Secdocument 1278

The Future of Resilient Finance:
Finance Politics in the Age of

Sustainable Development Julia M.
Puaschunder
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Sustainable Development Goals series Decent Work and Economic Growth
The Future of Resilient

Finance
Finance Politics in the Age of
Sustainable Development
Julia M. Puaschunder
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The Future
of Resilient Finance
Finance Politics in the Age of Sustainable
Development
Graduate School of Arts and Sciences
Columbia University
New York, NY, USA
ISSN 2523-3084 ISSN 2523-3092 (electronic)

Sustainable Development Goals Series
ISBN 978-3-031-30137-7 ISBN 978-3-031-30138-4 (eBook)
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Contents
1 Introduction 1
1.1 Socially Responsible Investment (SRI) 5
1.2 Green New Deals 7
1.3 Green Finance and Climate Stabilization
Financialization 9
1.4 The Future of Resilience Finance Leadership 11
References 12
2 Resilience Finance Leadership 15
2.1 Resilient Finance 24
2.2 Responsible Investment 31
2.3 Finance Politics 36
References 49
3 Resilient Finance in Responsible Investment 55
3.1 Introduction 56
3.2 Corporate Social Responsibility 59
3.3 Financial Social Responsibility 61
3.4 Socially Responsible Investment 63
3.5 Resilient Finance 71
3.6 COVID-19-Induced Inequality 74
3.7 Corporate Social Justice 78
3.8 Environmental Attention 80
3.9 Green Deals 82
v
vi CONTENTS
3.10 Diversity 83
References 92
4 Global Perspectives 103
4.1 Introduction 105
4.2 International Developments 109
4.3 Resilient Finance After the Great Reset 116
4.3.1 Inequality in the Socio-Economic Fallout
of COVID-19 116
4.3.2 Resilient Finance as the Great Equalizer 123
References 138
5 Environmental Financialization 153
5.1 Economics of the Environment 154
5.2 Sustainable Finance 157
5.3 Climate Stabilization Financialization 163
References 178
6 The Future of Resilient Green Finance 185
6.1 Institutional Landscape 187
6.2 Green Banking and Green Finance 191
6.3 The Future 198
6.3.1 Green Bonds 198
6.3.2 Green FinTech and Cryptocurrencies Outer
Space Exploration Funding 203
References 206
7 Finance Diplomacy: The Politics and International
Relations of Finance 211
7.1 Introduction 212
7.2 Climate Change Resiliency Financing 215
7.2.1 Climate Change 215
7.3 Climate Resilience Finance 218
7.4 Climate Economic Prospects 219
7.5 Resilient Redistribution 220
7.6 Science Diplomacy 222
7.7 Science Diplomacy Index (SDI) 224
7.8 Research Question and Hypotheses 228
7.9 Climate Justice 229
7.10 Climate Resiliency Financing Implementation 237
CONTENTS vii
7.11 Climate Justice Resiliency Financing

Taxation-and-Bonds Strategy 238
7.12 Economic Model 245
7.13 Operationalization 253
7.14 Indices 258
7.15 Results 268
7.15.1 Climate Winners and Losers CO2 Emission
Index 268
7.15.2 Climate Winners and Losers’ Climate
Flexibility and CO2 Emission Index 272
Change Index 276
Financial Crisis Intervention Index 278
Resilience Finance Index 288
Bank Lending Rate Index 293
7.15.7 Climate Winners and Losers
Consumption-Based, Trade-Adjusted
CO2 Emission Index 298
7.15.8 Science Diplomacy Climate Responsibility
Index 303
Global Connectivity Index 306
7.16 Discussion 310
7.16.1 Implications 314
7.16.2 Implementation 317
7.16.3 Economic Impetus 321
7.16.4 Feasibility and Limitations 322
7.16.5 Future Studies 323
7.16.6 Monitoring, Evaluation and Accountability 324
7.16.7 Future Outlook 324
7.17 End Thoughts 326
References 327
viii CONTENTS
8 General Discussion and Future Prospects 337

References 362
Index 365
About the Author
Julia M. Puaschunder is a Behavioral Economist with Doctorates and

Ph.D. in Social and Economic Sciences, as well as Natural Sciences, with
over 20 years of experience in applied social sciences empirical research
in the international arena. As a post-doctoral researcher in the Interuni-
versity Consortium of New York, USA, she researches at Columbia
University and teaches at The New School in the fields of Economics
and Public Engagement. As a Friends of the International Institute for
Applied Systems Analysis (IIASA) board member, she advances science
diplomacy in cooperation with the United States National Academy of
Sciences.
ix
List of Figures
Graph 7.1 World surface temperature anomalies 1891–2021 215

Graph 7.2 Science Diplomacy index worldmap 225
Graph 7.3 Science Diplomacy index bar chart 227
Graph 7.4 Worldmap of W L T T CCC index per country for 185
countries 272
Graph 7.5 Country ranking of W L T T CCC index for 185 countries 273
Graph 7.6 Worldmap of C FCCC index per country for 84
countries 276
Graph 7.7 Country ranking of C FCCC index for 84 countries 277
Graph 7.8 Worldmap of W L T T CCC G index per country 282
Graph 7.9 Country ranking of W L T T CCC G index for CO2
reducing countries 283
Graph 7.10 Country ranking of W L T T CCC G index for CO2
increasing countries 284
Graph 7.11 Worldmap of CC FC I index per country 288
Graph 7.12 Country ranking of CC FC I index for 112 countries 289
Graph 7.13 Worldmap of CC R F I index per country 293
Graph 7.14 Country ranking of CC R F I index for 130 countries 294
Graph 7.15 Worldmap of W L T T CCC L index per country 298
Graph 7.16 Country ranking of W L T T CCC L index for 101
countries 299
Graph 7.17 Worldmap of W L T T C BT AE index per country
for 116 countries 301
Graph 7.18 Country ranking of W L T T C BT AE index for 116
countries 302
xi
xii LIST OF FIGURES
Graph 7.19 Worldmap of CC S D I index per country for 48 countries 305

Graph 7.20 Country ranking of CC S D I index for 48 countries 306
Graph 7.21 Worldmap of CC GC index per country 310
Graph 7.22 Country ranking of CC GC index for 158 countries 311
List of Tables
Table 7.1 Science Diplomacy Index numerical ranking 226

Table 7.2 Influence variables on climate taxation-and-bonds
strategy 247
Table 7.3 Influence variables on climate taxation-and-bonds
strategy operationalization 259
Table 7.4 W L T T CCC index per country for 185 countries 269
Table 7.5 C FCCC index per country for 84 countries 275
Table 7.6 W L T T CCC G index per country for 185 countries 279
Table 7.7 CC FC I index per country for 112 world countries 286
Table 7.8 CC R F I index per country for 130 world countries 291
Table 7.9 W L T T CCC L index per country for 101 world countries 296
Table 7.10 W L T T C BT AE index per country for 116 countries 300
Table 7.11 W L T T C BT AE index per country for 48 countries 304
Table 7.12 CC GC index per country for 158 world countries 308
xiii
CHAPTER 1
Introduction
Abstract This book is designed to aid academics and practitioners envi-

sioning the future of resilient finance. In the aftermath of substantial
crises, resilience is key for survival. The system dynamics of resilience
are associated with fast-paced decision-making under uncertainty, which
predestines resilience more to be housed in a muddling-through approach
rather than slow-thinking optimality control. Given the nature of
resilience to gravitate toward satisficing crisis management, the marriage
of resilience with finance offers to imbue invaluable efficiency and ratio-
nality in market survival. Resilience finance draws attention to leadership
features in resiliency, such as clear goal attainment and rational execu-
tion plan strategy. This chapter provides an overview of resilience finance
through contemporary governmental, corporate and global governance
efforts. The first part of the book concerns resilience finance in respon-
sible investments and finance politics. Resilient finance in responsible
investments outlines the concepts of Corporate Social Responsibility
(CSR) and Financial Social Responsibility (FSR) as well as Socially
Responsible Investment (SRI). The COVID-19 rescue and recovery
funds also address Corporate Social Justice and growing attention to
environmental concerns in Green New Deals. The Green New Deals
are covered as governmental resilience finance leadership means of our
lifetimes. Socially responsible finance addresses corporate and financial
sector resilience endeavors as well as climate justice redistribution pledges
© The Author(s), under exclusive license to Springer Nature 1

Switzerland AG 2023
J. M. Puaschunder, The Future of Resilient Finance,
Sustainable Development Goals Series,
https://doi.org/10.1007/978-3-031-30138-4_1
2 J. M. PUASCHUNDER
as an international sustainable development strategy. The new age of

resilience leadership in finance captures monetary means as a source of
politics, diplomacy and international aid. Our new resilience leadership
features the contemporary societal impact of the current outpouring of
rescue and recovery funds and a boom in socially responsible investments
that integrate environmental, social and governance criteria in portfolio
choices imbuing sustainable value of finance for society. Climate change
resilience in redistribution funds serves as an additional resilience leader-
ship example at the forefront of sustainable development. The future of
resilient finance is portrayed from an institutional perspective and a prac-
tical application in green banking, green finance as well as Green FinTech
and cryptocurrencies. International developments in finance diplomacy
are captured in climate bonds to redistribute some of the expected gains
from a warming globe to areas that lose out the most from climate
change. A general discussion and future prospects end the book.
Resilience Finance
Ever since crises have become turning points for society. The 2008/
2009 World Financial Recession and the COVID-19 pandemic external
shock changed international finance around the world. In light of system-
inherent and external shocks but also looming environmental crises,
finance has been put into service for society in providing one of the most
powerful means for resilience in liquidity. While resilience is a dynamic
mechanism to cope with crises in many domains, the uncertainty and
complexity imbued in sustaining large-scale and widespread shocks make
resilience prone to diverge from slow-thinking optimal choice mechanisms
as practiced in standard neoclassical economics.
Resilience finance draws attention to the economic rationality imbued
in leadership management theory and practice for the concept of market
survival. Leadership theory with economic calculus holds the most sophis-
ticated means to efficient goal attainment and contingency strategy plan
execution, which is fundamental for resilience. Given the worldwide
impetus of contemporary crises—such as the 2008/2009 World Finan-
cial Recession, the COVID-19 pandemic as well as climate change—the
time has come to imbue efficiency in resilience in resilience leadership in
finance.
1 INTRODUCTION 3
Resilience finance describes the governance, governmental efforts and

