainable Markets and the State: Taxation, Cap-and-Trade, Pay-for-Success, and Nudging
Nachhaltige Märkte und Staat: Besteuerung, "cap-and-trade", "pay-for-success" und Nudging
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Abstract Sustainable markets are heterogeneous phenomena, developed and implemented to keep up the idea of free economic choice against socialist and interventionist forms of environmental or social politics. This article is a plea to understand sustainable markets from the perspective of the state. It prese... view more
Sustainable markets are heterogeneous phenomena, developed and implemented to keep up the idea of free economic choice against socialist and interventionist forms of environmental or social politics. This article is a plea to understand sustainable markets from the perspective of the state. It presents the history of welfare economics as an ongoing conflict about the question of how to solve the state-versus-market divide. It analyses and compares the welfare tax, the cap-and-trade mechanism, pay-for-success schemes like Social Impact Bonds, and nudging in order to demonstrate their dependence on certain historical state formations, and it links them back to welfare economic struggles between Pigou, Dales, Coase, and Thaler. In doing so it argues for the necessity to bring about the political morality of the microeconomic technicalities of commensuration / commodification. These technicalities organize roles and positions for economic actors and state authorities in very different ways. By applying the analytical concept of the conventions of the state, this article develops a framework to understand the diversity of sustainable state/market co-constructions.... view less
Keywords
public private partnership; government function; type of government; social economics; historical development; welfare economics; sustainable development; business psychology; interventionism; economization; neoliberalism; privatization; market mechanism; ordoliberalism
Classification
National Economy
Free Keywords
Welfare economics; convention theory; impact investing; carbon markets; commensuration; commodification
Document language
English
Publication Year
2019
Page/Pages
p. 231-257
Journal
Historical Social Research, 44 (2019) 1
Issue topic
Markets, Organizations, and Law - Perspectives of Convention Theory on Economic Practices and Structures
ISSN
0172-6404
Status
Published Version; peer reviewed