The Economy of Esteem and Climate Change

Publisher： St Antony's International Review

ISSN： 1746-451X

Source： St Antony's International Review, Vol.5, Iss.2, 2010-02, pp. : 16-28

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Abstract

As a complement to existing institutional approaches to addressing climate change, it is worthwhile to think "outside the box" by considering innovative institutional solutions. The concept of an "economy of esteem" can provide the basis for a new approach that would seek to capitalize on leaders' desire for positive recognition by others rather than on material rewards or sanctions. Such a system could, through the creation of prizes or through a rating system, create competitive incentives to implement progressive climate change policies. Since it would require agreement on appropriate standards of behaviour, the setting of high standards, and an evaluation mechanism, such a system will not be easy to implement. Nevertheless, faced with a problem as serious as climate change we should be considering all potential strategies, rather than concentrating on only one path.