Rethinking Capitalism undergraduate module
Week 9 academic lecture: The economics of climate change and sustainability by Dimitri Zenghelis

Climate change poses an existential threat to modern economies. To mitigate the worst effects of rising temperatures will require reducing carbon emissions to near zero by 2050. But as the majority of economic activity currently rests upon the combustion of fossil-fuel based carbon, this will require structural changes to capitalist economies - modes of production, consumption, land and energy use, transport, infrastructure, industrial policy - on a scale arguably not seen since the industrial revolution. Conventional economic theory – based upon market failure and
marginal change - is not well suited to such a task. This week’s module develops this critique and outlines some alternative theoretical approaches and policy frameworks that might enable an orderly transition to a more sustainable economy.

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The Rethinking Capitalism undergraduate module provides students with a critical perspective on these ‘grand-challenges’ and introduces them to new approaches to economics and policy which challenge standard thinking.

The module draws on the book “Rethinking Capitalism”, edited by Mariana Mazzucato (Director of IIPP) and Michael Jacobs (Visiting fellow in the UCL School of Public Policy). It features guest academic lectures from some of the chapter authors. These academic lectures are combined with presentations by policy makers working at the frontline of the issues under discussion, including from the Bank of England, the UK Treasury and government departments dealing with innovation and climate change.

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