corporate endeavors to provide contingency to society and markets during
internal and external shocks via financial liquidity coupled with aspira-
tional goals for a sustainable future. The concept of resilience finance
imbues leadership efficiency into resilience. Through efficient leadership,
resilience is thereby brought closer to optimality in times of uncertainty.
Resilience finance also gives a closer plan of where to go and into what to
change through crises. Instead of ‘bouncing back,’ resilience leadership
advocates for ‘bouncing forward’ with a clear goal and mission where
to end after a crisis. One of the tasks of resiliency finance management
focuses on is to weed out what changes that were done at a fast pace
should remain in place after crises and what policy and market changes
should be reverted to previous models. In this feature, resilience finance
embraces positive aspects of creative destruction that advocates for letting
go of inefficient parts of economic systems through crises.
Resilience finance marries the ideas of resilience in survival with
goal-focused efficiency in leadership. Resilience leadership in finance
is a worldwide phenomenon with international variations and diverse
implementation strategies. Resilience leadership in finance can intertwine
monetary means to provide financial liquidity for system survival with
social responsibility in sustainable development.
In our post-pandemic new Renaissance, finance is put in the service of
society in resilience leadership steering financial flows to social causes in
the global and local as well as the public and private sectors. More than
ever before in the history of industrialization are finance and economics
powerfully pegged to improve societal causes in an efficient and struc-
tured way with a long-term future-oriented socially-conscientious focus.
This book offers a Law & Economics approach to understanding the
most contemporary resilience finance examples in international finance
in governance, governmental as well as corporate efforts to sustain
efficiently.
Already in the aftermath of the 2008/2009 World Financial Recession,
governance, governmental, corporate and stakeholder interest grew in
Socially Responsible Investments (SRI). Economic external shock disrup-
tions in the wake of the COVID-19 pandemic heralded practitioners of
finance and global governance experts to use economic means to alle-
viate the most pressing societal concerns of our contemporary times by
providing liquidity in Green New Deals. In the Western World, the Green
4 J. M. PUASCHUNDER
New Deal in the United States and the European Green Deal in the Euro-
pean Union are plans to peg crisis rescue and recovery packages to societal
advancement. Resilience finance in climate justice redistribution pledges
addresses global inequality alleviation in redistributing global economic
gains of internal and external shocks within society, between nations and
over time.
The post-COVID-19 recovery era is also a time of blatant disparities
and inequalities in terms of access to healthcare and social justice. The
COVID-19 bailout and recovery packages provide a unique opportunity
to develop fairer and more sustainable societies. How to align economic
interests with justice and fairness notions is the question of our times
when considering the massive challenges faced in terms of environmental
challenges, healthcare demands and social justice pledges. In many coun-
tries, governmental crisis aid is particularly pegged to concrete social,
economic and environmental causes. In the aftermath of the COVID-
19 pandemic shock and its subsequent economic fallout, the currently
largest-ever governmental rescue and recovery aid is justified by the
positive multiplier effect in the hope for a revitalization of the economy.
The economic fallout of the COVID-19 crisis has exacerbated socio-
economic disparities and inequalities. The new finance order in the
aftermath of the COVID-19 pandemic leverages responsible finance as
a means to alleviate the finance performance versus real economy gap.
The different affective fallout propensities disparately distributed within
society create social volatility. High inflation and longest-ever low interest
rate regimes dominate the call for responsible finance that targets rescue,
recovery and relief aid. Urban, local, regional or national foci as well as
global and future-oriented beneficiaries of governmental recovery aid are
potential recipients of aid. Institutional frameworks may ground recovery
support with a long-term future-oriented sustainability vision.
With the largest rescue and recovery funds being distributed around
the world in response to the economic fallout of the crisis, economic
growth is currently also being called for being inclusive and green in light
of growing awareness of inequality and climate change. With the COVID-
19 governmental control and liquidity provision needs around the world,
finance has also become political in funding political crises resilience and
divestiture acts as never before in the history of modern times. In the
eye of global inequalities rising, governments around the world tried to
1 INTRODUCTION 5
align economic interest with justice and fairness notions in our turbu-
lent world—driven by pandemics, economic turmoil, the onset of climate
change and, more recently, the re-emergence of East–West tensions.
The new role of capital, during contemporary world events, lever-
aged finance as a novel political and international relation means to make
the world a safer, fairer, more sustainable place, in which the economic
benefits of our times are distributed more equitably. In the post-2008/
2009 World Financial Recession era and after the COVID-19 pandemic
inequality gap featuring rising cost of living expenses, resilience finance
has also entered the corporate world with a boost for social responsibility
and financial conscientiousness—for one in negative screenings and sanc-
tion mechanisms in international law infringements—for another in the
establishment and fortification of the current Sustainable Development
Goals.
This book provides the theoretical foundations for possibilities to make
resilience more efficient via leadership insights. The societal impetus of
finance portrays liquidity as a panacea to help ease the most pressing law
and economics predicaments of our times. The monograph also provides
vivid cases where finance became more responsible and sustainable after
the 2008/2009 World Financial Recession. In addition, examples are
given where finance provides access to funds to sustain the climate crisis
more equitably. Capturing positive perspectives of resilience finance, this
work depicts the most recent governance, governmental and industry
resilience finance developments. The book also addresses social, environ-
mental and sustainable corporate and finance trends in Corporate Social
Responsibility and Financial Social Responsibility. Climate change and
environmental equity are portrayed to steer the power of finance via
redistribution for enabling a better world through responsible investing.
1.1 Socially Responsible Investment (SRI)

Since finance exists the power of liquidity can be steered toward
the betterment of the world. Financial social responsibility is fore-
most addressed in Socially Responsible Investment (SRI), which imbues
personal values and social concerns into financial investments (Schueth,
2003). SRI and sustainable finance merge the concerns of a broad variety
of stakeholders with shareholder interests (Steurer, 2010).
SRI is an asset allocation style, by which securities are not only selected
based on profit return and risk probabilities, but foremost regarding
6 J. M. PUASCHUNDER
social and environmental contributions of the issuing entities (Beltratti,

2003). SRI assets combine social, environmental and financial aspects in
investment options (Dupré et al., 2008; Harvey, 2008). Political activism
finds expression in financial markets through political divestiture, which
refers to the removal of stocks from socially irresponsible markets with
the greater goal of accomplishing social and political changes. Political
divestiture features capital withdrawal from politically-incorrect markets—
for example, such as the foreign investment drain from South Africa
during the Apartheid regime and the capital flight from Sudan for its
humanitarian crisis in Darfur or the search for clean energy and market
reaction to Russia’s accession attempts. Positive-screened funds are SRI
ventures of the future addressing climate stabilization financialization and
climate wealth redistribution mechanisms. Positive-screened SRI ventures
are future prospective drivers of change to implement the UN Sustainable
Development Goals on a large-scale.
SRI practices differ throughout the international arena as SRI emerged
out of several historic roots. In recent decades, Socially Responsible
Investments (SRI) already experienced qualitative and quantitative growth
in the Western World that can be traced back to a combination of histor-
ical incidents, legislative compulsion and stakeholder pressure. The 2008
World Financial Crisis has heralded the call for responsible finance around
the world. The 2008 World Financial Recession drove SRI demand and
novel inequalities in light of the COVID-19 external shock that have
further risen attention to the need for social responsibility in markets.
Through the last decades, financial social conscientiousness grew qual-
itatively and quantitatively. As of today, SRI has been adopted by a
growing proportion of investors around the world. The incorporation
of social, environmental and global governance factors into investment
options has increasingly become an element of fiduciary duty, partic-
ularly for investors with long-term horizons that oversee international
portfolios.
Today social responsibility has emerged as an en vogue topic for the
corporate world and the finance sector. Contrary to classic finance theory
that attributes investments to be primarily based on expected utility and
volatility, the consideration of social justice and responsibility in finan-
cial investment decisions has gained unprecedented momentum (The
Economist, January 19, 2008; Hilsenrath et al., 2008; Zheng, 2020).
Socially responsible investors allocate financial resources based on profit
maximization goals as well as societal implications. Pursuing economic
1 INTRODUCTION 7
and social value maximization alike, socially responsible investors incor-

porate CSR into financial decision-making (Renneboog et al., 2007;
Schueth, 2003; Steurer et al., 2008). Socially conscientious investors
fund socially responsible corporations based on evaluations of the CSR
performance as well as the social and environmental risks of corporate
conduct. Thereby SRI becomes an investment philosophy that combines
profit maximization with intrinsic and social components (Ahmad, 2008;
Livesey, 2002; Matten & Crane, 2005; Wolff, 2002).
SRI allows the pursuit of financial goals while catalyzing positive
change in the corporate and financial sectors as well as the interna-
tional political arena (Mohr et al., 2001; Schueth, 2003). In the case of
political divestiture, socially responsible investors use their market power
to attribute global governance goals. Through foreign direct invest-
ment flows, SRI relocates capital with the greater goal of advancing
international political development (Schueth, 2003; Starr, 2008).
As of today, SRI accounts for an emerging multi-stakeholder
phenomenon with multi-faceted expressions. The United Nations (UN)
plays a pivotal role in institutionally promoting SRI in guideline principles
and Public–Private-Partnership (PPP) initiatives guiding a future outlook
in redistribution finance. To align various SRI notions, the UN builds
institutional frameworks in respective initiatives, foremost in the pursuit
of the Sustainable Development Goals.
1.2 Green New Deals

