A NEW MANHATTAN PROJECT FOR THE GREEN ECONOMY

Recently Climate Revolution met Yanis Varoufakis, the former Greek Finance Minister; admirer of John Maynard Keynes and self-termed “erratic Marxist”. Yanis told us how to get to – and finance – a Green Economy; an outline of Yanis’ plan in our own words:

During WW II the world faced total destruction in the form of Nazi Germany’s atom bomb program. The US government’s answer to the prospective Armageddon was the Manhattan Project. The best scientists were gathered, given the facilities, as much money as they needed, and were told: “You have got to deliver the bomb first.” (They did).

Today, we face a similar threat to the planet and our survival: Climate Change. We need New Manhattan Projects in order to develop the technological advances to create the only solution we have left to avert certain disaster: a Green Economy.

Who will pay for it?

The initial investment must come from governments.

• The top earners in society need to make their contribution by agreeing to tax increases – to their own benefit, after all we are saving humanity!

• Dismally low corporate taxes, loopholes and (legal) tax evasion schemes need to be scrutinized and new laws will have to be passed by progressive governments.

• Further investments will be made available through government bonds backed by central banks; this will ensure private investors’ profit through interest payments.

The capital raised will be paid in and made available by “The Public Investment Bank for the Green Economy”. The developed new technologies will effectively spur massive (future) private sector growth – and taxes – to the benefit of all.*

Most importantly: though the New Manhattan Projects will be part-funded by private, i.e. capitalist means, the expected discoveries and new technologies will be owned by us all, the public.

*This is all very similar to the government-funded development of the Internet.