Post-2008 Global Dynamics & Structural Changes: Economic, Political and Eco-Societal
Transitions – Perspectives on New Economic Theory
Universidade de Lisboa, Lisbon School of Economics and Management
11 -13, May, 2016
The XIII International Colloquium took place at the Lisbon School of Economics & Management, Universidade de Lisboa, Portugal, on 11-13, May, 2016. The selected theme was “Post-2008 Global Dynamics & Structural Changes: Economic, Political and Eco-Societal Transitions” – Perspectives on New Economic Theory. Special sessions of the conference were dedicated to the development of a transdisciplinary conceptual framework for economic theory in the 21st century.
This meeting was organized by the University of Lisbon, the University of Brasilia, the World Academy of Art and Science, World University Consortium, the University of Brasilia and CESA/CSG.
The recent global financial and economic crisis has underscored the fact that despite significant increases in income and other “development” indicators in many parts of the world in the last fifty years, or so, the appropriate paths to development require serious rethinking. The rapid growth of the financial sector in the global economy has made economies fragile. Increases in inequality seem to be making societies more unjust and unstable. The problem of global warming continues to be major threat for the future.
The XII International Colloquium in Gainesville, last May, encouraged contributions about alternative visions of sustainable development and explored alternative economic theories that more effectively translate economic activity into sustainable models of economic security and equitable development for humanity as a whole. It examined current concepts and premises in the light of the rapid and radical changes that have transformed economic activity. It looked at the changes since the period in which most prevalent concepts were formulated to assess their relevance to the knowledge based globalized service economy emerging in the 21 century. Additionally, it examined the need for formulation of value-based trans-disciplinary science of society that effectively integrates economics with politics, law, society, culture and ecology. Special emphasis was placed on the challenges confronted by States in Transition. One direct consequence of the Gainesville conference was the constitution of an international, multi-disciplinary team committed to the formulation of human-centered, value-based, ecologically sustainable economic theory. The objective was to identify critical gaps and missing elements in current theory to develop an inclusive, transdisciplinary integrated framework drawing upon and synthezing the wide range of original work being done by individuals and groups around the world. The Lisbon conference provided an opportunity for a wide range of social scientists to make contributions to formulation of the new framework.
The XIII Colloquium discussed the current international situation, with systemic stresses taking place everywhere, Europe in particular. This context leads us to believe that 2016 may well be a year when (after the Paris meeting) socioeconomic and political transformations will be initiated. The power of international finance and of its associated dominant theoretical apparatus has been instrumental and leading to structural changes worldwide. In addition, the mistaken orientation of general policies of economic management is having a perverse impact on growth and distribution as well as on stability. Although the international crisis starting in 2007 managed to generate some skepticism among decisions makers, politicians and international organizations, the disturbances it created were apparently not powerful enough to inspire another shared vision of positive paradigm change. The meeting stimulated thought and action on a vision of a sustainable, fair and equitable way to deal with the critical tasks society is facing. We need to examine the root causes of the current challenges and opportunities so as to formulate an integrated and comprehensive strategy towards the promotion of worldwide change to well-being.
Previous International Colloquia
The successful experience of the first International Colloquium, in 1997, was on “Money, Growth, Distribution and Structural Change: Contemporaneous Analysis”, that coincided with the foundation of PhD Program in Economics at the University of Brasilia (UnB). It was an outstanding meeting with the presence of many fine scholars from Brazil and the larger world community.
The 1999 International Colloquium on “Economic Dynamics and Economic Policy” which was the result of the consolidation of efforts to stimulate and sustain a critical dialogue, continued to develop these critical themes leading to a series of colloquia that followed. These include the 2001 International Colloquium on “Structural Change, Growth and Redistribution” and the 2003 International Colloquium on “Globalization, New Technologies and Economic Relations,” both held in Brasilia, with the support of the UnB and other institutions and had the presence of scholars from various countries around the world..