The COVID-19 crisis represents the most unforeseen external shock for
modern economies. All major economies responded to the economic
fallout of COVID-19. The pandemic required governments to take
drastic steps to stabilize the economy as consumption, trade and finance
flows changed dramatically. In response to the COVID-19 economic
fallout, all major economies around the world rolled out economic-
assistance packages or recovery releases (Cassim et al., 2020; The White
House, 2021).
In the international arena, central banks of all major world
economies—such as Australia, Brazil, Canada, Denmark, Japan, New
Zealand, Singapore, South Korea, Sweden, Switzerland, United
Kingdom, United States—and the European Central Bank coordinated
to lower the price of USD liquidity swap line arrangements in order to
foster the provision of global liquidity (Alpert, 2021). The International
8 J. M. PUASCHUNDER
Monetary Fund (IMF) and the World Bank issued economic stimulus and
relief efforts in the hundred billion USD range with the majority of relief
aid being distributed in the developing world (Alpert, 2021; World Bank,
2020a, 2020b, 2020c).
Across countries, economic stimulus responses to the COVID-19 crisis
outsize those to the 2008 Financial Crisis (Cassim et al., 2020; The
White House, 2021). The qualitative and quantitative stimulus, rescue
and recovery aid have surpassed any other similar attempt in human
history. Economic COVID-19 stimulus and relief efforts mainly comprise
international fiscal and monetary stimulus and relief efforts but also direct
rescue bailout packages. The potential focus of bailouts and recovery
ranges from urban-local and national to even global and future-oriented
beneficiaries, as pursued in public investments on climate stabilization in
the US Green New Deal or European Green Deal Sustainable Finance
Taxonomy.
In the United States, the current rescue funds are targeting a transition
to renewable energy in the wake of the so-called Green New Deal (GND).
Inspired by the economic success story of the New Deal reform of the
United States to recover from the Great Depression of the 1920s, the
so-called Green New Deal (GND) is a large-scale governmental attempt
to secure a sustainable economic solution in harmony with the earth’s
resources (Braga et al., 2020). The GND targets at strengthening the
United States economy and foster inclusive growth. One core GND
strategy is to share the economic growth benefits more equally within
society. The GND advocates for using a transition to renewable energy
and sustainable growth to stimulate economic growth (116th Congress of
the United States, House Resolution 109, Introduced February 7, 2019).
In times of rising inequality, the GND has also become a vehicle to deter-
mine the COVID-19 economic bailout and recover aid targets. The GND
thereby combines Roosevelt’s economic approach with modern ideas of
economic stimulus incentivizing industries for a transition to renewable
energy and resource efficiency as well as healthcare equality and social
justice pledges (Puaschunder 2020b, 2021).
In the European Union, the European Green Deal marries the idea
of finance with sustainability. In response to the crisis of responsi-
bility in markets and the widening inequality gaps, the European Bank
Recovery and Resolution Directive (BRRD) coordinates resilient finance
endeavors in Europe (LaBrosse et al., 2014). The financial crisis revealed
the substantial reform need for member-state bank deposit guarantee
1 INTRODUCTION 9
schemes and measures to resolve banks in financial distress within the

European Union compound (LaBrosse et al., 2014). Within Europe,
the banking sector experienced substantial government intervention and
support that led to the recapitalization of several systemically important
European banks (LaBrosse et al., 2014). Besides capital aid, the rescue
and recovery funds also targeted the reform of bank capital standards
that should help ensure resilience in the financial world. Rescue and
recovery aid recipients also had to agree to various austerity measures,
such as the increase of national value-added tax, social spending cuts, an
increase in the retirement age, and the reduction of the workforce in the
public sector (Lengfeld & Kley, 2021). The European Sustainable Finance
Taxonomy quantifies the carbon emission impact of various industries to
make economic impacts on environmental conditions more transparent
and accountable.
As an avenue of hope, the Green New Deals could be presented as a
possibility to make the world and society more equitable in the domains
of environmental justice, access to affordable healthcare and social justice
excellence. Ethical imperatives and equity mandates lead the economic
rationale behind redistribution in the GND as social peace, health and
favorable environmental conditions are prerequisites for productivity. The
GND offers unprecedented opportunities in making the world and society
but also overlapping generations more equitable and thus bestow peace
and social harmony within society, around the world and over time.
In the currently implemented GND and European Green Deal as the
most widespread, large-scale and financially extensive programs, society
will first have to define what resilience finance is, how to implement
financial social justice why it matters in its multiple implementation facets
and international angles. Ethics of inclusion and a diverse mindset with
multiple stakeholders involved can thereby serve as a guiding post and
beacon of hope that a turn of finance to inclusive change is for everyone.
1.3 Green Finance and Climate

Stabilization Financialization
Sprung out of SRI and socially conscientious market acts that are of
benefit to the greater public, green finance propagates the idea of lever-
aging financial assets for environmental causes. The insurance sector,
general banking and credit regulation but also mutual funds development
10 J. M. PUASCHUNDER
as well as foreign direct investments and trade policies have become inter-
twined with the idea of environmental stability as a key to prosperity.
Green finance promises to promote the positive development of ecolog-
ical environments in booming economies with positive spillover effects on
society (Li & Gan, 2021).
One of the starkest examples of green finance is the currently-debated
financialization of climate stabilization. Today’s urgent global challenges
regarding climate change demand fast action from the global commu-
nity. Research has elucidated the economic impact of climate change on
the world and found vast national differences in Gross Domestic Product
(GDP) prospects under climate change around the world (Puaschunder,
2020a). Climate inequality arises within society, between nations and
in-between generations.
One of the most promising avenues for finding the funds for climate
change mitigation and adaptation strategies around the world proposes a
redistribution of some of the expected relative economic short-term gains
from a warming globe in taxation and green bonds to areas that are losing
out from global warming the fastest and most in order to protect the
most vulnerable populations (Puaschunder, 2020a). This book proposes
to alleviate climate inequalities in redistribution mechanisms enacted by a
taxation-and-bonds strategy based on 9 indices.
A 9-index redistribution model for economic prospects under climate
change is introduced to determine a fair share of relative expected short-
term economic gains under global warming. Redistributing some of the
expected economic gains of a warming globe is meant to offset economic
losses based on economic, historic, ecological and political factors. The
model determining redistribution patterns throughout the world is based
on the geo-impact of climate change, the financial crisis resilience capa-
bilities as well as the global connectivity and science diplomacy leadership
of a country.
Empirically, nine indices provide a basis to determine which countries
should be using a taxation strategy and which countries should be granted
climate bond premiums to enact a fair redistribution between countries.
A country’s starting ground on the climate gains and losses spectrum, a
country’s climate flexibility in terms of temperature zones and a coun-
try’s CO2 emissions contributions in production and consumption levels
as well as a country’s CO2 emissions levels changes and the historically-
grown bank lending rate, as well as resilient finance strategies coupled
with science diplomacy leadership and economic connectivity on the inter-
national level, thereby determine whether a country is on the taxation
1 INTRODUCTION 11
regime for funding mutual climate stabilization or whether a country will

be on the receiving end of the climate bonds solution. The countries
expected to be relatively economically gaining from climate change in the
short run and being climate flexible as well as countries with high CO2
emissions and not changing CO2 emissions levels as well as consuming
goods and services from other countries but also having favorable bank
lending rates and a history of resilience finance and crisis intervention
expertise but also embodying science diplomacy and trade leadership
advantages could be taxed to transfer funds via climate bonds for regions
of the world that are losing from global warming and are not climate
flexible as well as countries with low CO2 emissions and lowering CO2
emissions levels that are producing goods and services that are consumed
in other parts of the world as well as having unfavorable bank lending
rates and missing resilience finance expertise as historic science diplomacy
and trade followers. The proposed taxation-and-bonds strategy could aid
a broad-based and long-term market incentivization of a transition to a
clean energy economy.
1.4 The Future of Resilience Finance Leadership

Future research avenues for the concept of resilience finance lead-
ership may tap into the wealth of knowledge created by behavioral
economists on how to decide when to make quick decisions or when
to ruminate about choices more sophisticatedly (Puaschunder, 2022).
Directly aligning resilience with leadership skills could become an area
of leadership and management training that sets out clear goals and
decision-making strategies on how to plan under heightened uncertainty
conditions. Resilience in the trade-off from optimality could become a
subject of scrutiny as well as the negative externalities of survival in
weakening the market powers of creative destruction (Schumpeter, 1942).
The future of finance outlook now faces an international economic
climate of high inflation levels in the Western World triggering a crisis
of unaffordability, monetary pressures as well as mounting trade and
economic sanctions between the Eastern World and the Western World.
How finance can be pegged to ideologies and thereby become an ethical
choice could be studied in historical examples of political divestiture that
can inform the current political events of East–West tensions.
In the future, responsible investment trends are expected to continue
to rise with a particular focus on social equity and inequality alleviation of
the disparate impact of the external shock on the finance world and the
real economy. Finance after the Great COVID-19 Reset is prospected to
flourish resilience in sustainable development. Active stakeholder engage-
ment and green regulation ranging from community investment projects
in the finance world after the COVID-19 pandemic up to finance diplo-
macy on the climate agenda on a global scale are shaping the new era of
resilient finance.
In analyzing the new role of social online media, finance can be under-
stood as a new democratized form of voicing opinion. On the most
futuristic account, resilient finance also serves future-oriented access to
revenues in online social media and cryptocurrencies.
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of-corporate-social-justice
CHAPTER 2
Resilience Finance Leadership
Abstract The COVID-19 crisis represents the most unforeseen external

shock for modern economies. With the largest rescue and recovery funds
being distributed around the world in response to the economic fallout
of the crisis, economic growth is currently been called for being inclusive
and green in light of growing awareness of inequality and climate change.
Finance after the Great COVID-19 Reset cherishes resilience finance in
sustainable development. Responsible investment trends continue to rise
with a focus on social equity and inequality alleviation given the atten-
tion to the disparate impact of the external shock on the finance world
and the real economy. Finance has also become political in funding of
political crises resilience and divestiture acts as never before in the history
of modern times. Active stakeholder engagement and green regulation—
ranging from community investment projects in the finance world after
the COVID-19 pandemic up to finance diplomacy on a global scale—are
shaping the new era of resilient finance. This book provides an outlook on
the future of resilient finance leadership. The monograph offers prospec-
tive future developments on how the field of finance may evolve in
the short run, long run, and the very far future. The book features
vivid case studies of how finance innovates into unprecedented exten-
sions. In addressing the new role of capital during contemporary world
events, finance will be portrayed as a novel political and international rela-
tion means. Resilient finance leadership raises hope to make the world a
© The Author(s), under exclusive license to Springer Nature 15

