rise to protesters against whom there is Crackdown
Crackdown
and we lived through years of covet
lockdown now these crises are reported
separately in the news but they are
deeply interconnected they show us how
connected we are with each other and
with the rest of the Living World they
show us that they hit with great
inequalities of gender and of race of
wealth and power between the global
North and the global South
and they show us that systems based on
endless expansion will create their own
feedback effects if you create a
financial system that aims to endlessly
expand you will create a bubble that
will pop
if you create a system of energy and
material use of endless expansion we
will induce climate and ecological
breakdown and if we have a system of
human settlements ever pushing into
areas of wildlife coupled with
ever-increasing Global Travel
we create perfect conditions for
zoonotic disease transfer and pandemics
can we move away from thinking that the
shape of progress is endless a growth
and expansion
can we find a different vision
and that is what donor economics aims to
do so here are the Seven Ways to Think
Like A 21st century Economist set out in
the book
in this presentation I'm going to cover
some of these seven ways to thread them
together as the beginnings of a 21st
century story
let's start
with what we could take as the first
picture in the economics and it should
be the goal what is the economy for what
is our purpose if we don't know that how
will we ever know what success looks like
like
so the donut acts as a possible compass
for human prosperity in the very
broadest sense
and as you can see here in this image
the essence of it is that we should
leave no one in the hole facing critical
levels of human deprivation
but at the same time as we use Earth's
resources and means we must not
overshoot an ecological ceiling and
cause critical planetary degradation
we need to seek to live in that safe and
just space for Humanity in between the
two and that is the donut-shaped space
how can we give specificity to the human
deprivations and the planetary degradation
degradation
we can fill it in by creating a social
Foundation below which no one should
fall short and this is based on the
sustainable development goals because
through the sdgs all of the governments
in the world have agreed that every
person in the world has a claim to
meeting their essential needs in terms
of all these 12 social dimensions that's
why they've been crowdsourced from the
sustainable development goals so leave
no one falling short on the essentials
of life in the hole in the middle of the
donut but as we collectively use Earth's
resources we must also make sure that we
do not overshoot that ecological ceiling
of the nine planetary boundaries
identified by Earth system scientists
first in 2009 as the critical life
supporting systems that make life work
on this delicately balanced planet
that have held this planet in a stable
space for the last 11 000 Years A Space
in which all human civilizations have
been created and this is the space in
which Humanity can thrive so the goal is
instantly changed it's no longer endless
growth exponentially up a curve it's
thriving imbalance between the social
foundation and the ecological ceiling
shown here very different shape of
progress when I first Drew this diagram
in 2012 I was amazed by the traction it
had with people and it led me to look at
the visualization the image of health of
thriving of well-being that have been
drawn by indigenous cultures worldwide
for millennia and it was so striking to
see that again and again this sense of a
dynamic circle is a recurring feature
and so I now think of Donald economics
as a mindset recovery program for those
with a western industrial economic
education can we recover from thinking
that endless growth is progress
using the donut towards something that's
been reflected in indigenous wisdoms for
very long time can the donut help be a
bridge towards that
if thriving imbalance is indeed where we
want to get to we are very far from that
right now as all of the red in this
diagram shows it shows that billions of
people are falling short on the
essentials of Life Falling below the
social foundation for food for example
that red wedge on food goes 11 of the
way towards the center of the circle
because 11 of people worldwide do not
have enough food to eat every day and
you can see on every one of these social
foundations some are measured with one
indicator some are measured with two the
people are falling short on the
essentials of life we need to eliminate
all of the red from the middle of this picture
picture
but at the same time we have already
overshot multiple planetary boundaries
on climate change on excessive
fertilizer use on excessive land
conversion biodiversity loss and indeed
scientists have recently updated this
and recognized even on water withdrawals
and on chemical pollution we are also in
overshoot so we are living Way Beyond
the boundaries this is a world
dangerously out of balance on both sides
what would it mean to come back into
that space of balance we see this news
in the headlines every day and it can be
overwhelming can we remain sensitive and
aware to the impact of what is happening
to the Earth what is happening to her
people the extremes of inequality the
richest one percent of people own half
of the world's wealth
I profoundly believe that our children
and their children will judge Our
Generation against this compass and will
ask us what did you do once that you
knew once that you saw this as the
challenge that Humanity faces what role
did you play in turning the story around
and let's recognize that last Century's
economic theories
Los Angeles governmental policies and
business models and lifestyles
none of them were designed to solve this problem
problem
we need to create new economic models of
our own we need to create new
governmental policies new business
models new lifestyle aspirations and new
relationships between the global North
and the global South to turn this story around
around
so if getting into the donut is the goal
what kind of economic mindset would give
us even half a chance of getting there
let's start again with a new big picture
of the economy
let's call it the embedded economy
because this diagram brings together
ecological economics feminist economics
and Commons Theory to recognize that the economy
economy
is embedded in society structured by
social political cultural and legal
constructs and Human Society itself is
embedded in the Living World dependent
upon those planetary boundaries with a
stable climate and ozone protection