Subsequent to this initial effort at UnB, the event took on its intercontinental projection with the organization of the 2005 Colloquium in Treviso, Italy. This was a joint effort of the University of Brasilia and the PRINT-PROJECT, which included several Italian universities, on the theme “Dynamic Capabilities between Firm Organization and Systems of Production.” A selection of papers from this Colloquium were later published by Routledge International Publishers in January 2008. The VI International Colloquium was organized in 2007, once again by the University of Brasilia. The theme was “Macrodynamic Capability and Economic Development”. The emphasis of the colloquium was on socioeconomic policies towards growth and distribution, dubbed in the literature as “Development with a Human Face”. In 2010 the VII International Colloquium was successfully organized under the theme of “Getting out of the Current Economic Crisis: In the Light of Alternative Development Paradigms” by CEPN of the University of Paris 13 and the Department of Economics of the University of Brasilia. It took place at the Maison des Sciences de l’Homme, at the University of Paris Nord and attracted worldwide attention.
The VIII International Colloquium, held in Ireland in May 2011, entitled “Economic Growth, Structural Change and Institutions” was organized jointly by the Department of Economics of the University of Brasilia and J. E. Cairnes School of Business and Economics of the National University of Ireland, in Galway. It attracted an excellent group of scholars and dealt with important contemporary economic policy issues.
In 2012, the IX International Colloquium took place at the Schumpeter Centre of the University of Graz, Austria, in collaboration with the University of Brasilia. The event produced contributions towards better understanding of “Inequality and its Persistence”. The main objective of the meeting was to provide a platform for productive exchanges of analysis and research results focusing on the theoretical and policy aspects of the inequality theme. The colloquium also aimed to stimulate an exchange of ideas across fields of inquiry from within the discipline of economic science, as well as in related disciplines. It reinforced a multi-disciplinary approach to the study of political economy.
In May, 2013, the X International Colloquium took place in the Instituto Superior de Economia e Gestão (ISEG – Lisbon School of Economics & Management – Universidade de Lisboa) in Lisbon, Portugal, in collaboration with the University of Brasilia (UnB). The theme was “Power Distribution in The World Economy: New Challenges”. It was concerned with new challenges of the world economy, the distribution of power between different groups in the national and global economies and throughout different countries of the world. Changes in the distribution of power have arguably had a major impact on the economic performance worldwide in recent years. The event was very successful with the presence of several fine scholars, from both academic and public sector administrators.
In May, 2014, the XI International Colloquium again took place in Brasília. It was a return to its origin after a long period abroad. The selected theme was “Global Crisis and Changes of Paradigms: Current Issues”. Growth, distribution, inflation, trade and employment, have been some of the main concerns of macroeconomic theories, yet few economists foresaw the scale of the financial and economic crisis from 2008, and few have been able to propose alternative economic paradigms to respond to it. The main objective of the Colloquium was to provide a platform for a productive exchange of ideas, theories and policies in order to identify such paradigm shifts and better inform policies for both national and global governance. The main conclusions of the meeting were that more than a single event creates a stimulating international research network focusing on effective timely contributions to shape new thinking so that humanity can escape the multiple crises that currently affects society. The event had as sponsors the University of Brasilia (UnB), the National Council for Scientific and Technological Development (CNPq), the World Academy of Art and Science (WAAS), the Rio Branco Institute (Ministry of External Relations), and the International Celso Furtado Center for Development Policies
The Members of the Organizing Committee were:
António Mendonça, Lisbon School of Economics & Management – University of Lisbon, Portugal and CEsA/CSG- Research in Social Sciences and Management; (President)
Maria Rosa Borges, Lisbon School of Economics & Management – University of Lisbon, Portugal; (Vice-President)
Ricardo Azevedo Araujo, University of Brasilia, Brazil; (Head of the Selection Committee)
Joanilio Rodolpho Teixeira, University of Brasilia, Brazil, (Honorary Member)
Winston P. Nagan, University of Florida at Gainesville & Editor of Eruditio, USA
Garry Jacobs, CEO of WAAS & Editor of Cadmus, India
Neantro Saavedra Rivano, University of Tsukuba, Japan
Craig Hammer, World Bank, Washington-DC, USA
Emilson Silva, University of Alberta, Alberta. Canada
Chandana Chakravarti, WAAS, India*
Augusto Santos Silva, University of Porto, Porto, Portugal
Maria de lourdes Rollemberg Mollo, University of Brasilia, Brasilia, Brazil
Mark Swilling, University of South Africa, Cape Town, South Africa
LISBON SCHOOL OF ECONOMICS AND MANAGEMENT – UNIVERSIDADE DE LISBOA
Throughout its existence, since 1911, ISEG – Lisbon School of Economics & Management has always sought to maintain its position at the forefront of Portuguese universities in the fields of economics and management, creating new courses while constantly updating course programmes and teaching methods. Through its research centres, it plays a dynamic role in contributing to scientific knowledge within its areas of speciality, and in applying that knowledge in a wider social context. ISEG further impacts the community around it through consultancy and other services provided to economic agencies and organisations, as well as the scientific and cultural exchanges at a national and international level play an important role in ISEG’s activities. ISEG also plays a special role on academic and scientific cooperation within the Community of Portuguese Speaking Countries (CPLP). In 2013, Technical University of Lisbon, where ISEG was integrated as one of its Schools, merged with University of Lisbon to found the new Universidade de Lisboa, the greatest university of Portugal and the best positioned in all international rankings. Since then ISEG adopted as international name Lisbon School of Economics & Management. For more information see www.iseg.ulisboa.pt and www.ulisboa.pt.