Switzerland AG 2023
J. M. Puaschunder, The Future of Resilient Finance,
Sustainable Development Goals Series,
https://doi.org/10.1007/978-3-031-30138-4_2
safer, fairer, more sustainable place, in which the economic benefits of

our times are distributed more equitably. Overall, the book sets out to
contribute to the current quest on how to align economic interest with
justice and fairness notions in our turbulent world—driven by pandemics,
economic turmoil, the ongoing climate change and, more recently, the
re-emergence of East–West tensions. The future of finance outlook will
analyze the contemporary international economic climate of high infla-
tion levels in the Western World triggering a crisis of unaffordability,
monetary pressures as well as mounting trade and economic sanctions
between the Eastern World and the Western World. How finance can
be pegged to ideologies and thereby become an ethical choice will be
covered in historical examples that will inform the current political events.
The book will also present insights into how the COVID-19 bailout
and recovery packages can potentially provide a unique opportunity to
develop fairer and more sustainable societies if well-designed and prop-
erly used. Finance will be shown to be intertwined with responsibility
in the post-COVID-19 era—for one in negative screenings and sanction
mechanisms in international law infringements—for another in the estab-
lishment and fortification of the current Sustainable Development Goals.
In analyzing the growingly important role of social online media, finance
will be understood as a new democratized form of voicing opinion.
On the most futuristic account, the book will also serve as one of the
first resources that thematizes the most future-oriented finance resilience
domains in advocating for a democratization of access to revenues in
social media and cryptocurrencies. Space travel investments and cryp-
tocurrency’s role in the invasion of Mars will be thematized from an
ethical perspective. The discussion acknowledges that resilience finance
is a novel and worldwide phenomenon with international variations and
diverse implementation strategies.
The COVID-19 crisis represents the most unforeseen external shock
for modern economies. Starting from the beginning of 2020, the novel
Coronavirus caused a dramatic downturn in trade, human mobility and
international service industries (Gössling et al., 2020; Puaschunder et al.,
2020a, 2020b). From April 2020, more than half of the world’s popu-
lation faced some sort of lockdown and/or consumption constraints
and economic shortages, which disrupted economic productivity substan-
tially (International Monetary Fund, 2020a, 2020b). These lockdowns
2 RESILIENCE FINANCE LEADERSHIP 17
led to a slump in general consumption and reduced trade by an esti-

mated 10% (The Economist, 2020). In the first half of 2020, global
foreign direct investments plummeted by 49% and were even around
75% suppressed in the developed world (United Nations Conference
on Trade and Development Committee for the Coordination of Statis-
tical Activities, 2020). Human social interaction constraints in all major
world economies coupled with a halt of human transport and trade short-
ages around the globe spilled over into an unprecedented international
economic decline (Sachs et al., 2020; United Nations Conference on
Trade and Development Committee for the Coordination of Statistical
Activities, 2020). The global economy is estimated to have contracted by
3–5% of general world economic output in 2020, which is six times the
economic magnitude of the 2008–2009 world recession (International
Monetary Fund, 2020a, 2020b; World Bank, 2021). The International
Monetary Fund (IMF) captured that the world economy, as measured
by real Gross Domestic Product (GDP), shrank by as much as 3.5% in
2020 (Alpert, 2021). Rising poverty levels put an additional 150 million
children at risk worldwide (UNICEF, 2020).
The COVID-19 global recession is the deepest since World War II,
with the largest fraction of economies experiencing declines in per capita
output since 1870 (Kose & Sugawara, 2020). The economic external
shock seems to end globalization and international exchange if consid-
ering the World Bank expecting the sharpest decline in remittances in
recent world history (World Bank, 2020c). All these measures resemble
the onset of a lasting economic crisis with fundamental changes for
society (International Monetary Fund, 2020a, 2020b; Puaschunder &
Beerbaum, 2020a, 2020b). Global governance institutions and govern-
ments around the globe set out on a course to avert the negative impetus
of the COVID-19 pandemic economic shock (Cassim et al., 2020; The
White House of the United States of America, 2021).
During the 2022 World Economic Forum address of United States
Secretary of the Treasury Janet Yellen, the post-COVID-19 economic
growth was called for being inclusive and green (United States Depart-
ment of the Treasury, 2022). In a modern supply-side economic growth,
inclusion and diversity are meant to bring economic growth poten-
tial. Inclusion can breed social harmony. A diverse workforce allows
diversification of potentials and complementary skills cross-pollination.
Finance after the Great COVID-19 Reset may include three trends
of resilience finance in the largest-ever wave of governmental rescue and
recovery funds given out all over the world. In a climate of all-time-high
inflation and unprecedented employment and supply chain disruptions,
resilient finance will redefine the conduct of firms, economic governance
and sustainable development. Responsible investment trends continue to
rise with a particular focus on social equity and inequality alleviation with
attention to the disparate impact of the external shock on the finance
world and the real economy. Lastly, finance has become political in divesti-
ture. Active stakeholder engagement and green regulation ranging from
community investment projects in the finance world after the COVID-19
pandemic up to finance diplomacy on a global scale are shaping the new
era of resilient finance.
This book provides an outlook on the future of resilient finance. The
monograph will offer prospective future developments on how the field
of finance may evolve in the short run, long run, and the very far future.
In vivid case studies of how finance innovates into unprecedented exten-
sions and an analysis of the new role of capital during contemporary world
events, finance will be portrayed as a novel political and international rela-
tion means to make the world a safer, fairer, more sustainable place, in
which the economic benefits of our times are distributed more equitable.
Overall, the book sets out to contribute to the current quest on how
to align economic interest with justice and fairness notions in our turbu-
lent world—driven by pandemics, economic turmoil, the onset of climate
change and, more recently, the re-emergence of East–West tensions. The
future of finance outlook will analyze the contemporary international
economic climate of high inflation levels in the Western World, mone-
tary pressures as well as mounting trade and economic sanctions between
the Eastern World and the Western World. How finance can be pegged
to ideologies and thereby become an ethical choice will be covered in
historical examples and that will inform the current political events. In
analyzing the new role of social online media, finance will be understood
as a new democratized form of voicing opinion.
On another longer-term account, the book will also present insights
into how the COVID-19 bailout and recovery packages can potentially
provide a unique opportunity to develop fairer and more sustainable soci-
eties if well-designed and properly used. Finance will be shown to be
pegged to responsibility in the post-COVID-19 era—for one in nega-
tive screenings and sanction mechanisms in international law infringe-
ments—for another in the establishment and fortification of the current
Sustainable Development Goals.
The book will argue that the COVID-19 crisis accentuated some
existing challenges, such as inequality, and accelerated other novel ones,
such as the finance versus the real economy performance gap in the
aftermath of the COVID fallout. The recovery and rescue packages can
provide powerful financial tools to overcome those challenges all over the
world. The book intends to grant an overview of the measures taken in
the different world regions in the wake of political tensions to set the stage
to discuss how financial institutions can contribute to addressing the main
contemporary challenges in climate change, healthcare, digitalization and
social justice pledges.
On the most long-term horizon and with a speculative edge, the
book will also inform about future financial advancements of our times.
The role of online social media for market performance will be thema-
tized with particular attention to decentralized financial networks. Cryp-
tocurrencies’ peculiar use for commercialized space travel will become
addressed. The role of global financial redistributions mechanisms to
fund the Sustainable Development Goals will be outlined in the world’s
transition to clean energy. The enormous potential of all these finan-
cial advancements and the risk of societal downfalls imbued explicitly
or implicitly in some of the mentioned developments will become scru-
tinized. Overall, the book captures the modern dynamics of resilient
markets to determine the future of finance in its multiple facets and
manifold implications.
The book offers a comparative Behavioral Law and Economics
approach to understanding the most contemporary international finance
politics and responsible investment trends around the world. The book
starts with a description of the different terms of future finance regarding
green investments, sustainable finance and resilience finance in an
overview of definitions and conceptional overlaps. Sustainable finance will
be understood as the overarching term to integrate environmental, social
and governance (ESG) aspects in finance and investment decisions. Green
finance will thereby be depicted as a subset of sustainable finance with
particular attention to environmental concerns. Climate finance will be
outlined as a concrete financialization of public and private investments
that seek to support the mitigation and adaptation to climate change with
financial means and a green transition of the economy.
The book also presents a theoretical comparative corporate governance
analysis of the state-of-the-art of war finance as an international relation
means in today’s world. The book will embark on the history, current
state and future perspectives of responsible investment and sustainable

finance, focusing on the most pressing developments of our lifetime.
Historical snapshots of why responsible investment funds (bonds or equi-
ties) that integrate social, environmental and governance criteria have
emerged as an en vogue topic for corporate executives, governmental offi-
cials, international public servants and stakeholder representatives will be
given. This book captures the positive and negative screenings of finance
markets by the examples of finance politics in international relations and
rescue and recovery aid pegged to the accomplishment of Sustainable
Development Goals.
The contemporary tensions of war finance and sanctions imposed on
international law aggressors will leave the world in a different place than
it has existed since the end of World War II. The book will capture an
outline of these novel trends and shed light on the particular features
of digitalized currencies with unprecedented global anonymous flow.
Finance politics and international relations of economic wars will be
defined through the prism of digitalized currencies, the internet sophis-
tication of financial locks and tracing, and the extraordinary performance
of the financial markets versus the real economy in the 2020 COVID-19
fallout.
In the aftermath of the COVID-19 pandemic and in light of our
contemporary digitalization disruption but also in the eye of climate
change, the call for Corporate Social Responsibility (CSR) and Socially
Responsible Investment (SRI) with a social justice edge have reached
unprecedented momentum. Consumers and investors increasingly pay
attention to social justice, access to quality healthcare and climate justice
worldwide. Current stakeholder pressure addresses the social responsi-
bility of market actors and information disclosure of corporate and finan-
cial conduct. Legislative reforms enhance the accountability of financial
market operations.
The book will outline the idea of responsible investing in the most
recent law and economic trends of our post-COVID-19 era: (1) finance
as a means of war sanction and politics of divestiture in international rela-
tions; (2) a transition to a green economy; (3) our workplace revolution
in digitalized productivity with a focus on health and well-being of the
human workforce as well as; (4) social equality and social justice pledges
in education, corporations and the finance world.
With the COVID-19 pandemic having changed markets and society
lastingly and in light of digitalization encroaching workspaces and climate
change arising on the horizon, the reinterpretation of the public–private