nutrient cycle fresh water healthy
oceans thriving biodiversity of fertile soils
soils
so the economy is a subset of society is
a subset of the living world and it's
bathed in a river of solar energy
from the Sun the economy draws in living
matter and materials and it puts out
waste matter back into the biosphere so
right from day one
we have to ask the ecological economic
question of how big can the through flow
of the economy be so that it does not
disrupt the cycles and the stability of
biodiversity and Earth's systems
and then let's look within the economy
itself and recognize that there are four
fundamental ways in which we provision
for our needs and wants and within each
of these there are many different roles
that we can and do play
let's start with the market which is
defined by price-based exchange where
you may be a consumer or a producer and
within that space of production are you
a laborer earning a wage or a capital
owner earning the rents and profits or
you may be excluded from markets and
destitute without access to them
let's focus on the role of the state
where one may be a resident accessing
public services or a public servant
providing them you may be a voter or a
protester of all fundamental roles we
can play in relation to the state or may
be stateless and not recognized
now the market in the state in the 20th
century became the dominant ideological
boxing match between being a free market
laissez-faire capitalist and a
state-loving socialist and in that
ideological boxing match it got so
intense that economists lost sight of
two other fundamental forms of
provisioning for our needs and wants
there's the household where we all begin
every day we may be a parent or a child
a partner a relative or you may be
kinless without that familial household
support the unpaid caring work of
cooking washing cleaning sweeping
raising the children doing it all again
tomorrow it's unpaid but it's essential
to our well-being
and then there's the commons where we
come together not through the market or
the state but as a community to
co-produce goods and services we value
hey you may be a commoner a steward a
co-creator a volunteer or indeed
excluded from access to the commons and
let's also recognize that there's the
role of financial markets Financial
flows moving between these different
forms in this space one might be a
creditor or a debtor an investor or a
Speculator or financially excluded
without access to finance
so now we have the market the state the
household and the commons and
intermediated by Financial flows
of course some of the most interesting
and important action in an economy goes
on at the Synergy between these
different forms so Market Commons or the
state and the commons there are also
power relationships between the market
and the household the market in the
state the state and the commons
I know that I wouldn't want to live in
an economy that lacked any one of these
four fundamental forms of provisioning
because they all bring unique characteristics
characteristics
but what are the skills to make them
work well what are the values and the
traits of behavior that will enable us
to create economies that provision for
our needs and wants through these ways
rather than concentrate value and
opportunity wealth in the hands of a few
and this is why it really matters how we
think about human nature we need to nurture
nurture
the best of human nature because
rational economic man that character I
introduced earlier
his traits that are ascribed to him in
mainstream economics have been that he
is self-interested he has fixed
preferences he's not influenced by
advertising but only informed by it he's
isolated in that he's independent from
the preferences and actions of others
that he's ever calculating in his head
uh the percentage opportunity or
comparing price or prices over all time
and that he's dominant over nature and
the rest of the Living World
the dangers of this model are that we
start to become like this model we start
to mimic it and believe it true
in fact we are social and adaptable
humans we are the most social of all mammals
mammals
and it is our connection to each other
that greatly defines who we are and how
we behave
so instead of Imagine ourselves as movie
self-interested we should start by
recognizing our social reciprocity
instead of thinking we have fixed
preferences recognize that we have fluid
values that can be triggered and
Amplified or withered and lost rather
than thinking of ourselves as isolated
recognize that we're interdependent upon
with one another rather than imagining
that we are ever calculating we are
actually approximating we are heuristic
beings and rather than thinking of
ourselves dominant over the rest of the
Living World recognize that we are
dependent upon it and part of the web of life
life
these are some of the steps and some of
the changes that are taking place in
reimagining and remaking human nature
and bringing this far more realistic
version of ourselves to the heart of New
Economic thinking so how can Humanity
get into the donut let's recognize from
this image that this is a deeply
degraded world
running down the life support systems of
our planetary home in overshoot it's
also a deeply divided World in which
billions of people can't meet their most
essential needs and others are in over consumption
consumption
so it's not going to be by believing
that growth will even things up again
because it won't and it's not going to
happen by believing that growth will
simply clean up after itself because it won't
won't
we need to change the Dynamics of our
economy we need to become regenerative
and distributive by Design
so we've inherited linear degenerative
economic systems where we take Earth's
materials we make them into stuff we
want we use it for a while and then we
throw it away and this take make use
lose this is what pushes us over
planetary boundaries taking again and
again from Earth's sources
and throwing waste again and again into
Earth's sinks we must transform that
linear degenerative process into a
cyclical or circular regenerative
process in which resources aren't used
up they're used again and again far more
carefully collectively creatively and
slowly separating biological materials
so that Earth can break them down
through decomposition and build them
again and new this is how nature works
and separate those biological materials
from technical human-made materials that
won't decompose because we have
transformed them in the way we've made
them and so they need to be refurbished
and repaired and restored and reused and
shared and as a last resort recycled but
