The Role of the State in the 2030 AgendaAn Economic Policy Approach

  1. Fernando De la Cruz Prego 1
  1. 1 Universidad Complutense de Madrid
    info

    Universidad Complutense de Madrid

    Madrid, España

    ROR 02p0gd045

Journal:
Revista de economía mundial

ISSN: 1576-0162

Year of publication: 2023

Issue: 63

Pages: 97-116

Type: Article

DOI: 10.33776/REM.VI63.7149 DIALNET GOOGLE SCHOLAR lock_openArias Montano editor

More publications in: Revista de economía mundial

Abstract

The 2030 Agenda implicitly establishes a series of economic policies that give the State a prominent role in achieving the Sustainable Development Goals (SDGs). This paper delves into some of the key elements of the Agenda from an economic policy perspective. Specifically, it focuses on three elements: i) the compatibility/incompatibility relationships between the SDGs; ii) the instruments necessary to maximize the possibilities of achieving them; and iii) the key role of public intervention. The results show that it is still difficult to establish multidimensional strategies that enhance the comprehensiveness of the SDGs, that the State must play a key role in the productive field, in addition to the social and environmental spheres, and that it must pursue expansionary monetary and fiscal policies to set a proper economic landscape, as well as commercial and labor policies that foster redistributive efforts and environmental sustainability, in order to maximize SDGs accomplishments.

