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June 2023 (published: 31.05.2023)
Number 2(53)
Home > Issue > Impact of financialization on sustainable development
Klioutchnikov I.K. , Klyuchnikov O.I., Molchanova O.A.
The main task of the article is to collect various areas of interaction between financialization and the main parameters of sustainable development into a single structure. The purpose of the article is to highlight the impact of the recent fundamental changes in financialization on macroeconomic growth and investment in the context of the decarbonization of the economy, and thereby clarify some parameters for the participation of finance in sustainable development. At the theoretical level, a new model of coherence of three concepts is being developed - (i) provision of the primary needs of mankind, (ii) restrictions on development and growth, and (iii) the mechanism of interaction of the first two concepts, in which the financialization of the economy is of decisive importance. Financial accessibility, the prevalence of financial motives and interests, the nature, and directions of the use of investment resources largely determine the possibility of curbing climate change and adapting to new conditions, as well as creating a technological basis for the society of the future, consistent with its goals (SDGs) and sustainable development.
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Keywords: sustainable development, economic growth, financialization, climate change.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 330.01 336.01
Impact of financialization on sustainable development
The main task of the article is to collect various areas of interaction between financialization and the main parameters of sustainable development into a single structure. The purpose of the article is to highlight the impact of the recent fundamental changes in financialization on macroeconomic growth and investment in the context of the decarbonization of the economy, and thereby clarify some parameters for the participation of finance in sustainable development. At the theoretical level, a new model of coherence of three concepts is being developed - (i) provision of the primary needs of mankind, (ii) restrictions on development and growth, and (iii) the mechanism of interaction of the first two concepts, in which the financialization of the economy is of decisive importance. Financial accessibility, the prevalence of financial motives and interests, the nature, and directions of the use of investment resources largely determine the possibility of curbing climate change and adapting to new conditions, as well as creating a technological basis for the society of the future, consistent with its goals (SDGs) and sustainable development.
Read the full article
Keywords: sustainable development, economic growth, financialization, climate change.
DOI 10.17586/2310-1172-2023-16-2-180-190