sector roles in providing financial responsibility has leveraged into the
most pressing topic of our times.
The Renaissance of attention to responsibility as a prerequisite for the
functioning of economic systems portrays sustainable finance as windows
of opportunity to sanction international misconduct and grant access to
preventive quality care, climate stabilization and capital to alleviate rising
inequality in the age of digitalization.
The book will present a theoretical comparative corporate governance
analysis of the state-of-the-art political markets and sustainable finance,
focusing on the most pressing developments of our lifetime with short-
term, longer-term and most temporally-distant implications. From the
international perspective, it will cover the international sanctions against
Russia and its allies in financial terms, the United States Green New
Deal pegged to COVID-19 rescue and recovery funding, the European
Green Deal and the European Sustainable Finance Taxonomy but also
the dichotomy of European Union efforts (foremost the Next Gener-
ation EU) and concurrent European national COVID-19 rescue and
recovery packages. On the most futuristic account, the book will also
serve as one of the first resources that thematizes the most future-oriented
finance resilience domains in advocating for a democratization of access
to revenues in cryptocurrencies but also space travel investments and
cryptocurrency’s role in the exploration and invasion of Mars from an
ethical perspective. The discussion acknowledges that resilience finance
is a novel and worldwide phenomenon with international variations and
diverse implementation strategies.
From the international perspective, the book will provide vivid case
studies about contemporary global financial responsibility covering the
contemporary tension of finance sanctions between East and West. The
long-term prospect of finance evolvement intertwined with public invest-
ments will be covered, such as foremost practiced in the United States
Green New Deal pegged to COVID-19 rescue and recovery funding. The
European Green Deal and the European Sustainable Finance Taxonomy
but also the dichotomy of European Union efforts and concurrent Euro-
pean national COVID-19 rescue and recovery packages in the New
Generation EU will become subject to scrutiny. From an international
perspective, the following book will also touch on: Central Asian recovery
funds but also the UN Copenhagen Accord Asian Greening of the
Economy funds after COVID-19. Oceania’s first recession in 30 years
in the wake of the COVID-19 external shock and its implications for
connected territories, including small nation island states, in light of
climate change and the need for climate refugee legal status, will be
covered. The Gulf region’s economic transition during a time of oil
and natural gas shortages with attention to Turkey and Russia will
become subject to scrutiny. Africa’s natural resource wealth implying a
democratization of access to revenues will be thematized.
The very far future of finance will be envisioned in space travel finance
and cryptocurrency’s role in the exploration and potential inhabitation
of Mars driven by corporate and financial market dynamics. In answering
whether international finance is equitable, one must acknowledge that the
described developments will be novel phenomena worldwide with global
variations and diverse implementation strategies.
The following book is structured as follows: First, the book will address
contemporary finance’s politics and international relations. The book will
present concrete examples of how politics and international relations can
be played out in finance. The contemporary sanctions on Russia and
responsible investment in international finance will be covered in vivid
examples.
After discussing the most recent sanctions imposed during the Russia-
Ukraine crisis, more future-oriented facets of finance of the future will be
scrutinized. Then responsible investment and sustainable finance matters
will be put into perspective by the Sustainable Development Goals.
Socially responsible investments and sustainable finance in their multiple
implementation facets and international angles will be introduced as
diverse topics that require accounting for multi-stakeholder viewpoints.
Topics of interest include the Green New Deal in the US, the European
Green Deal in Europe, rescue and recovery packages in Asia being pegged
to social credit scores, the Gulf region’s attempts to find a new revenue
besides natural resources, Oceania’s finance dependence structures impact
on regional communities and small nation island states, Africa’s wealth
in natural resources pegged to ethical mandates of a democratization of
access to revenues as well as the hope of ethical directives in the economic
invasion of extraterrestrial land.
The book will feature case studies of the most pressing behavioral law
and economics challenges of our times in the domains of war finance,
negative screening divestiture, climate change, healthcare, digitalization
disruption and social justice demands.
Overall, the book will investigate the nature of international relations

in finance and sustainable development imbalances from an economics
point-of-view and a legal perspective, and a comparative Behavioral Law
and Economics global governance vision to ensure economic justice solu-
tions for advancing global stability. The structure of increasingly-fragile
environmental conditions will be captured to derive real-world relevant
implications for improving humankind’s overall global ecological condi-
tions worldwide and over time. Climate gain redistribution strategies will
be presented by understanding climate change gains and losses. Shed-
ding light on fair global warming gains distribution is meant to aid
market economies to be brought to a path consistent with prosperity and
sustainability in line with the Sustainable Development Goals.
The currently-ongoing introduction of Artificial Intelligence (AI),
robotics and big data into our contemporary society has caused an
unprecedented market transformation. One part of the book will address
the leadership of our recent introduction to AI, robotics and big data.
Inferences will be derived in light of changes implied by COVID-19 with
particular attention to the healthcare sector. The COVID-19 pandemic is
expected to create post-COVID infection long-haul symptoms for many
people, which will require massive rescaling of our health, pension and
social services schemes. Waves of variant-related COVID-19 outbreaks
and the chronic debilitation that may follow a previous COVID infection
will drastically change the labor force and our approach to work, rest and
recovery. In the wake of the pandemic, the digitalization disruption will
change our education and workforce lastingly and provide essential tools
for pandemic prevention and telemedical healthcare, such as COVID-19
long-haul alleviation strategy.
Responsible investment in the future will also include social justice
pledges. Macroeconomic analyses are planned to outline the excellence in
social justice. Short- and long-term losses will be captured in discrimina-
tion against social justice in economic trickling down and too-big-to-fail
arguments with attention to social inclusion. John Maynard Keynes’
multiplier theory will be innovatively applied in endogenous growth
theory adjusted for the need for social peace and societal harmony along-
side including health and societal risks. The Schumpeterian argument of
the innovative pioneers’ role in social transformation as a spring feather
of economic growth and improved welfare will be covered in light of our
social justice Zeitgeist.
Overall, responsible finance is predicted to gain even higher impor-

tance in the wake of attention to human diversity. The post-COVID era
may elevate engagement to luxury in economic diversity and dignity in
ethics of inclusion in the path of social justice that inspires and enno-
bles humankind. Economic prosperity may be grounded in respect for the
hope of living in a more just society and societal advancement in diversity
and inclusion in our future world.
Concluding, clear responsible investment and sustainable finance
guidelines will be outlined, and future research prospects will be given.
Public policy recommendations will address international relations, poli-
tics, finance, climate change, digitalization compatibility and social equity.
Overall, the book aims to provide the theoretical foundations for possi-
bilities to make finance a contemporary tool of science diplomacy to
make the world a more responsible, sustainable and equitable home.
The readers may learn how to monitor and evaluate the inclusion and
social impetus of a transition in the economy. The book will provide
engaging examples of the most pressing law and economics problems of
our times in light of the need for attention to resilience finance powers.
Concrete examples will cover contemporary international law tensions,
climate justice and environmental equity and a harmonious transition
to a digitalized economy. The book will thereby clearly follow ethical
imperatives and equity mandates in the wish to democratize finance and
redistribute gains within society, between nations and over time.
2.1 Resilient Finance

In response to the worldwide economic fallout of the COVID-19 external
shock, which resulted in an economic disruption unwitnessed in living
memory, international and governmental rescue and recovery aid trig-
gered resilience finance all over the world to soothe industries with losses
and overcome liquidity constraints.
In the beginning of the outbreak of the COVID-19 pandemic, central
banks of all major world economies—such as Australia, Brazil, Canada,
Denmark, Japan, New Zealand, Singapore, South Korea, Sweden,
Switzerland, United Kingdom, United States—and the European Central
Bank coordinated to lower the price of USD liquidity swap line arrange-
ments in order to foster the provision of global liquidity (Alpert, 2021;
European Central Bank, 2020; Federal Reserve of the United States,
2020). The International Monetary Fund (IMF) and the World Bank
issued economic stimulus and relief efforts in the range of around 260
billion USD with the majority of relief aid being distributed in the devel-
oping world (Alpert, 2021; International Monetary Fund, 2020a, 2020b;
World Bank, 2020a, 2020b).
As of May 2021, all major economies responded to the economic
fallout of COVID-19. In response to the COVID-19 crisis, all major
economies around the world rolled out economic-assistance packages or
recovery releases that by mid-2020 already were summing up to over
10 trillion USD and with continuous renewal and further development
(Cassim et al., 2020; The White House of the United States, 2021).
Across countries, economic stimulus responses to the COVID-19 crisis
outsize those to the 2008 Financial Crisis (Cassim et al., 2020; The White
House of the United States, 2021). The qualitative and quantitative stim-
ulus, rescue and recovery aid have surpassed any other similar attempt in
human history (Alpert, 2021). Resilience finance mainly comprises inter-
national fiscal and monetary stimulus and relief efforts but also direct
rescue bailout packages (Alpert, 2021).
The governmental fiscal response to COVID-19 is—in the Western
World—primarily financed through deficit or debt monetization. Thereby
direct monetization involves the central bank financing a fiscal deficit
by buying government securities directly from the government in the
primary market (Bajaj & Datt, 2020). Indirect monetization involves the
government borrowing from the market by selling government securities
that are bought in the secondary market through open market operations
of the central bank (Bajaj & Datt, 2020). Direct monetization occurred
with debt write-off of government securities held by the central bank from
the asset side of its balance sheet (Bajaj & Datt, 2020). Monetization
injects liquidity into the economy, which led to inflation and a cost-of-
living crisis for the widespread majority of populations in the Western
World (Bajaj & Datt, 2020).
The size, scope and dimensions of resilience finance in COVID-
19 rescue and recovery plans are unprecedented and account for the
historically-largest concerted effort of action to avert the negative
economic fallout of an external economic shock. The implementation rate
of economic measures gradually increased over time with the widening
the impact of the COVID-19 crisis (Imam & Uddin, 2022).
The COVID-19 external shock that released the largest and most
widespread economic recovery aid and rescue packages worldwide came
at a time of global attention to rising inequality around the world. As the
crisis unfolded, global inequality in access to affordable medical care but

