Why do we need a Global Transition to a New Economy...what’s wrong with the old one?

As a reminder, here is a sobering potpourri of the environmental and social crises we face: Rising fossil-fuel energy use will lead to irreversible and potentially catastrophic climate change (International Energy Agency)...2.8 billion people survive on less than $2/day, (United Nations)...The 12 percent of the world’s population that lives in North America and Western Europe accounts for 60 percent of private consumption spending (World Watch Institute)... Human activities have taken the planet to the edge of a massive wave of species extinctions (Millennium Ecosystem Assessment)... The richest 1% of the US population control one-third of US net worth (Occupy movement)

These crises have their roots in our current economic system. But, putting the brakes on economic growth will, in our current system, trigger further unemployment, injustice, and a major decline in human wellbeing. Hence, the tremendous appeal of business as usual and the unwillingness to address the huge systemic problems we face.

We are convinced that there is an alternative. It means moving to a new economy that delivers wellbeing and social justice, without stretching the Earth’s resources beyond breaking point. This requires a Global Transition to a New Economy.

What will the new economy look like?

Hard to say exactly!...But we do know that a new economy needs to be one that maximizes human wellbeing for all, and operates within environmental limits. We call this green and fair economy the “new economy”.

We have arranged the projects on our map around 9 characteristics we envisage for the new economy and described below. You may think this sounds like wishful thinking...but the projects on our map demonstrate that there are organizations and groups around the world making a green and fair economy happen, on the ground, in their local communities.

Models and Metrics: We will have new ways of visioning, modeling and measuring the economy that take environmental limits and human wellbeing into account.

Citizens and Communities: Our citizens will have an understanding of an economy that prioritizes human wellbeing within environmental limits, and will work together to build vibrant and resilient communities.

Finance: Capital will be made available to communities, enterprises, and individuals, allowing them to flourish while simultaneously creating wider positive social and environmental outcomes.

Global Justice: Social justice will be achieved, and quality of life will be improved for all, including for those currently living in poverty.

Governance: Local, national, and international governments will be responsive to citizens’ needs, and will create the necessary framework for economies that deliver on human wellbeing within environmental limits.

Currencies: New ways of issuing and supplying money and other mediums of exchange will be created, to favor local economic and community development. Digital currencies and cryptocurrency trading, such as Bitcoins, will be a huge help in boosting the economy. Trading bots like Crypto Superstar make trading easier and more versatile without requiring traders to expand their crypto knowledge. See https://coincierge.de/crypto-superstar/ for more details.

Enterprise and Ownership: Goods and services will be produced in socially and environmentally responsible ways, including using innovative forms of capital ownership and new organizational arrangements.

Local Economies: Economies will emphasize local production for local need, thereby increasing their resilience and adaptability to external environmental, social and economic pressures.

The Commons: New ways of protecting, allocating and restoring natural, cultural and other resources that collectively belong to all humans, now and in the future will be developed.