Perspectives of Innovations, Economics and Business

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Volume 4
Issue 1
Online publication date 2010-02-10
Title Feeling the heat: Financial crises and their impact on global climate change
Author Vincentas Rolandas Giedraitis, Sarunas Girdenas, Adomas Rovas
Abstract This interdisciplinary paper uses world-systems analysis as a theoretical framework to argue that both the 1870s, 1930’s economic depressions reduced mean global temperatures. As global consumer demand fell, factories worldwide began producing less commodities and, as a result, emitted less greenhouse gasses. We find that in both instances there is evidence to support the hypothesis that financial crises lead to cooler temperatures.
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References
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Keywords Kondratiev waves, Schumpeter, world-systems analysis, environmental economics, global climate change.
DOI http://dx.doi.org/10.15208/pieb.2010.1
Pages 7-10
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