WHY NEW ECONOMY?
Our current global economic system is flawed. It accelerates inequality, is based on unsustainable consumption and a culture of materialism. Planetary impacts of industrial production are now a real risk to the survival of humanity. There is a lack of bold and authentic leadership, but also still lack of awareness around the many solutions that already exist.
Only by recognizing the limitations of our current system, can we advance an alternative narrative that inspires new ways of measuring progress, alternative currencies and promoting local investments among others. A new economy must place the wellbeing of people and the planet at the centre of the economic system.
NEW ECONOMY PRINCIPLES
To achieve systemic change, more radical and experimental approaches are required, including bottom-up innovation.
This includes mainstreaming local production, consumption, and investments. It also emphasizes new ways of measuring progress, alternative currencies, sharing, and new forms of exchanging goods and services.
The new economy is driven by the following key principles and strategies:
- Democratise power relations within public and private institutions
- Democratise ownership of wealth and resources
- Revalue and redistribute paid and unpaid time by numerating in other forms of exchange, e.g. time banks
- Solidarity, co-operation and mutual aid, such as through collective insurance, co-production of service by producers and users
- Respect ecological limits: staying within planetary boundaries
NEW ECONOMY TOOLS
- New forms of ownership, such as cooperatives
- Alternative currencies, e.g. cryptocurrencies
- Sharing and exchange of goods and services, e.g. time banking, bartering
- Promotion of local production and consumption of goods and services
- New metrics of measuring progress, e.g. Happiness Index
NEW ECONOMY OUTCOMES
- Human well-being: through decent jobs, providing safer and better neighborhoods, supporting social capital
- Equality and Social Justice: addressing inequality by creating opportunities for all