TED Talk by Oxford economist Kate Raworth
What would a sustainable, universally beneficial economy look like? "Like a doughnut," says Oxford economist Kate Raworth. In a stellar, eye-opening talk, she explains how we can move countries out of the hole -- where people are falling short on life's essentials -- and create regenerative, distributive economies that work within the planet's ecological limits.
Extracts: "...So no wonder we so readily believe that economic progress will take this very same shape, this ever-rising line of growth. It's time to think again, to reimagine the shape of progress, because today, we have economies that need to grow, whether or not they make us thrive, and what we need, especially in the richest countries, are economies that make us thrive whether or not they grow. Yes, it's a little flippant word hiding a profound shift in mindset, but I believe this is the shift we need to make if we, humanity, are going to thrive here together this century. ...
So here we are, flying into the sunset of mass consumerism over half a century on, with economies that have come to expect, demand and depend upon unending growth, because we're financially, politically and socially addicted to it. We're financially addicted to growth, because today's financial system is designed to pursue the highest rate of monetary return, putting publicly traded companies under constant pressure to deliver growing sales, growing market share and growing profits, and because banks create money as debt bearing interest, which must be repaid with more. We're politically addicted to growth because politicians want to raise tax revenue without raising taxes and a growing GDP seems a sure way to do that. And no politician wants to lose their place in the G-20 family photo..."