Ten principles for building back better to create wellbeing economies post-covid
The covid-19 pandemic has made the inequalities and absurdities of our current economic systems clearer than ever. Economic policies are oriented towards emergency response and meeting basic needs, and there is no longer an economic status quo available to us.
This provides an opportunity to advance the vision of a wellbeing economy, with even more urgency than before the crisis. It has never been more crucial that we focus our systems on delivering wellbeing for all.
Ten Principles to Build Back Better
The COVID-19 pandemic is having devastating effects on vulnerable communities around the world but we are also seeing glimpses of hope, where societies are working to “build back better” by ensuring basic needs and protecting our natural environment.
In a new WEAll briefing paper published today, we outline a set of ten principles for “building back better” toward a wellbeing economy. “Wellbeing economics for the covid-19 recovery”, by Milena Buchs et al, showcases examples of inspiring actions around the world that are moving us towards a wellbeing economy, along with examples of actions that are moving us away from this vision.
1. New goals: ecologically safe and environmentally just
Prioritise long-term human wellbeing and ecological stability in all decision-making; degrow and divest from economic sectors that do not contribute to ecological and wellbeing goals; invest in those that do; facilitate a just transition for all that creates jobs in and reskills for environmentally friendly and wellbeing focused sectors.
2. Protecting environmental standards
Protect all existing climate policy and emission reduction targets, environmental regulations and other environmental policies in all COVID-19 responses.
3. Green infrastructure and provisioning
Develop new green infrastructure and provisioning, and sustainable social practices as part of the COVID-19 recovery. For instance, transform urban space towards active travel and away from car use; scale up public transport, green energy, environmentally sustainable food production, low carbon housing; attach environmental conditionality to bailouts of high carbon industries.
4. Universal basic services
Guarantee needs satisfaction for everyone, including through health care coverage for the whole population free of charge at point of access; universal free provision or vouchers for basic levels of water, electricity, gas, housing, food, mobility, education.
5. Guaranteed livelihoods
Ensure everyone has the means for decent living, for instance through income and/or job guarantees, redistribution of employment through working-time reduction.
6. Fair distribution
Create more equal societies nationally and globally through a fair distribution of resources and opportunities. E.g. more progressive and environmentally orientated income and wealth taxation; public/common ownership of key resources and infrastructure.
7. Better democracy
Ensure effective, transparent and inclusive democratic processes at all levels; end regulatory capture from corporate interests and corruption.
8. Wellbeing economics organisations
Prioritise in all businesses and organisations social and ecological goals; implement circular economy principles to minimise resource use and waste; ensure economic and organisational democracy.
Ensure cooperation and solidarity at all levels, including in international politics and the global economy; across industrial sectors and government ministries; across scales (global, national, regional, local).
10. Public control of money
Introduce public and democratic control of money creation. Spend newly created money on investments that promote social and environmental goals and avoid post-recovery austerity.
What does building back better look like in practice?
There are already great examples around the world of governments starting to employ these principles.
The city of Amsterdam has sped up the adoption of a doughnut economics framework in response to COVID-19 to guide decision making.
New Zealand, Iceland and Scotland are already implementing wellbeing economics principles, through the formation of the Wellbeing Economy Government group, and wellbeing budgets and decision-making frameworks. These countries have also achieved better outcomes in dealing with the COVID-19 crisis.
Of course, other decision makers are opting for business-as-usual, what the WEAll Briefing paper calls a “back to worse” approach. Notably, several governments, including in the US, UK, Australia, Sweden and Denmark have bailed out airlines, without environmental conditions in response to COVID-19.
Download and read the paper for more examples under each of the ten principles of Build Back Better and Back To Worse approaches.
“Building back better” will require great creativity and coordination. Concerted effort is needed to truly value wellbeing and ecological sustainability simultaneously and for all.
New ideas are a crucial ingredient for such an endeavour. We’ve suggested the ten principles above for responding to COVID-19 – and we recognise that this is a unique moment of change. So, we invite you to engage in this discussion as we work to build back better together. Comment below with further suggestions of principles and examples for what this means where you are.
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