CESA is a research Centre that belongs to CSG/Research in Social Sciences and Management that is hosted by the Lisbon School of Economics and Management (ISEG) of the University of Lisbon (ULisboa). Founded in 1983, its’ research team is composed of ISEG faculty, full time research fellows and faculty from other schools. It is dedicated to the study of economic, social and cultural development in developing countries in Africa, Asia and Latin America, although it places particular emphasis on the study of African Portuguese-speaking countries. Additionally, CESA also promotes research on different theoretical and applied topics in development studies, including globalization and economic integration, in other regions generally or across several regions. In 2015, CSG was object of the international evaluation process of R&D units carried out by the Portuguese national funding agency for science, research and technology (FCT – Foundation for Science and Technology) having been ranked as “Excellent”. For more information see http://csg-iseg.blogspot.pt
WORLD ACADEMY OF ART AND SCIENCE
The World Academy of Art and Science (WAAS) is composed of individual Fellows from diverse cultures, nationalities, and intellectual disciplines, chosen for eminence in art, the natural and social sciences, and the humanities. Established in 1960 by distinguished individuals concerned by the impact of the explosive growth of knowledge, its activities seek to address global issues related to the social consequences and policy implications of knowledge. The Academy serves as a forum for reflective scientists, artists, and scholars to discuss the vital problems of humankind independent of political boundaries. It is a forum where these problems can be discussed objectively, scientifically, globally, and free from vested interests or regional attachments. The WAAS was founded on faith in the power of original and creative ideas to change the world. Its motto is “Leadership in thought that leads to action.” The aim of the Academy’s founders was to function as “an informal WORLD UNIVERSITY at the highest scientific and ethical level, in which deep human understanding and the fullest sense of responsibility will meet.” For more information on WAAS, please look at: www.worldacademy.org
WORLD UNIVERSITY CONSORTIUM
The World University Consortium (WUC) is a non- profit, nongovernmental, international, interdisciplinary, inter-sectoral organization founded in 2013 to promote the development of accessible, affordable, quality higher education for the whole world. WUC is dedicated to a human-centered approach to development that emphasizes the centrality of human capital, human rights, and human welfare. The consortium is open to all types of stakeholders willing to participate in a working alliance to develop effective solutions to the complex global challenges affecting different communities and nations.
UNIVERSITY OF BRASILIA
The University of Brasilia (UnB) was created on April 21,1962 following the ideas of its founders, educator Anísio Teixeira and anthropologist Darcy Ribeiro. The latter became its first president (Rector). The architect Oscar Niemeyer designed its main building, the Central Institute of Sciences (ICC), also known as the “Minhocão”. The undergraduate course in Economics was started in 1963, the MSc degree in 1973 and the PhD program in 1997. Over the years the Department of Economics has been committed to teaching and research at the frontier of the discipline. One main characteristic has been its plural vision in its approach to economic theory, and its respect for the different branches that the evolutions of economic ideas have taken. The Department of Economics at UnB has always been classified among the top Institutions in the country by the federal Ministry of Education, and has a national reputation for excellence in teaching and research. For more information on UnB, please look at: http://www.economia.unb.br
As in previous events, the XIII Colloquium presents a set of 21 papers selected by a Special Committee. Also, include 3 Sessions and 4 Panels presented by invited participants.
