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Greening of CapitalismHow Asia Is Driving the Next Great Transformation$
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John A. Mathews

Print publication date: 2014

Print ISBN-13: 9780804791502

Published to Stanford Scholarship Online: May 2015

DOI: 10.11126/stanford/9780804791502.001.0001

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The First “Great Transformation”

The First “Great Transformation”

(p.21) 2 The First “Great Transformation”
Greening of Capitalism

John A. Mathews

Stanford University Press

The second chapter opens with a discussion of the first “Great Transformation” and the process of industrialization itself, which has proven to be such a powerful transformative influence. The creation of industrial capitalism was achieved first in Britain in the 18th century, it ushered in an industrial revolution, which then spread through the West, creating wealth as it did so, and is now spreading worldwide, principally to China, India and Brazil. This Great Transformation (Polanyi 1944) was achieved through far-reaching changes to the economic availability of labor, energy, of natural materials and finance. These are the markets whose functioning will have to change in an eco-aware capitalism – and they are markets that are already changing in China as it accomplishes a Great Convergemce with the West. But the industrial model being used cannot scale.

Keywords:   industrial capitalism, Great Divergence: Great Convergence, shifting wealth, fossil fuels, renewable energies

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