Feeling the heat: Financial crises and their impact on global climate change
Feeling the heat: Financial crises and their impact on global climate change
Author(s): Adomas Rovas, Sarunas Girdenas, Vincentas GiedraitisSubject(s): Economy
Published by: Prague Development Center
Keywords: Kondratiev waves; Schumpeter; world-systems analysis; environmental economics; global climate change.
Summary/Abstract: This interdisciplinary paper uses world-systems analysis as a theoretical framework to argue that both the 1870s, 1930’s economic depressions reduced mean global temperatures. As global consumer demand fell, factories worldwide began producing less commodities and, as a result, emitted less greenhouse gasses. We find that in both instances there is evidence to support the hypothesis that financial crises lead to cooler temperatures.
Journal: Perspectives of Innovations, Economics and Business, PIEB
- Issue Year: 4/2010
- Issue No: 1
- Page Range: 7-10
- Page Count: 4
- Language: English