never thrown away because there is no
away so this is an economy that will
work with and within the cycles of the
living world it's a move from
degenerative to regenerative in for
example agriculture landscape degradation
degradation
to landscape restoration and Nature's
generosity in coming back even when we
have pushed her extremely to the edge
nature is currently still generous and
coming back in so many places it's
moving from degenerative linear
manufacturing where we throw away waste
in the neighborhoods of the world's
poorest people
to creating a circular or cyclical
repair based refurbishment reuse-based
Manufacturing so that things are not
being thrown away in the first place
it's moving from car centered transport
such as this highway in Seoul in Korea
replacing that 10-lane Highway with a
river and a park bringing nature back
into the city so literally regenerating
the places we live and down to the level
of a building compare this natureless
Hospital in the UK to this nature-rich
Hospital in Singapore which hospital
would you prefer to heal and get well
again in we know that we heal much
faster when we are connected to Nature
and see ourselves as part of this
regenerative natural system
so at the same time as moving from
degenerative to regenerative we need to change
change
deep dynamics of inequalities because
we've inherited economic systems that
through infrastructure through law
through privilege through regulation
they are tending to capture opportunity
and value in the hands of a few
and this leads to the rise of a one
percent in many countries nationally
certainly globally
we need to transform that divisive
Dynamic into one that is far more
distributive by Design sharing
opportunity and value with all who
co-created and that turns out to be the
whole of society some examples of
possible entry points for distributive
design think of the contrast between the
housing and Rental crisis in cities like
London where many residents
feel now that they will never be able to
afford their own home because rents are
so high and the market has been captured
by many International and large-scale
landlords who see housing as an
investment asset contrast that with the
city of Vienna
which has over 60 percent of its
residents living in social housing which
is Central it's normal it's affordable
it's good quality because over 100 years
ago the city of Vienna decided that
housing is not an investment asset it's
a human right and decided to own the
housing by the city and city-run
cooperatives to make that possible
think in terms of transport
contrasting a massive traffic jam of
private cars in Beijing and many many
cities worldwide contrast that with the
priority given to public transport in
the city of Curitiba in Brazil with
dedicated bus lanes that make traveling
by bus affordable just fastest simplest
way to get around and it means that
those coming in from distant suburbs
actually reduce the excessive amount of
time that they spend traveling very
important time for lower income
households to reclaim
think of it in terms of from divisive to
distributive forms of energy production from
from
major companies multinationals drilling
for oil in the North Sea and many other
parts of the world to community-run and
owned microgrids shown here in Kenya or
think of it in terms of business
moving from a very 20th century model
where business has been driven by profit
but that's only one model of business it
can also be purpose-led such as this
handicraft company in Mumbai in which
the profits are shared far more
equitably with all of the workers so
we're moving from degenerative to
regenerative Dynamics from divisive to
distributive Dynamics these will help to
meet the needs of all people
simultaneously coming back within the
means of The Living Planet
and of course this raises the question
of the future of economic growth if the
goal is to become regenerative and
distributive by Design what does this
mean for the future of growth
let's just start by recognizing that the
idea of endless economic growth has an
absurdity within it that no matter how
rich a country already is the idea that
is Success lies on yet more growth
Without End
cannot make sense especially author
delicately balanced living planet in
which income
earning income and spending income
cannot be fully decoupled at all from
energy and material use
in nature Nature's growth curve
has an exponential phase that's about
growth being a healthy Dynamic part of
the life cycle but then it grows up and
it comes to maturity and comes to plateau
plateau
everything in nature thrives by
following this growth path can we
transform our economy so that they too
learn not to aim to grow endlessly but
learn to grow up and start to thrive in
balance and of course this is
particularly relevant to high income
countries that already have earned the
income and the wealth and accumulation
to lead good lives and to meet the needs
of all people that already have massive
ecological overshoot and have the
obligation to move first and fastest to
coming back with implanetary boundaries
how can they remove their dependency on
endless growth that has been currently
written into their economies
so pulling back 20th century economics
centers Concepts that do not serve the
realities and the challenges of our
times let's replace them with 21st
century Concepts that give us the donut
as the goal to meet the needs of all
people within the means of the living
planet that recognize the economy is
embedded in the society embedded in the
living world and utterly dependent upon them
them
that we need to bring forth all and that
we need to
that we need to nurture the best of
human nature so that we recognize
ourselves as social adaptable beings who
can collaborate and Steward and develop
the skills and behaviors and values that
will enable us to live well together
over 8 billion people in the 21st
century we need to create Dynamics in
our economy that take us from being
degenerative by Design to regenerative
by Design from being divisive by Design
to being distributive by Design and that
means questioning the pursuit of endless
growth and finding ways to end
dependency on endless growth especially
in the higher income countries so that
instead of growing endlessly they can
start to learn to thrive
these are many of the Seven Ways to
Think Like A 21st century Economist and
a donut economics action lab we explore
what it would mean to put them into
practice in the world of business
working with local governments and
cities in communities and in our own
lives and we invite you to explore these
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