Two paradoxes with one stone: A critical reading of ecological modernization

The current contribution aims at critically reviewing state initiatives in the frame of ecological modernization under the lenses of the labor theory of value. Further, the article addresses two phenomena related to ecological modernization that have received much attention, namely, the Porter Hypothesis and the Jevons' Paradox. State-led environmental regulation in terms of environmental legislation as well as initiatives to promote green technology can be understood as a twofold attempt, which ultimately leads to re-defining socially necessary labor time. First, state intervention would wish to remove surplus profit from polluting or resource depleting capitals through legislation, which would tend to increase socially necessary labor time in the branch of production under reference. State policy might then attempt to propel the adoption of green technology, which would tend to decrease socially necessary labor time in the sectors targeted. Through state initiatives, competition among rival capitals would be re-aligned so as to allow for conditions of production to be renewed. The Porter Hypothesis can be approached as a strategy followed by individual capitals to gain an early-mover advantage, while the Jevons' Paradox can be seen as the result of an imitation process, when rival capitals take up technological modifications launched by innovators.