also preventive healthcare became apparent (Puaschunder & Beerbaum,
2020a, 2020b). The Coronavirus crisis truly challenged leaders around
the world to argue for economic systems to become equitable and share
the benefits of economic prosperity and scientific advancement equally
around the globe (Puaschunder & Beerbaum, 2020a, 2020b).
As for international nuances, Imam and Uddin (2022) found that
countries’ policy response to the crisis depended on the economic situa-
tion and financial starting ground. In a 200 countries strong data set from
around the world, Imam and Uddin (2022) detect a lower use of techno-
logical measures during COVID-19 in low-income countries. Countries
with economic strength implemented direct interventions like deficit
spending, cash allowances and trade measures to absorb the economic
effect of public health policies and support their businesses and workers
(Imam & Uddin, 2022). Many low-income countries relied mainly on
indirect economic intervention like lowering the interest rate for boosting
and sustaining economic growth (Imam & Uddin, 2022). As the overall
economic and financial status of a country determined the fiscal space
and governmental policy response spectrum, high-income countries were
in an advantageous position to brace the crisis (Imam & Uddin, 2022).
In the evaluation and monitoring of these unprecedentedly large
amounts of governmental stimulus, economic bailout and rescue pack-
ages, socio-economic attention was paid to inequality inherent in the
COVID-19 shock era. In light of this unequal crisis resiliency scheme and
in order to combat global inequality on a global level, higher-income
countries and global governance bodies provided financial support to
countries with weaker economies or lower financial capability to absorb
restrictive public health policies’ economic costs (Imam & Uddin, 2022).
Industry-specific inflation patterns as well as urban-versus-rural dispos-
able income differences in the wake of ambitious bailout and recovery
plans were considered when choosing bailout targets. The economic focus
was coupled with legal insights to adjust to disproportionally-heavy and
disparately-severe impacts on certain populations in governmental rescue
and recovery in short-term emergency aid. The potential focus of bailouts
and recovery ranged from urban-local or national to even global and
future-oriented beneficiaries, as pursued in public investments on climate
stabilization in the Green New Deal or European Green Deal Sustainable
Finance Taxonomy.
The crisis has also drawn attention to novel social inequalities within
society and sharpened our senses of the disparate impact of policies
of prevention and recovery for different societal groups. More than
ever before in the history of modern humankind were leaders urged to
place their policy programs in line with social justice pledges. How to
align economic interest with justice notions has leveraged into the most
important question of our times.
The rescue and recovery programs reflected abruptly-changed demand
patterns that had a differing impact on various groups within society.
The crisis thereby unexpectedly widened the economic performance gap
between the finance sector and the real economy. Differing flexibility and
liquidity potentials between finance and the real economy implied sector-
specific affective fallout propensities, which were addressed in the focused
payout of recovery funds. Long low interest rate regimes and industry-
specific inflation patterns led to a closer analysis of the disparate impact of
the COVID-19 pandemic in the distribution decision of resilience finance.
Governmental rescue and recovery aid became sensitive to the diversified
impact of economic stimulus on specific societal groups. When contem-
plating on the targeted rescue and relief efforts of governments and public
institutions, the focus of the aid became led by a whole-rounded effect
analysis.
Economic crises in the wake of pandemics are intensified situations
with extensive threats to survival, economic resilience and heightened risk
of social upheaval. The distribution of funds thus highly depended on
the geopolitical and biopolitical locations as well as the socio-economic
starting ground. The distinction into social classes of crises also became
structural and included the role of affect—which materializes in emotional
excitement caused by crises in some parts of the population and emotion-
less rational response in others that determine health and well-being
whole-roundedly and over time. Fast-paced social online media having
a growing influence on economics and financial markets has also exacer-
bated the call for paying attention to social volatility in markets created
by the concerted buzz online about certain market trends and options.
As a first start in a stratified economic impact analysis, governmental
officials faced decisions on whether to target funds and policy aid on
the local versus rural versus urban level, national versus international
prospect as well as the immediate versus the long-term beneficiaries,
as pursued in public investments on climate stabilization efforts under-
lying the Green New Deal or European Green Deal Sustainable Finance
Taxonomy (Barbier, 2009; Earthworks, 2019; European Commission,

2019; Pargendler, 2020).
The crisis also came during a time when ecological limits had been
reached and climate change was on the minds of the global commu-
nity (Puaschunder, 2021a). The worldwide and long-term impact of CO2
becoming apparent in rising temperatures around the globe changing
living conditions massively drove the need for concerted action on climate
stabilization (Puaschunder, 2021b). Around the world, global public and
private sector entities are nowadays working on a broad variety of climate
change mitigation and adaptation and climate stabilization efforts. Like
no other concern of our lifetime, the solutions and accomplishment of
climate stabilization goals will determine the lives of many generations to
come. More than ever are leading Law and Economics scholars currently
trying to imbue the idea of environmental justice in a greening economy
(Armour et al., 2021; Broccardo et al., 2020; Puaschunder, 2020).
COVID-19 rescue and recovery aid echoes all these contemporary
concerns in being pegged to green economy efforts and social justice
pledges. This is foremost the case in the United States with the U.S. Pres-
ident Biden administration fostering the Green New Deal (GND) but
also the European Union Commission sponsoring the European Green
Deal and a Sustainable Finance Taxonomy (Barbier, 2009; Earthworks,
2019; Pargendler, 2020; Puaschunder, 2021c, 2021d; The United States
Congress, 2019). These ambitious acts and plans account for the most
vibrant and large-scale developments in our lifetime if considering the
massive amount of funds involved but also the widespread impact energy
transition will have (Kemfert et al., 2020)
The post-COVID-19 recovery era is also a time of blatant dispari-
ties and inequalities in terms of access to healthcare and social justice.
In times of rising inequality, the GND has also become a vehicle to deter-
mine the COVID-19 economic bailout and recover aid targets. The GND
thereby combines former U.S. President Roosevelt’s economic approach
with modern ideas of economic stimulus incentivizing industries for a
transition to renewable energy and resource efficiency as well as healthcare
equality and social justice pledges.
The GND is a governmental strategy to strengthen the United States
economy and foster inclusive growth (Puaschunder, 2021c, 2021d). The
GND directly targets at sharing economic benefits more equally within
society (Puaschunder, 2021c, 2021d). The GND thereby addresses the
most pressing concerns of our times in the quest to align economic
endeavors with justice and fairness. Concrete central areas of development

tackle environmental challenges, healthcare demands and social justice
pledges (Puaschunder, 2021c, 2021d). Ethical imperatives and equity
mandates lead the economic rationale behind redistribution in the GND.
Social harmony, access to affordable quality healthcare and favorable envi-
ronmental conditions are thereby pursued in an understanding of their
role as prerequisites for sustainable productivity (Puaschunder, 2021c,
2021d). In all these endeavors, the GND offers hope in making the world
and society but also overlapping generations more equitable. As a large-
scale and long-term plan, the GND offers to bestow peace within society,
around the world and over time (Puaschunder, 2021c, 2021d). How to
align economic interest with justice and fairness notions is the question
of our times when considering the massive challenges faced in terms of
environmental challenges, healthcare demands and social justice pledges.
In the currently implemented GND and European Green Deal (EGD)
as the most widespread, large-scale and financially extensive programs,
society will first have to define what the GND is, how the GND is
implemented and why it matters in its multiple implementation facets
and international angles. Ethics of inclusion and a diverse mindset with
multiple stakeholders involved can thereby serve as a guiding post and
beacon of hope that inclusion offers resilient finance opportunities for
everyone.
As an avenue of hope, the Green New Deal could be presented as a
possibility to make the world and society more equitable in the domains
of environmental justice, access to affordable healthcare and social justice
excellence. Ethical imperatives and equity mandates lead the economic
rationale behind redistribution in the GND as social peace, health and
favorable environmental conditions. The GND offers unprecedented
opportunities in making the world and society but also overlapping gener-
ations more equitable and thus bestows peace and social harmony within
society, around the world and over time.
In answering the question if the GND is equitable, one has to acknowl-
edge that the GND is a fairly novel phenomenon with international
variations and diverse implementation strategies. To determine if these
efforts will be successful, the achievement of the GND’s goals features a
complex variety of actions that will have to be performed for a longer time
horizon than simple economic recovery after system-inherent recessions
would require. The multiple implementation facets and various agents
involved but also the contested theoretical foundations and long-term
implications will need more time to monitor and evaluate the effec-
tiveness and equitable growth accomplishments than regular rescue and
recovery efforts, such as the 2008/09 World Financial Recession bailout
and recovery packages. Tracking the success of these endeavors will be a
long-term goal by itself, mainly due to the diversified projects, long-term
impetus and the stratified impact of large-scale economic changes. While
it is thus too early to tell how successful these projects will be in the grand
scheme of complex issues tackled and over time in light of history, already
now it is becoming apparent that teaching law and economics with a focus
on ethics of inclusion honing a disparate impact lens will become key to
ensure our common sustainable development and human progress of the
future.
Overall, the book aims at providing the theoretical foundations for
possibilities to make finance safer, more responsible, sustainable and
equitable. Finance intertwined with politics, international relations and
Sustainable Development Goals will be discussed in our contemporary
post-COVID-19 era with a short-term view, a longer-term focus and
a birds-eye comparative Law and Economics perspective. Thereby the
book covers political, economic and historical foundations. The mono-
graph also aims at a positive view of COVID-19 reforms and evaluates
what developments may be turned into future assets. The readers may
learn how to monitor and evaluate the inclusion and social impetus of a
transition in the economy.
The book will provide engaging examples of the most pressing law and
economics predicaments of our times in light of the need for attention
to finance in international law, climate stabilization and environmental
equity. First, the book will address historical examples of finance as a poli-
tics and international relations vehicle. Then, responsible investment and
sustainable finance will be introduced in a contemporary snapshot of its
multiple implementation facets with a global outlook. Concrete examples
will be used to derive historically-unique conservations of our contempo-
rary Zeitgeist, in which leaders around the globe appear to debate how to
allocate funds to alleviate and soothe but also to sanction and correct. In
addition, the book will cover empirical work on a global action scheme to
foster the harmonious transition to a sustainable economy. In a Socratic
writing style, the reader will be invited to solve the most pressing issues
and ethical predicaments of our lifetime and imagine the power of finance
and a better world enacted through the forces of responsible investing
and sustainable finance. The book will also follow ethical imperatives and
equity mandates to democratize finance and redistribute global gains of

resilient finance equally within society, between nations and over time.
2.2 Responsible Investment

