Ten principles for transforming economics in a time of global crises

Abstract

Abstract Transformation of economic systems is widely regarded as an essential strategy to tackle interacting global crises. In response, there are diverse transformative approaches seeking holistic human and planetary wellbeing. However, mainstreaming these ‘new’ economic approaches is hampered by vested interests and intellectual lock-in. They are also diffuse and struggling to develop sufficient discursive power to gain more widespread traction in policy. To bring coherence, we undertake a qualitative content analysis of diverse transformative new economic document sources from science and practice, synthesizing ten ecological, social, political economy and holistic principles cutting across 38 approaches. They include: (1) social-ecological embeddedness and holistic wellbeing; (2) interdisciplinarity and complexity thinking; (3) limits to growth; (4) limited substitutability of natural capital; (5) regenerative design; (6) holistic perspectives of people and values; (7) equity, equality, and justice; (8) relationality and social enfranchisement; (9) participation, deliberation, and cooperation; and (10) post-capitalism and decolonization. We also consider opportunities and barriers for applying these principles in the context of global crises. Future efforts can further consolidate transformative new economics through building discourse coalitions between approaches, synthesizing methodologies and conceptual models, and validating principles more explicitly within Global South contexts.