David Victor Quoted on Climate Diplomacy
Earth summit: Rio report card
06/07/2012
Jeff Tollefson & Natasha Gilbert,
Nature
In a BBC interview last week Paul Krugman said: “a full employment economy is by far the best environment in which to make structural adjustment; you can see that historically”.
It’s a claim that fails the tests of theory and evidence.
In the lexicon of international organizations the term structural adjustment describes a mix of regulatory and economic reforms intended to restore the sustainability of market-oriented economic growth after onset of crisis. Adjustment includes measures to restore balance of payments, promote exports, macroeconomic stabilization, public debt and budget deficit reduction, elimination of wage and price distortions, privatization, and the relevant institutional reforms of law and regulation (the sequence is disputed).
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David G. Victor is a professor at the School of International Relations and Pacific Studies and director of the School’s new Laboratory on International Law and Regulation. His research focuses on how the design of regulatory law affects issues such as environmental pollution and the operation of major energy markets. He is the author of Global Warming Gridlock, which explains why the world has not made much diplomatic progress on the problem of climate change while also exploring new strategies that would be more effective.
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