25. ENVIRONMENTAL SUSTAINABILITY AND MORAL ECONOMY

The intertwined crises of environmental degradation and socio-economic inequality have profoundly reshaped contemporary global discourse. From escalating climate change impacts to the pervasive loss of biodiversity, the urgency of achieving environmental sustainability has never been more apparent. This paper argues that a comprehensive understanding and effective pursuit of environmental sustainability necessitate a critical engagement with the concept of a "moral economy." Coined by historians and social theorists, the moral economy refers to an economic system in which activities are embedded within and constrained by social norms, ethical values, and principles of justice, fairness, and reciprocity, rather than solely by market logic or profit maximization. It posits that economic transactions are not purely rational or self-interested, but are deeply influenced by collective understandings is right, just and legitimate.