Can global capitalism produce global well-being?

We are witnessing the spectacular end of a second period of globalization and the return of states in the definition of international order. Within this dynamic of global capitalism, the possibility of an environmental transition or a transition toward an economy of well-being respectful of the environment is as much an economic as a political issue. We should distinguish what is national in the transition to the economy of well-being, from what is based on international coordination, the prime example of which is the ecological transition. One can be optimistic about the transformations requiring the mobilization of welfare states or national social states. However, the environmental issue and the management of international risks pose far more complex challenges for which our social states are not suited. The perception of a fair distribution of efforts is essential, for both national and international coordination. A carbon border adjustment mechanism including a social dimension is an essential tool.