First Day: 11/05/2016
08:30 – 09:00 Registration
09:00 – 09:15 Opening Session
Welcome: Mário Caldeira, President of ISEG.
Heitor Gurgulino de Souza, President of World Academy of Art & Science and World University Consortium
The XIII International Colloquium: António Mendonça, President of the Organizing Committee and President of CESA.
09:15 – 09:30 Special Speaker
Chair: Maria Rosa Borges
Augusto Santos Silva, Minister of Foreign Affairs.
09:30 – 11:10 | PLENARY SESSION I
Chair: Maria Rosa Borges
Paper 1:The (Un)bearable Cost of the European Public Debt Sustainability. Sofia Vale and Francisco Camões, ISCTE Business School – Instituto Universitário de Lisboa.
Paper 2:The Supremacy of Financial Capital and the Current Crisis. Maria L. Rollemberg Mollo, Departments of Economics, University of Brasilia.
Paper 3:The Global Crisis and Unconventional Monetary Policy: ECB versus FED. Carolina Tucwell and António Mendonça, CEsA-ISEG, Universidade de Lisboa.
Paper 4:A Characterization of the Global Financial Crisis of 2007-2008. Neantro Saavedra-Rivano, Professor Emeritus, University of Tsukuba.
11:10 – 11:30 Coffee Break
11:30 – 12:30 | PLENARY SESSION II
Chair: António Mendonça
Paper 5: Homoeconomico-politicus, Scientific Consciousness, and the Defense of Fundamental Values in the Context of the Climate Change Crisis. Winston P. Nagan, University of Florida Levin College of Law/ Distinguished Visiting Professor at Al-Farabi Kazakh National University of Kazakhstan, and Megan Weeren, Institute of Human Rights and Peace.
Paper 6: The Asian Infrastructure Investment Bank: China’s Ultimate Financial StateCraft? Enrique Martínez Galán and Luís Mah, International Affairs of the Finance Ministry in Portugal and UECE-ISEG, and CEsA-ISEG, Universidade de Lisboa.
Paper 7:Socioeconomic Challenges and Crisis: Brazilian Illustration and the Search for a New Paradigm. Joanílio R. Teixeira, Department of Economics, University of Brasilia and Rodolfo M. Teixeira, Department of Political Science, UniEuro University.
12:50 – 14:30 Lunch
14:30 – 15:50 | PLENARY SESSION III
Chair: Erich Hoedl
Paper 8:The Market Myth. Thomas Bjorkman, Founder of the Ekskäret Foundation, Stockholm.
Paper 9:Markets, Money and Social Power. Garry Jacobs, World Academy of Arts & Science – Chief Executive Officer.
Paper 10: The Eurozone Crisis and Democratic Legitimacy. Maria Amélia Valle-Flôr, GHES-ISEG, Universidade de Lisboa.
15:50 – 16:10 Coffee Break
16:10 – 17:30 | PANEL A
Subject:Trans-disciplinary foundations of the market
This session will explore the relationship between economic theories and models and the political, legal, social, technological and commercial factors influencing the functioning of markets to identity the scope for designing and regulating markets in a manner that promotes full employment more equitable income distribution with the context of a market economy. To what extend do our models represent or distort economic reality? Can we conceptualize a market system that more effectively promotes human welfare and well-being?
Chair: Garry Jacobs
Panelists: Tomas Bjorkman, Philip Koenig, Dimitrios Kyriakou, Carlos Alvarez Pereira
17:30 Cultural Moment
Second Day: 12/05/2016
10:00 – 11:20 | PLENARY SESSION IV
Chair: Robert Hoffman
Paper 11: Optimized Economic Capital for Emerging Markets Portfolio:Integrated Approach to Risk Assessment. Mariya Gubareva and Maria Rosa Borges, UECE-ISEG, Universidade de Lisboa.
Paper 12: Towards a Society of Living. Provocations on Economy and Economics by a Layman and Entrepreneur. Carlos Alvarez-Pereira, Innaxis Foundation & Research Institute.
Paper 13:Is it possible to shift the economic system onto a sustainable path and avoid collapse? Graeme Maxton, Secretary General of Club of Rome.
