Author: Lyudmila A. Mochalova

Abstract:

The article summarizes the results of the research into the impact of economic growth on environmental situation in particular countries and generally in the world. It validates the necessity of switching from the economy-centric paradigm of development that focuses on economic growth and encourages “rampant” consumer behaviour of the population to the environment-centric paradigm that implies economic development under environmental and social constraints, i.e. the formation of economy of sustainable development. The changes required in cultural, political and economic spheres of society are treated with the application of the institutional approach, which allows considering the whole diversity of ecological, social and economic aspects of development. In addition, the author characterizes environmental-cultural institutions, environmental-political and environmental-economic institutions that represent the existing system of formal rules and informal constraints destined to structure the interaction between subjects in conditions of greening economy and society. The need for identifying and studying these institutions is justified by the fact that they must complement each other and in no event to conflict with each other.

Keywords: consumer economy; economy of sustainable development; green economy; environmental-cultural institutions; environmental-political institutions; environmental-economic institutions.