7d. Rethinking the Fundamentals of Economic Systems

Track Chairs:

Shobhana Madhavan. Westminster Business School, University of Westminster, London, UK. madhavs@wmin.ac.uk

Sweta Byahut. Department of Political Science, Auburn University, Alabama, USA. sweta.byahut@auburn.edu

Goals and objectives of the track

There has been a succession of epochs in economic systems, from the evolution of humans into hunter gatherers, to the beginnings of agricultural cultivation, through to feudalism, and eventually capitalism and socialism, stimulated by the industrial revolution. Societies have from time to time faced challenges to the sustainability of their economic systems, such as the collapse of ancient empires, the ravages of disease (for instance the Black Death in Europe, or European diseases in the Americas), the appropriation of land previously used for hunting and gathering or peasant cultivation. A key challenge now is to confront the legacy of industrialisation, and the evolution of financial institutions even as their scope extends further.

A further transition is now under way, a radical economic transformation of unprecedented rapidity. Its manifestations include technological change, globalisation and urbanisation, financial structures amid changing patterns of resource demand, usage, pricing, and substitution. It can be said that this amounts to a second industrial revolution, with consequences that are benign and malign, anticipated and unforeseen, global and localised. Unlike in previous transitions, there is an awareness that sustainability is a key concern, whether as a constraint or as an objective in its own right.

There are far-reaching implications for economic activity and the institutional structures that underpin it, raising questions as to the relevance and adaptability of existing ideologies, economic systems and institutions, and the global financial architecture. In particular there may a need to rethink concepts such as externalities, property rights, and equity and re-think the nexus between economic and financial institutions.

This track is apposite in the context of the conference focus on Rethinking Sustainability Models, and Practices: New and Old World Concepts.

Examples of areas in which papers would be welcome include:

Economic methodologies and sustainable development;
Economic institutions and sustainable development;
Globalisation and emerging markets - the new global economic order;
Equity: within generations and inter-generational;
Implications of technological change information technology, bio technology;
Constraints and bottlenecks in the transition to sustainability;
Pressures on environmental resources - conflict over resources;
The role of information technology in sustainable production of goods and services;
Sustainable development and consumer choice;
Implications of climate change for economic systems;
Economic policies for transition;
Economic policies for long-run sustainability.

You may submit your abstract by visiting the Ex Ordo abstract submission system (you will be required to setup an account first): http://isdrs2017.exordo.com

Dr Shobhana Madhavan, Emeritus Professor of Business and Economics at the University of Westminster, London and a Chartered Member of the Institute of Logistics and Transport, UK, has substantial experience of teaching and research and publications in the areas of sustainable development, technology and transportation, and has a long-standing association with ISDRS. She has co-authored a book on European Economic Integration and Sustainable Development, advised the House of Lords, UK, on promotion of small and medium enterprises in Europe, and organised an international conference on HIV/AIDS and business.

Dr. Sweta Byahut teaches in the graduate program in Community Planning at Auburn University, USA. She has an undergraduate degree in Architecture, a masters degree in Planning. She obtained a Ph.D. in Regional Development Planning from the University of Cincinnati in 2012. Her teaching and research interests include urban planning, land management and building regulation in India, and sustainable land use and transportation. She has examined the influence of land use characteristics on household car travel, and the impact of open space environmental amenities on home values. Her ongoing research in India focuses on urban development issues related to land management and development regulation. Before joining academia, she worked for 10 years as a professional planner in India in consulting and applied research, spanning areas such as planning legislation and policy, development regulation, comprehensive/urban development/master plans, post-disaster reconstruction planning, and urban revitalization.

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