New Globalization and Sustainability

U of Siena Dept. of Economics Working Paper No. 329

45 Pages Posted: 14 Mar 2002

See all articles by Alessandro Vercelli

Alessandro Vercelli

University of Siena - Department of Economics

Date Written: September 2001


This paper aims to analyze the implications for environmental sustainability of the recent phase of globalization. This phase, here called "new globalization", has been specifically characterized by the spreading of the new economy that has accelerated the globalization of markets, and by the contemporaneous establishment of new rules of (de)regulation of the international markets, crucially managed and enforced by a new international institution: the WTO. This paper argues that the rise of the new economy has introduced new opportunities and new risks for sustainability that require appropriate actions, while the existing (de)regulation rules of the international markets jeopardize the sustainability of world development. In the context determined by the new globalization, environmental policy should shift in the direction of a new generation of knowledge-based instruments. This point is further clarified through a case study concerning the contribution of banks to sustainability in this new context.

Keywords: sustainable development, globalization, new economy, regulation of markets, green finance

JEL Classification: F01, F02, F18, 013, 033, Q32

Suggested Citation

Vercelli, Alessandro, New Globalization and Sustainability (September 2001). U of Siena Dept. of Economics Working Paper No. 329, Available at SSRN: or

Alessandro Vercelli (Contact Author)

University of Siena - Department of Economics ( email )

Piazza S. Francesco, 7
Siena, I-53100

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