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Reconceptualizing contemporary energy markets
Competition & Change ( IF 3.062 ) Pub Date : 2021-05-14 , DOI: 10.1177/10245294211011308
Andrew Lawrence 1
Affiliation  

This article provides a conjunctural synopsis of both empirical trends and new approaches to analytically and normatively assessing energy markets. The preceding eras of coal and oil entailed not only differing technologies but also historically distinct political geographies, modes of production, and characteristic commodities and systems of value. They also coincided with and helped reinforce several misleading assumptions: of ‘pure’, ‘stateless’ energy markets; of scarcity as a defining feature of all economies; of unlimited growth and of market equilibrium. These assumptions tended to reinforce established approaches to energy markets that were insufficiently historically grounded, abstracted from social, political and ecological relations, and – with particular reference to oil – premised on zero-sum geostrategic calculations of interest. They are inadequate to, or misleading about, fossil fuel markets, and do not adequately address such recent phenomena as unprecedented levels of financialization of the global economy with an unprecedented intensity of ecological crisis entailing, most prominently, global warming. These factors undermine the prior assumptions in several respects: it is not scarcity, but rather abundance of greenhouse gas emissions that is of paramount concern; this in turn necessarily implies that unlimited growth is neither possible nor desirable; and furthermore, that ecological degradation has fundamentally displaced the analytical plausibility of market equilibrium, no less than its normative appeal. An exercise in reconceptualizing energy markets is therefore one that should explore not only what was misperceived and what has changed but also what needs to change in order to restore economic, political and ecological sustainability.



中文翻译:

重新概念化当代能源市场

本文提供了经验趋势和分析和规范性评估能源市场的新方法的结合概要。以前的煤炭和石油时代不仅涉及不同的技术,而且还涉及历史上不同的政治地理区域,生产方式以及独特的商品和价值体系。它们还与一些误导性假设相吻合,并有助于加强它们的假设:“纯”,“无状态”的能源市场;稀缺是所有经济体的决定性特征;无限增长和市场均衡。这些假设倾向于加强建立在历史上的基础不足,从社会,政治和生态关系中抽象出来的能源市场的既定方法,并且特别是在石油方面,建立在对利益进行零和地缘战略计算的基础上。它们不足以或对化石燃料市场产生误导,并且没有充分解决诸如全球经济史无前例的金融化水平和前所未有的生态危机加剧导致全球变暖的最新现象。这些因素在多个方面破坏了先前的假设:不是最紧迫的问题,而是最大的温室气体排放量;这反过来必然意味着无限的增长是不可能的,也是不可取的;而且,生态退化从根本上取代了市场均衡的分析合理性,这不少于它的规范吸引力。

更新日期:2021-05-15
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