What if the elements of a new economic system are already invented, in existence and partly practiced? We need to learn from the innovative transitions that are already taking place at the fringe of the mainstream systems: the modification and remodeling of our economic system has already begun.
The future needs a global economic architecture that focuses on the conditions for life on our planet. While the pathways to implementation may differ, the broad direction is clear: creating life economies will require a fundamental shift in the global operating system. The change will be radical because only a new North Star for new economics will engender the necessary behavioral changes.
Our current economic system takes the concept of the homo oeconomicus for granted. It has colonized the human mind and overtaken the diversity and wealth of human capabilities. It is time to embrace a more holistic view on human behavior, and the many ways it can be life-serving, and life-affirming.
How can local aspirations for future regenerative economies combined with global responsibilities? How are thriving communities and a thriving planet connected? Kate Raworth talks always encourage us to think and act.
The fact that we live in downward-spriraling scenarios of climate crises and biodiversity loss is not only the result of widespread ignorance towards scientifically-based predictions. It is an ignorance towards the true history of humankind. Femxle systems thinkers and feminist cultural herstorians need to connect so that we remember that what was once possible will be part of our future.
Future economies include ecosystems and social vitality in their balance sheets. They incorporate clear boundary values of economic activity, and adopt a stewardship approach to the global and local commons.
Future economies take care of fair and just distribution of resources, income and prosperity. Value creation includes collective value and is guided by contribution rather than extraction. Revenues will balance money and impact.
Future economies are linked to forms of governance and political participation, so that economic development can be contextually adapted as well as negotiated and shaped to serve individual and collective vitality. The role of trusted and legitimized governments is one of stewarding people’s and planetary health.
Future economies will have dynamic and thriving markets, but no unrestricted primacy of markets with little governmental steering. Instead, markets will be embedded in purpose, guided by parameters for the common good, and they will strengthen local economies.
Future economies acknowledge the need for iterative learning mechanisms that foster life-enhancing technological and social innovation, but do not unilaterally look to ultimate technological advancements or inventions as a panacea.
Future economies ensure that production and consumption cycles are socially embedded and guided by regulations that ensure they have net-zero negative impact or regenerate the life-support systems.