Introduction: A Moment for Transformation
As we enjoy the beauty and warmth of this stunning spring morning, it feels like a perfect opportunity to reflect on why we are where we are, and what the future holds.
Balancing the beauty and fragility of our world is a challenge.
Why does the world currently feel so fragile, and our future uncertain?
For decades, the relentless pursuit of economic growth has been our guiding star. Yet, as the climate and nature crisis worsen and societal inequalities widen, we have to ask: Is this trajectory sustainable? Can we really envision a future where prosperity doesn’t come at high cost to our planet and future generations?
The Illusion of Infinite Growth
Our current economic model is predicated on the notion of endless growth. Not a day passes without it being front and centre of each news bulletin. We’ve become obsessed.
Whether in our bodies, in nature, or the economy, unfettered growth is never good.
Economist Tim Jackson in his seminal work, Post Growth – Life After Capitalism, argues that the insatiable quest for more has led to environmental degradation, social disparities, and a hollowing out of genuine well-being.
He challenges us to rethink prosperity beyond mere financial metrics, advocating for an economy that prioritises ecological balance and human flourishing.
“The idea that we can just keep growing the economy, irrespective of planetary limits, is a dangerous delusion.” – Tim Jackson
Degrowth: A Path to Sustainable Well-Being
Echoing this sentiment, economic anthropologist Jason Hickel delves into the concept of degrowth – a deliberate downscaling of unnecessary economic activities in affluent nations to realign with the planet’s ecological boundaries.
Hickel emphasizes that degrowth isn’t about reducing quality of life; rather, it’s about enhancing well-being by focusing on what truly matters: community, health, and the environment.
“Degrowth is not about reducing GDP. It’s about reducing destructive and unnecessary production while increasing investment in the things that actually matter.” – Jason Hickel
A brilliant example of this shift is Amsterdam’s Doughnut City initiative, where urban planning now revolves around the Doughnut Economics framework. By integrating social foundations with ecological limits, Amsterdam is reimagining everything from housing policies to business incentives, ensuring economic activity serves both people and the planet.
Wales: Pioneering the Well-Being of Future Generations
An inspiring illustration of how this model really works can be found in Wales’ Well-being of Future Generations Act. This pioneering legislation mandates that public institutions consider the long-term impact of their decisions on both people and the planet.
“It’s about making sure that what we do today is good for our children’s tomorrow.” – Sophie Howe, Former Future Generations Commissioner for Wales
The Act compels government bodies to adopt policies that ensure sustainability, social equity, and environmental stewardship, making it a powerful case study for how national economies can shift towards a post-growth model.
Visualising a Balanced Future: The Doughnut Model
To conceptualise this vital balance between human needs and planetary limits, economist Kate Raworth introduced the Doughnut Economics model.
This framework envisions a safe and just space for humanity, nestled between a social foundation that guarantees essential human rights and an ecological ceiling that prevents environmental overshoot.
Examples of Doughnut Economics in Action:
- Brabant, Netherlands: Regional policies integrating social well-being and ecological limits.
- Cornwall, UK: Using the Doughnut framework to guide sustainable development projects.
- Portland, USA: Embedding Doughnut principles in urban policy and community planning.
Regenerative and Distributive Economies in Practice
Beyond theory, businesses and societies are already proving that a post-growth world is not just possible—it’s happening:
- Patagonia: A business that operates within planetary boundaries by prioritising sustainability over profit maximisation.
- Bristol Pay: A local currency initiative fostering a wellbeing economy in the UK.
- Acumen’s Social Enterprises: Impact-driven companies prioritising long-term social and environmental returns over short-term financial gains.
A Call to Action: Embracing a Thriving Future
In a world where 80% of our population still don’t have their basic needs met, the number of billionaires continues to increase (As of the Forbes 2024 list, there are 2,781 billionaires worldwide with a combined net worth of $14.2 trillion), and both food waste and an obesity crises grow side by side – most people would agree that it’s time for a reset. How have we allowed society and nature to become so out of balance, and what can we do about it?
This isn’t new thinking.
The words of Robert F Kennedy Jr in his 1968 speech at the University of Kansas feel more relevant than ever:
“Yet the gross national product does not allow for the health of our children, the quality of their education or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country, it measures everything in short, except that which makes life worthwhile. And it can tell us everything about America except why we are proud that we are Americans.
If this is true here at home, so it is true elsewhere in world.”
The time has come to transcend traditional growth metrics and embrace economic models that are regenerative and distributive by design.
This shift requires collaborative efforts across sectors, innovative policy-making, and a collective reimagining of prosperity.
And the great news is that we already have the solutions.
This video offers a wonderful insight into what, with courageous, compassionate, collaborative leadership, the Great Transition may look like over the next 25 years.
By aligning our economic systems with the planet’s ecological thresholds and prioritising human well-being, we can pave the way for a future where both people and the planet thrive.
Let’s be bold. Let’s reimagine business. Let’s build a world where prosperity is measured not in endless growth, but in genuine human and planetary well-being.