Socially responsible investments and sustainable finance matters will be
analyzed in this book with a broad and economic understanding of those
terms. Sustainable finance refers to the process of taking environmental,
social and governance considerations into account when making invest-
ment decisions in the financial sector (Brühl, 2021). Sustainable finance
or green finance lies at the core of a broad set of financial regulations,
standards, norms and products that pursue an environmental objective,
particularly to facilitate the energy transition. Responsible investments
are considered investments (bonds or equities) that integrate social,
environmental and governance criteria and financial measures. Concrete
sustainable finance considerations include—but are not limited to—finan-
cialization of climate change mitigation and adaptation as well as the
preservation of biodiversity, pollution prevention and investments toward
sustainability and the circular economy (Berrou et al., 2019; European
Commission, 2021).
COVID-19 has shown rising inequality trends and opened eyes
to previously-unnoticed discrepancies within society, around the world
but also over time. Social justice pledges have gained unprecedented
momentum in the eye of unequal access to health, capital, education,
digitalization and environmentally-favorable conditions. In the shadow
of inequality, ethical imperatives arise from the humane-imbued care for
inclusion and access to equal opportunities. Inequalities drive the demand
for creative inequality alleviation strategies that have the potential to
bestow the post-COVID era with the notion of a new Renaissance that
delivers inclusion.
The contemporary COVID-19 economic fallout has heralded a new
financial order. In the attempt to alleviate inequality in the socio-
economic consequences of COVID, a deeper understanding of the
finance performance versus real economy constraints gap was sought.
Social volatility and affective fallout propensity distribution within society
were reflected upon. Special attention was paid to the high inflation and
historically-longest low interest rates that triggered an unprecedented
living expenses crisis for the general populace. Responsible finance in the
post-COVID-19 era features targeted rescue and recovery relief aid with
a redistribution focus on the urban, local, regional, national, global and

international levels.
In light of the multi-faceted inequality that opened widespread quali-
tative and quantitative gaps, social justice has become a blatant demand.
We are entering the age of corporate social justice and inclusive soci-
eties (Zheng, 2020). Ethics of inclusion as a forerunner to inclusive rights
and privileges to everyone are natural behavioral ethical laws that herald
a post-COVID-19 novel Renaissance based on corporate and financial
social responsibility.
Short-term changes to the world of finance are currently noticeable
in the shift to online spheres and the nature of politics and interna-
tional relations in financial sanction mechanisms. To draw attention to
the power of finance in the wake of modern history, positive and negative
investment screening techniques have emerged to dominate interna-
tional markets. Socially responsible investment thereby pays homage
to integrating environmental, social and governance criteria in invest-
ment decisions. Sustainable finance aids to consider international political
relations, social and ecological demands in investment decision-making.
Socially responsible investment serves as an investment strategy that is
based on a whole-rounded evaluation of the financial return and social/
environmental good to bring about social change in longer-term and
sustainable activities.
The book will start with historical writings about socially responsible
finance before COVID-19 and the digital age. The monograph will then
embark on insights derived from the COVID-19 crisis recovery. The era
of New Deals in the Green New Deal in the U.S. and the European
Green Deal will be highlighted. Examples include the European Sustain-
able Finance Taxonomy and the Next Generation EU in their efforts to
fund climate mitigation, adaptation and stabilization.
The book will present perspectives on responsible investment from
different regions of the world. As these regions feature significant dispar-
ities in approaches to responsible investment, this book will offer a Law
and Economics comparative analysis. Understanding responsible invest-
ment worldwide will highlight the role of finance during the most
contemporary tensions between Eastern cultures and Western ideologies.
Methodologically, the book offers a comparative Law & Economics
approach to understand the most contemporary international finance
developments in sanctions imposed on Russia, strategic finance alliances
emerging and responsible investment trends to rebuild the crisis-struck
Another random document with
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The Project Gutenberg eBook of Lauluja
This ebook is for the use of anyone anywhere in the United States
and most other parts of the world at no cost and with almost no
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under the terms of the Project Gutenberg License included with this
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United States, you will have to check the laws of the country where
you are located before using this eBook.
Title: Lauluja
Author: Antti Rytkönen
Release date: October 31, 2023 [eBook #71994]
Language: Finnish
Original publication: Helsinki: Vihtori Alava, 1900
Credits: Tapio Riikonen
*** START OF THE PROJECT GUTENBERG EBOOK LAULUJA ***

LAULUJA
Kirj.
Antti Rytkönen
Helsingissä, Jakaa Vihtori Alava, 1900.
SISÄLLYS:
Syvänteet.
Kuohuissa.
Meri ja taivas.
Takatalvessa.
Kesää odottaissa.
Hän..
Sinä ja minä.
Lehdossa.
Sorsa se Saimaan aalloissa sousi.
Valkojoutseneni.
Valkamani.
Lauluni.
Se lempi.
Eloni.
Levoton.
Kevättuulessa.
Kaipuuni.
Kuusen alla.
Talvilehto.
Valtameri.
Laulu talvelle.
Oli metsä vihreä.
Merelle lähtijä.
Luojalle.
Rauhassa.
Rannan kuusi.
Myrsky-yönä.
Merenneitojen laulu.
Meriltä palatessa.
Kevät-iltana.
Tähtöselleni.
Samponi.
Syystunnelma.
Keväinen koski.
Muistojen mailta.
Tyhjä sija.
Sairas soittaja.
Niin syvästi särki se äidin mieltä.
Turhaan.
Manan morsian.
Mari pikkunen piika.
Paimeritytön kevätlaulu.
Tuliluulialei.
Ikävissä.
Paimenpoika ja paimentyttö.
Paimenpojan laulu.
Koti lahteen soutaessa.
Mistä kyynel.
Leppäkerttu ja tuomenterttu.
Musta lintu, merikotka..
Järven jäällä.
Köyhän koti.
Heilini.
Kevätkylmissä.
Jäiden lähtö.
Kalevaisten karkelo.
Kevätmietteissä.
Ainon kaiho.
Kerran lemmin.
12-13.IV.1597.
Korven keskellä.
Kylänkarkelo.
Tarina Pekasta ja vallesmannista.
Pimeän pesä.
Voiton saatte.
Maamiehen kevätlaulu.
Tahdon ikitulta.
Syvänteet.
Syvänteihin katseleisin, mi lie siellä elo kumma?
Salaisuudetpa ne syvät kätkee multa meri tumma.
Syvänteistä myrskyt nostaa heleöitä helmilöitä. Selittäkää

helmet mulle rahtu syvänteiden öitä!
Sen vain kertoo helmet somat: syvänteet on pohjattomat.
Kuohuissa.
Raivoisana kuohuu meri,

tumma on sen pinta.
Kuohuu mullai sydänveri,
aaltoileepi rinta.
Lyöpi aalto louhikkohon,

kivirantaan aivan —
Sydän, kivihinkö kuohut? —
Tuoko maksaa vaivan?
Meri ja taivas.
Sua lemmin niinkuin voipi vaan

meri kuohuva lempiä taivastaan.
Sä oot niin korkeella, kaukana multa

kuin on meren kuohuista taivahan kulta.
Ja niin syvällä sentään rinnassain
kuin meren pohjassa taivas vain.
Takatalvessa.
Tuo katse armas ja kaunoinen mun mieleni vallan hurmas,

vaan kevätkylmät ja kolkot säät pian toivoni kukkaset surmas.
Vaan sydämmessäkin vaihtuva lie kevään sekä talven

valta. Siks toivon, että nousta vois kevät taas takatalven alta.
Kesää odottaissa.
Kyllä se kuluu talvikin

ja kyllä se joutuu kesä,
tulevana kesänä tällä pojalla
on jo oma pesä.
Talvella hakkaan honkia

ja hirsipuita kannan,
tulevana kesänä mökkini nousee
luona lammin rannan.
Toisella puolen lampi päilyy

ja toisella vihanta vuori,
ja mökissä on herttaisen kaunis kukka,
ja se on oma kultani nuori.
Hän.
Hän on niin puhdas, kaunoinen kuin koitto aamuruskon, tuo

onnen, rauhan sydämmeen, tuo toivon, uuden uskon.
Myös on hän tulta, hehkua kuin tähti öisen taivaan, tuo

surun, tuskan sydämmeen, tuo epätoivon aivan.
Sinä ja minä.
Sä ruusu olet armahin, päivä olet kirkkahin, tähti olet

loistavin.
Mä lapsi olen kylmän jään, mä laine olen tuulispään, mä

lintu olen myrskysään.
Lehdossa.
Lehdossa tässä kerran mä istuin immen kanssa, hän silloin

mulle kertoi hartaimmat unelmansa.
Lehdossa tässä nytkin mä istun yksin vallan. Vaan unelmat

ja toiveet — ne saaliita on hallan.
Sorsa se Saimaan aalloissa sousi.
Sorsa se Saimaan aalloissa sousi kaipasi, kaipasi

kullaistaan. Mihin lie joutunut, kuka sen ties, joko lie ampunut
metsämies?
Sorsa se Saimaan aalloissa sousi, kanteli kaihoa

sydämmessään, syys oli synkkä ja kulta ei tullut, vilu oli uida
joukossa jään.
Sorsa se Saimaan aalloissa sousi, kuikutti kurja yksinään.
Valkojoutseneni.
Pois lensi valkojoutsen,

lens ulapalle päin.
Miks veit sä valkojoutsen

myös levon syömmestäin?
Mun valkojoutseneni,
sä miksi lensit pois?
Jos löytäisin sun kerran,

oi, silloin riemu ois!
Valkamani.
Kun meri ärjyy, aaltoo ja tummana vaahtoaa, kun pilvinen
on taivas ja rinta ei rauhaa saa,
niin satamata tyyntä mä etsin harhaillen, ja luoksesi kun

pääsen, niin siellä löydän sen.
Kun nojaan rintahasi, meri kuohuva tyyntyy tää ja katsehes

päivän kirkas maan ääriä lämmittää.
Lauluni.
On lauluni kuin kukka tuo, ja lämmöstä se voimaa juo.
Vaan koleaks kun käypi sää, suruisna kukan painuu pää.
Se lempi.
Se lempi oli polttava kuin hehkuvainen tuli, ja kyllä kylmät,

kyllä jäät sen eessä kaikki suli.
Se lempi oli kuohuva kuin virta vaahtopäinen. Se lempi oli

unelma, unelma kevähäinen.
Eloni.
Haaksi aaltojen ajama, vene vetten vierittämä on mun
vaivaisen vaellus.
Niinkuin lastu lainehilla,

vastavirrassa venonen
on koko eloni juoksu.
Kumpi ennen kääntynevi: vene virran viertehessä vai virta

venon mukana?
Levoton.
Miksi lie mun mieleni niinkuin meren laine? Rauhatonna,

levoton na kulkee oikeaan ja harhaan, onnen tahtoisi se
parhaan. Väliin sinne, väliin tänne häilyy, horjuu, kiertää,
kaartaa, väliin hetken levon löytää, jälleen järkkyy, väliin
kallioihin töytää — pirstoiks särkyy…
Kevättuulessa.
Jo kevättuuli hengittää, vaan syys on syömmessän. Se iäks

liekö riutunut vai heränneeköhän?
Jos eloni ei elpyne, niin iäks riutukoon! Jos vielä herää,

herätköön se kevään taisteloon!
Kaipuuni.
Valoa, päivän paistetta mun mieleni kalpaa aina, jos

kirkasta en näe taivasta, niin talvi mun mieltäni painaa.
Valo ja päivän lämpö ne ovat henkeni elinehto, vaan nää

jos puuttuu, kuihdun pois kuin hallan koskema lehto.
Kuusen alla.
Alla kuusen useasti istuin iltamyöhään asti, kuusi kuiski

kumeasti: "Lapsi, lähdet maailmaan, outohon ja avaraan, tiesi
ulapoille saavat, ulapat on aavat, aavat, siellä laineet
lakkapäiset iskee purteen monet haavat Ulapoilla usva on,
usva katoamaton; armas päiv' ei usviin koita, helposti ei valo
voita." Kuusen kuiskiessa nuokkui rannan kukat rauhaisasti,
kuusen kuiskiessa huokui meren aallot raskahasti.
Talvilehto.
Tuo lehto, jossa me leikittiin, nyt tuiman on talven vanki, ja

lehdon nuortean kukkaset jää kattaa ja harmaja hanki.
Vaan vielä se kerran sulaa jää

ja nuortuu lehdot ja vuoret,
ja vielä ne kerran heräjää
ne kevään kukkaset nuoret
Ja vielä me kerran lehdossa taas leikimme, impeni, illoin, ja

vielä me nautimme lemmestä kevätaika on armas silloin.
Valtameri.
Katso, katso valtamerta!

