Economy of Enough
Shift to a steady-state economy aimed at collective welfare, not greed and resource overshoot.
What Must Be Done
- Shift to a steady-state, circular economic model that ensures we are not consuming more ecosystem resources than the planetary ecosystem can regenerate (resource overshoot)
- Gradually reset existing fiscal, monetary, and trade policy levers from growth toward a steady state.
- Expand local self-sufficiency and reduce international trade in favour of local production of energy, food and basic necessities.
- Replace vested interest lobbyists with citizens assemblies for crucial economic decision-making and resource allocation.
Resource overshoot – our current economic system relies on continually expanding activity (growth) to maintain momentum. It is dependent on a continual supply of natural resources and continual expansion of markets. But our planet’s natural resources are finite and are reaching their limits. To supply the whole world with the products common in Western countries would require the resources of several Earths.
Growth drives global warming. “…to reduce energy-related emissions to at least half the 2019 level by 2030 en route to zero or near-zero CO2 emissions by 2050” … likely entails economic degrowth in high-income countries”
Many people and organisations have described what such a steady-state / circular / doughnut economy would look like and the path by which countries could transition from a growth-based economy to one that ensures they do not consume more ecosystem resources than the planetary ecosystem can regenerate. These include:
- Kate Raworth’s TED talk on The Doughnut Economy
- CASSE’s Top 15 Policies for Achieving a Steady State Economy
- Jason Hickel “Less is More” 2021
- Jeanette Fitzsimons “Enough! The challenge of a post-growth economy” 2013 Quaker Lecture
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