A New Economic System Equity, Diversity and Values Stewart Wallis Colorado May 2017

Four Systemic Flaws-The 4 U’s Unsustainable Unfair Unstable Unhappy

Inequality & Unemployment Richest 8 individuals on earth have as much wealth as poorest 3.5 billion – half of humanity 1% more wealth than 99% Over the next 20 years, 500 people will hand over $2.1 trillion to their heirs – a sum larger than the GDP of India, a country of 1.3 billion people. The incomes of the poorest 10% of people increased by less than $3 a year between 1988 and 2011, while the incomes of the richest 1% increased 182 times as much. A UK FTSE-100 CEO earns as much in a year as 10,000 people in working in garment factories in Bangladesh.

Inequality & Unemployment In the US, new research by economist Thomas Piketty shows that over the last 30 years the growth in the incomes of the bottom 50% has been zero, whereas incomes of the top 1% have grown 300%. Pay of CEOs of US top 500 companies 373 times average employee Youth unemployment in Spain over 44%

UN Population Forecasts 2015 7.3 Billion 2050 9.75 Billion 2100 11.0 Billion

Need to Create 50 Million New Livelihoods/Jobs per year between now and 2050

Figure 4 – Average Rate of Unemployment by 2050, by 10-year increments

Critical Challenge Providing enough good livelihoods While remaining within Planetary limits

― Sebastian Junger, Tribe: On Homecoming and Belonging   “Humans don’t mind hardship; in fact, they thrive on it; what they mind is not feeling necessary. Modern society has perfected the art of making people not feel necessary. It's time for that to end.”  ― Sebastian Junger, Tribe: On Homecoming and Belonging

Necessary but not sufficient Incremental Change Green Keynesianism Subjective Wellbeing Circular Economy Necessary but not sufficient

Systemic Change Keynesianism Neoliberalism Two big changes in the 20th Century: Keynesianism Neoliberalism

Discredit Existing Narrative

Champion a New Narrative

Weaken Existing Power Bases

Build New Power Bases

Neoliberal Principles Limited Government Individual Freedom Free Enterprise Strong Defence Cut the Welfare State Take on the Unions Lower taxes Explains Worldview Generates clear frames Allows autonomy Heritage foundation ref – where did this come from, basic premise of project, whats missing in analysis – we work in silos, why network an important part of this – why needed and how to do it (coproduce – something the- have to does something – cannot do this just electronically), inspirational – moulding it – at the beginning – nef is just another member

Necessary To Counter This Is Clarity on Goals and Principles A Values Shift A Powerful New Story A Vanguard New Economics Movement

Goals Of The New Economy Meet Needs of All Live Within Planetary and Local Limits Strengthen all life and all ecosystems Maximize Well-Being of all species Much Fairer-Think Denmark

Values and Principles An economy based on the values of well-functioning families and households would be: Rooted Fair Secure Flourishing Sustainable Welcoming Creative 

New Institutional Framework Strong Democratic Economic Management Diversity and Appropriate Scale. New Measures of Progress Businesses with Social and Bio-centric DNA Regeneration and Extension of Global Commons. Limits on Material usage and Economic Growth. Radical Financial System Reform A New Global Compact.

Shift From Consumers and Owners to Caretakers and Creators

Move from an Anthropocentric World View and Approach to A Bio Centric One.

Movement Building Civil Society Research & Policy New Economic Practitioners Business Leaders Faith Groups Arts and Creatives

STRUCTURE OF A MOVEMENT Spokespeople & stories Campaigns (set piece battles) Institutions ABOVE GROUND BELOW GROUND Common values & principles Capacity (resources, people, skills) Unifying Narrative Strong leaders Shared strategy Diverse community

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Thank You Stewart Wallis Lancaster University Advocate For A New Economic System Stewart@nexteconomy.org.uk