April 11th 2024

Economy for the common good: An economic order for more justice

The Economy for the Common Good is an economic concept and a social movement that advocates a more sustainable and fairer economic order. This concept was developed by Christian Felber, an Austrian author and economist, and was first presented in 2010 in his book “Die Gemeinwohl-Ökonomie – Das Wirtschaftsmodell der Zukunft”.

Main features of the Economy for the Common Good:

  1. Focus on the common good: the core principle of the economy for the common good is the idea that the good of society and the environment should be the top priority. Companies and organizations should not only strive for financial profits, but also promote social and ecological values.
  2. Common good balance sheet: Companies that are committed to the common good economy draw up a common good balance sheet that assesses their impact on various social and environmental factors. This includes topics such as social justice, environmental protection, employee participation and ethical marketing.
  3. Common good reporting: The common good balance sheet and reporting are publicly accessible and are intended to create transparency about the impact of companies on society. This enables stakeholders to better assess the ethical and social practices of a company.
  4. Self-commitment: Participation in the Economy for the Common Good is generally voluntary. Companies and organizations decide for themselves whether they wish to adhere to the principles of the Economy for the Common Good.
  5. Incentives for sustainable business: The Economy for the Common Good promotes incentives for companies to focus on sustainable practices. This can be done through tax breaks, financing programs or other incentives to reward sustainable business practices.
  6. Economy for the common good: The idea of the economy for the common good aims to change the economic system as a whole. It advocates an economy that puts the needs of people and the environment first and questions traditional profit maximization.

The Economy for the Common Good has found followers in various countries and is supported by a growing number of companies and organizations. Its aim is to integrate the values of solidarity, the common good and environmental sustainability into the economy and thus create a better future for society and the environment. While the implementation of these ideas is still in its infancy, the Economy for the Common Good has the potential to make a positive contribution to a fairer and more sustainable economic order.

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