Bail-out and Stimulus Package: Yes for Economic crisis, No for Climate crisis?

Bail-out and Stimulus Package: Yes for Economic crisis, No for Climate crisis?

By Rajendra Shende, rmshende@unep.org 29 June 2009 When markets collapsed and when most of the major banks around the world went kaput, the governments around the world rushed to bail out the market. Almost overnight stimulus packages got prepared, approved by cabinets, politburo, senates, and parliaments and even by executive order depending on the political governing system in the countries. Almost in military-like marching order, all the sermons on virtues of open market economy made a 180 degree turn around. The goals of zero trade-tariffs and the best practices of 'leaving the markets to work upon themselves' were found to be strategically misconceived. In near orchestrated style, the governments around the world condemned the indulgence in not regulating the markets enough and ordered the system to intervene, control and even take over and nationalize the businesses. The intellectuals in political economy commissioned research and studies on virtues of monitoring the markets and...
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