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AbstractMainstream economic theory and policy have struggled to address (and in some cases have made worse) the multiple economic crises since 2008—global financial crash, austerity, stalled productivity, wage stagnation, rising inequality, inflation, climate and environmental breakdown. At the root of this failure is the 'ontological individualism' which underpins neoclassical economic theory: the belief that individual households and firms are sovereign actors. It proposes in its place a premise of 'ontological institutionism'—the view that economic behaviour is primarily influenced by the institutional structures and rules within which it occurs. Commonplace in other social sciences, this view radically changes economic analysis and policy prescription. Based on an explicit ethical definition of policy objectives, the article offers an 'institutionally pluralist' view proposing different kinds of institutions for five different spheres of economic life. Arguing that economic policy should be seen as a process of institutional design (not simply making markets more efficient), it offers some illustrative policy proposals in key fields, from climate change to business investment.

AbstractThe UN climate conference COP26 in November 2021 concluded with the agreement of the Glasgow Climate Pact. This article examines the key elements of the pact and their significance. Explaining the structure of the 2015 Paris Agreement, it shows why the requirement for countries to return with stronger emissions reduction commitments in 2022 was in practice the most the conference could have achieved to 'keep alive' the goal of limiting the global temperature rise to 1.5°C. Developing countries won an increase in finance for adaptation to climate change, but their demand for developed countries to recognise 'climate justice' and compensate them for the loss and damage that climate change is causing was rebuffed. Noting the various sectoral commitments made at COP26 in areas such as deforestation and finance, the article argues that the underlying question posed by the conference is whether capitalism can be greened. An answer is suggested.

A huge diplomatic achievement, the Paris agreement signed in late 2015 was also the outcome of an unprecedented show of political power by a broad and diverse coalition of forces from global civil society. Michael Jacobs describes how this alliance forced the hands of the world's major polluters, and forged a new politics of climate.