Bibliographic References

  • Alonso, J. A. (2007). Los ODM ¿Una agenda de desarrollo? Temas para el debate, (157), 21-26.
  • Aiginger, K., & Rodrik, D. (2020). Rebirth of Industrial Policy and an Agenda for the Twenty-First Century. Journal of Industry, Competition and Trade, 1-19.
  • Andreoni A, Chang HJ. (2019). The Political Economy of Industrial Policy: Structural Interdependencies, Policy Alignment and Conflict Management. Structural Change and Economic Dynamics 48:136-150.
  • Asadikia, A., Rajabifard, A., & Kalantari, M. (2021). Systematic Prioritisation of SDGs: Machine Learning Approach. World Development, 140, 105269.
  • Benhassine, N, Raballand, G. (2009). Beyond Ideological Cleavages: A Unifying Framework for Industrial Policies and Other Public Interventions, Economic Systems, Volume 33, Issue 4, 2009, Pages 293-309, ISSN 0939-3625, Https://Doi.Org/10.1016/J.Ecosys.2009.08.003.
  • Blanchard, O., & Summers, L. H. (Eds.). (2019). Evolution or Revolution? Rethinking Macroeconomic Policy after the Great Recession. Mit Press.
  • Biggeri, M., Clark, D. A., Ferrannini, A., & Mauro, V. (2019). Tracking The Sdgs in an ‘Integrated’manner: A Proposal for a New Index to Capture Synergies and Trade-Offs Between and Within Goals. World Development, 122, 628- 647.
  • Burki, S. J., & Perry, G. (1998). Beyond the Washington Consensus: Institutions Matter. World Bank Publications.
  • Bustelo, P. (2003). Desarrollo Económico: Del consenso al post-consenso de Washington y más allá. Estudios en homenaje al profesor Francisco Bustelo, 2-14.
  • Callaghy, T. (2002). Innovation in the Sovereign Debt Regime: From the Paris Club to Enhanced HIPC and Beyond. Washington, DC: World Bank.
  • Cochrane, J. (2020), “Coronavirus Monetary Policy,” in R Baldwin and Bweder Di Mauro (Eds), Economics in The Time Of COVID-19, Voxeu.Org
  • Cuadrado, J. R., Mancha, T., Villena, J. E., & Casares, J. (2019). Política Económica. elaboración, objetivos e instrumentos. Sexta Edición. Mcgrawhill.
  • Gallagher, K. P. (2007). Understanding Developing Country Resistance to The Doha Round. Review of International Political Economy, 15(1), 62-85.
  • Gaspar, V., Amaglobeli, D. Garcia-Escribano, M., Prady, D. and Soto, M. (2019). “Fiscal Policy and Development: Human, Social, and Physical Investment for the Sdgs.” IMF Staff Discussion Notes No. 19/03. January. Washington, DC: International Monetary Fund.
  • Hanushek, E. A. Y Woessmann, L. (2008). The Role of Cognitive Skills in Economic Development. Journal of Economic Literature, 46(3), 607-668.
  • Hanushek, E. A. Y Woessmann, L. (2012). Do Better Schools Lead to More Growth? Cognitive Skills, Economic Outcomes, and Causation. Journal of Economic Growth, 17(4), 267-321
  • Hausmann R., Hidalgo C.A., Bustos S., Coscia M., Simoes A., Yildirim, M.A. (2014). The Atlas of Economic Complexity: Mapping Paths to Prosperity. MIT Press, Cambridge.
  • Hegre, H., Petrova, K., & Von Uexkull, N. (2020). Synergies and Trade-Offs in Reaching the Sustainable Development Goals. Sustainability, 12(20), 8729.
  • Kemp, R., & Never, B. (2017). Green Transition, Industrial Policy, and Economic Development. Oxford Review of Economic Policy, 33(1), 66-84.
  • Kharas, H, Mcarthur J. (2019). Building The SDG Economy: Needs, Spending, and Financing for Universal Achievement of the Sustainable Development Goals. Washington D. C.: Brookings Institution, 2019:38. 18.
  • Kroll, C., Warchold, A., & Pradhan, P. (2019). Sustainable Development Goals (Sdgs): Are We Successful in Turning Trade-Offs into Synergies? Palgrave Communications, 5(1), 1-11.
  • Kuznets, S. (1955). Economic Growth and Income Inequality. The American Economic Review, 45 (1), 1-28.
  • Lin J.Y. (2012). New Structural Economics: A Framework for Rethinking Development and Policy. The World Bank, Washington.
  • Lusseau, D. & Mancini, F. Income-Based Variation in Sustainable Development Goal Interaction Networks. Nat Sustain 2, 242–247 (2019). Https://Doi. Org/10.1038/S41893-019-0231-4
  • Mazzucato M. (2015). The Entrepreneurial State: Debunking Public Vs. Private Sector Myths. Anthem Press, Nueva York
  • Mazzucato, M. (2021). MISSION ECONOMY. A Moonshot Guide to Changing Capitalism. Penguin Random House, UK, 245pp.
  • Ocampo, J. A. (1998). Beyond The Washington Consensus: An ECLAC Perspective. CEPAL Review.
  • Okun, A. M. (1975). Equality and Efficiency, The Big Tradeoff. Washington D. C.: Brookings Institution Press.
  • Ostrom, E., Chang, C., Pennington, M., & Tarko, V. (2012). The Future of the Commons-Beyond Market Failure and Government Regulation. Institute of Economic Affairs Monographs.
  • Ostry, J. D. Y Berg, A. (2011). Inequality and Unsustainable Growth. International Monetary Fund.
  • Ostry, J. D., Berg, A. Y Tsangarides, C. G. (2014). Redistribution, Inequality, and Growth. International Monetary Fund.
  • Pack, H. (2000). Industrial Policy: Growth Elixir or Poison? The World Bank Research Observer, 15 (2000), Pp. 47-67.
  • Perez, C. (2004). Technological Revolutions, Paradigm Shifts and SocioInstitutional Change. Globalization, Economic Development, and Inequality: An Alternative Perspective, 217-242.
  • Piketty, T. (2013). Capital in the 21st Century. Cambridge, MA: President and Fellows, Harvard College.
  • Polanyi, K. (1944). The Great Transformation. Foreword by Robert M. Maciver. New York: Farrar & Rinehart.
  • Sachs, J., Schmidt-Traub, G., Kroll, C., Durand-Delacre, D., & Teksoz, K. (2016). SDG Index and Dashboards–Global Report. Bertelsmann Stiftung. Sustainable Development Solutions Network, New York.
  • Schmidt-Traub, G. (2015). “Investment Needs to Achieve the Sustainable Development Goals: Understanding The Billions and Trillions.” Sustainable Development Solutions Network Working Paper, Version 2. November. Paris and New York, NY: Sustainable Development Solutions Network.
  • Schmidt-Traub, G., and Sachs. J. D. (2015). “Financing Sustainable Development: Implementing The Sdgs Through Effective Investment Strategies and Partnerships.” Sustainable Development Solution Network Working Paper. April. Paris and New York, NY: SDSN.
  • Sianes, A. (2021): Academic Research On The 2030 Agenda: Challenges of A Transdisciplinary Field of Study. Global Policy.
  • Stiglitz, J. (1999). More Instruments and Broader Goals: Moving Toward the Post-Washington Consensus.
  • Stiglitz, J. (2012). The Price of Inequality: How Today’s Divided Society Endangers Our Future. Penguin.
  • Stiglitz J, Greenwald, B. (2014). Creating A Learning Society: A New Approach to Growth, Development, and Social Progress. Columbia University Press, Nueva York.
  • Wade, R. (1990). Governing The Market: Economic Theory and The Role of Government in East Asian Industrialization. Princeton University Press
  • Wright, T., & Zucman, G. (2018). The Exorbitant Tax Privilege (No. W24983). National Bureau of Economic Research.
  • Zucman, G. (2014). Taxing Across Borders: Tracking Personal Wealth and Corporate Profits. Journal of Economic Perspectives, 28(4), 121-48.
Data source: Dialnet