11:20 – 11:40 Coffee Break
11:40 – 13:00 | PANEL B
Subject:Economics and system interdependencies
This session will examine the interdependencies between economies/Economics and the monetary, institutional, political, social, cultural and ecological systems and the implications for the formulation of more a realistic and effective economic theory.
Chair: Mark Swilling
Panelists: Robert Hoffman, Joachim Spangenberg, Seeraj Mohamed
13:00 – 14:30 Lunch
14:30 – 16:30 | PLENARY SESSION V
Chair: Emil Constantinescu
Paper 14:Economic Crisis, European Welfare State Models and Inequality. Carlos O. Claramunt, Department of Applied Economics, University of Valencia.
Paper 15:Domesticating Finance for Pursuing Post-Crisis Growth not only Equality. Dimitrios Kyriakou, European Commission’s Institute for Prospective Technological Studies; Commercial Bank of Greece; New Economic Theory Working Group of WAAS.
Paper 16: How to Finance our Future – A Parallel Green Quantitative Easing for a Better World. Stefan Brunnhuber, Medical Director and Chief Medical Officer, Diakonie Hospital, Germany.
Paper 17:Macroeconomic theories of investment and development of a New Economic Theory. Seeraj Mohamed, Department of Economics, University of the Western Cape.
16:30 – 16:50 Coffee Break
16:40 – 18:30 | PANEL C
Subject:Money and Financial Markets as Social Institutions
This session will focus on the role of money in society, the social and institutional framework within which money functions to determine the political, legal, cultural, social, psychological and organizational factors that determine how money and wealth are generated, measured, utilized, multiplied and distributed; the relationship between the monetarized and non-monetarized sectors of economy; and concepts related to different types of capital. What is the purpose of financial markets and how effectively do they fulfill their intended purpose? Can we envision a monetary system that more equitably promotes the welfare and well-being of all?
Chair: Winston Nagan
Panelists: Zbigniew Bochniarz, Stefan Brunnhuber, Erich Hoedl, Neantro Saavedra-Rivano
19:00 Cultural Moment (Auditorium CGD)
20:30 Colloquium Dinner
Third Day: 13/05/2016
9:30 – 10:50 | PANEL D
Subject: Foundations of Economics as a Science
This session is intended to explore underlying premises on which Economics science (and other social sciences) are based: including assumptions regarding the characteristics of a science, value-based science, interdisciplinarity, transdisciplinarity, the role and validity of models and monetary measurements, objectivity and subjectivity, the evolutionary nature of society, the power of organization and networks, certainty and uncertainty, the multiple levels of social reality that determine economic outcomes, social power, and the role of individuals in society.
Chair: Joanílio Teixeira with the contribution of Ricardo Araújo & Danielle Pinheiro
Panelists: Garry Jacobs, Graeme Maxton, Mark Swilling
10:50 - 11:10 Coffee Break
11:10 – 12:30 | PLENARY SESSION VI
Chair: Zbigniew Bochnairz
Paper 18:Self-Enforcing Agreements under Unequal Nationally Determined Contributions. Emilson C.D. Silva, Alberta School of Business, University of Alberta.
Paper 19:Valuing Eco-Systems Services – Panacea or Pandora’s Box for Biodiversity Conservation? Joachim H. Spangenberg and Josef Settele, UFZ – Helmholtz Centre for Environmental Research and SERI – Sustainable Europe Research Institute/iDiv – German Centre for Integrative Biodiversity Research.
Paper 20:An insight into Payments for Ecosystem Services: presentation of the topic and application to Arbio project in Amazon rainforest. Dario Belluomini, CEsA-ISEG-University of Lisboa.
Paper 21: Decoupling Resource Use and Wellbeing: A Key Element of a New Economic Theory. Mark Swilling
12:30 – 12:45 Special Speaker
Chair: António Mendonça
José Matos Fernandes, Minister of Transports and Environment.
12:45 – 14:00 Lunch
14:00 – 15:20 | LOOKING FORWARD
Discussion about the next Colloquium
15:20 | CLOSING SESSION
Maria Rosa Borges, Vice-President of ISEG, Vice-President of the Organizing Committee.
Joanílio Teixeira, Professor Emeritus, Honorary Member of the Organizing Committee.