Milloin siell' on tyyntä, rauhaa?
Eikö siellä ainiansa
aallot paasihin vain pauhaa.
Rintani on valtameri,
miksi rauhaa etsit sieltä,
miksi tyyntä, sointuisuutta
ulapan ja aallon tieltä?
Laulu talvelle.
Talvi, lunta valkeinta, valkeinta, puhtoisinta sada immen

poskuelle, hipiälle hienoiselle. Talven, taruin valtakunta laula,
laula immelleni, kerro kaunokutrilleni utuisinta lemmen unta.
Kerro kuinka alta hallan, alta kylmän jäiden vallan nousee
toivon kukkasia, utuisia, armahia… Näytä unia kesästä, kerro
omasta pesästä pienoisesta, sievoisesta, armaasta, ani
hyvästä.
Oli metsä vihreä…
Oli metsä vihreä, tuomessa kukka,

sitä ihaillen katselit impi rukka.
Sä ihailit kaunista kevätsäätä,

et muistanut kylmää, et muistanut jäätä.
Sä ihailit suuria Luojan töitä,

et muistanut harmaita hallaöitä.
Ja kuitenkin, ja kuitenkin
ne tuli ne keväiset kylmätkin.
Merelle lähtijä.
Läksi laiva uurtamaan meren tummaa pintaa, täytti kaiho,

kaipaus monta, monta rintaa — Eessä merta, merta vaan,
eessä pilvet harmaat, kotiranta kauvas jäi, sinne jäivät
armaat. Jäivät tuomet tuoksumaan, jäivät kuuset kukkimaan,
impi rantaan itkemään. Kotiranta kauvas jäi, sinne jäivät
armaat…
Luojalle.
Luoja, noita silmiä kyynelistä säästä, Luoja, tuohon rintahan

murheit' elä päästä.
Luoja, anna hänelle päivät paistehikkaat! Luoja, anna

hänelle elon riemut rikkaat!
Rauhassa.
Kun melske, myrsky raukenee, kaikk' uinuu rauhan unta,

niin silloin mulle aukenee viel' uusi valtakunta.
Nään silloin sinut luonani, nään silmäs ani armaat, ja on

kuin siirtäneet ne ois väliltä vuoret harmaat
Rannan kuusi.
Tääll' yksin seisot sorjana sä vihreä rannan kuusi; veden

alla toinen on maailma ja taivas siellä on uusi, sen
kauneuttako katsot sie, mihin miettehes silloin vie?
Kun laskeissaan kesäaurinko taas taivahan rantoja kultaa,

niin tunnetko silloin, tunnetko sä lämpöä, lemmentulta? Näät
kaikkialla sä rauhan maat, sopusointua, rauhaa kaiketi saat?
Vai tunnetko kaihon tuskaisan
ja muistatko myrskytuulet?
Kun aalto se löi raju rantahan,
sen kuohuja vieläkö kuulet?
Sun toivehes, aattehes myrskykö kaas,
nyt kaihoin niitäkö muistat taas?
Sä lienetkin mun kaltaisen, sä vihreä rannan kuusi; kun

katson pohjihin syvyyden, ja kun taivas siellä on uusi, niin
oloni munkin oudoks saa ja kaiho mieleni valloittaa.
Ja muistuu mieleeni myrskysää ja kohina tuiman tuulen ja

murhe mieleni yllättää ja ma kuohuja kaukaa kuulen. Ne
rintaani kaikuja kummia saa, meri helmahan yön kun
uinahtaa.
Myrsky-yönä.
käy ulkona tuuli tuima, yö on niin myrskyinen, ja hurjana

aalto huima vain kuohuvi rannallen.
Ja haaksi aaltoja halkoo,

ja kohti kuohuja käy,
ja se keinuvi niinkuin palko,
ei muuta kuin vaahtoa näy.
Vaan haahdessa suojassa yksin

minä kanssasi olla saan,
me istumme vieretyksin,
mut tuuli se ulvoo vaan.
Te käykää te vihurit tuulen,

nyt teitä mä pelkäjä en!
Vain rintasi lyönnit ma kuulen,
ja sa painut mun rinnallen.
Mua katsehes kaunis huumaa

sysimusta kuin syksyn yö,
ja mun rintani tulta on kuumaa
ja se rintaasi vasten lyö.
Ja tuuli tuima se soittaa kuin mahtavat myrskyt on poviss'

suurien valtamerten ja povessa inehmon.
***
Oi myrskyjä meren pinnan, oi valkovaahtoja sen! Oi

kuohuja ihmisrinnan, sen kaihojen, poltteiden!
Merenneitojen laulu.
Tääll' on riemut, rikkaudet, riistat, riittävät tavarat, tääll' on

Ahdin kultalinna, täällä aartehet avarat Täällä lientyy maiset
huolet, täällä suistuu surman nuolet, täällä elo ihanaa. Täällä
tyyntyy tuskat, vaivat, alla aallon uudet taivaat täällä sulle
aukeaa. Täällä merten aaltoloissa, Ahdin kultakartanoissa
rintaraukka rauhan saa. Tänne riennä inehmo, tääll' on sija
sulle jo!
Meriltä palatessa.
Saapuu laiva mereltä kohti kotirantaa; tuhat tulta merelle

sieltä valon kantaa; tuhat tulta tuikahtaa sieltä mua vastaan,
yhtä tulta kaipajan, yhtä ainoastaan: immen ikkunasta vaan
tuloset ei tuikakkaan.
Kevät-iltana.
On kevät-ilta ja kuuhut niin kummasti kumottaa, ja kaiho

outo ja kumma mun mieleni valtoaa.
Kevät-iltana kuljin ennen

kanss' armahan ystäväin
ja unia ihanoita
minä kultani kanssa näin.
Ja mieleni oli niin raitis

kuin rannan aaltonen,
kun kullat kuuhuen taivaan
utukalvossa uiskeli sen.
Kuin ilmojen utuiset pilvet

myös ulapan pohjilla ui,
niin sielusi hellä ja herkkä
mun sieluuni kuvastui.
Ja tuota kun muistan, silloin mun mieleni summeutuu, ja

mun rintani kaihon tuntee kevät-ilta ja illan kuu.

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The Future of Resilient Finance:

Finance Politics in the Age of

The Future of Resilient

ISSN 2523-3084 ISSN 2523-3092 (electronic)

Color wheel and icons: From https://www.un.org/sustainabledevelopment/, Copyright

Cover illustration: Nicolay Pandev/gettyimages

7.11 Climate Justice Resiliency Financing

8 General Discussion and Future Prospects 337

Julia M. Puaschunder is a Behavioral Economist with Doctorates and

Graph 7.1 World surface temperature anomalies 1891–2021 215

Graph 7.19 Worldmap of CC S D I index per country for 48 countries 305

Table 7.1 Science Diplomacy Index numerical ranking 226

Abstract This book is designed to aid academics and practitioners envi-

© The Author(s), under exclusive license to Springer Nature 1

as an international sustainable development strategy. The new age of

Resilience finance describes the governance, governmental efforts and

1.1 Socially Responsible Investment (SRI)

social and environmental contributions of the issuing entities (Beltratti,

and social value maximization alike, socially responsible investors incor-

1.2 Green New Deals

schemes and measures to resolve banks in financial distress within the

1.3 Green Finance and Climate

regime for funding mutual climate stabilization or whether a country will

1.4 The Future of Resilience Finance Leadership

Starr, M. (2008). Socially responsible investment and pro-social change. Journal

Resilience Finance Leadership

Abstract The COVID-19 crisis represents the most unforeseen external

© The Author(s), under exclusive license to Springer Nature 15

safer, fairer, more sustainable place, in which the economic benefits of

led to a slump in general consumption and reduced trade by an esti-

state and future perspectives of responsible investment and sustainable

change arising on the horizon, the reinterpretation of the public–private

Overall, the book will investigate the nature of international relations

Overall, responsible finance is predicted to gain even higher impor-

2.1 Resilient Finance

crisis unfolded, global inequality in access to affordable medical care but

Taxonomy (Barbier, 2009; Earthworks, 2019; European Commission,

endeavors with justice and fairness. Concrete central areas of development

equity mandates to democratize finance and redistribute global gains of

2.2 Responsible Investment

a redistribution focus on the urban, local, regional, national, global and

Author: Antti Rytkönen

Release date: October 31, 2023 [eBook #71994]

Original publication: Helsinki: Vihtori Alava, 1900

Credits: Tapio Riikonen

*** START OF THE PROJECT GUTENBERG EBOOK LAULUJA ***

Helsingissä, Jakaa Vihtori Alava, 1900.

Syvänteistä myrskyt nostaa heleöitä helmilöitä. Selittäkää

Sen vain kertoo helmet somat: syvänteet on pohjattomat.

Raivoisana kuohuu meri,

Lyöpi aalto louhikkohon,

Sua lemmin niinkuin voipi vaan

Sä oot niin korkeella, kaukana multa

Tuo katse armas ja kaunoinen mun mieleni vallan hurmas,

Vaan sydämmessäkin vaihtuva lie kevään sekä talven

Kyllä se kuluu talvikin

Talvella hakkaan honkia

Toisella puolen lampi päilyy

Hän on niin puhdas, kaunoinen kuin koitto aamuruskon, tuo

Myös on hän tulta, hehkua kuin tähti öisen taivaan, tuo

Sä ruusu olet armahin, päivä olet kirkkahin, tähti olet

Mä lapsi olen kylmän jään, mä laine olen tuulispään, mä

Lehdossa tässä kerran mä istuin immen kanssa, hän silloin

* START OF THE PROJECT GUTENBERG EBOOK LAULUJA *