In a wide-ranging talk, Kate Raworth described current economic thinking as being wrongly focused on extracting value from the planet, at the cost of our long-term future as a species. We need to start considering what enriches us as communities.
“In the world of finance versus human rights, we all know who has won so far,” she said.
Her book Doughnut Economics identifies a sweet spot in development where everyone has got enough to live, but no one is taking so much as to damage the environment. She ranged through a series of examples -- from Scandinavia to Seattle to South America – where communities had taken control, so as to enrich themselves, without harming others.
Sadly, however, the development that is needed runs counter to the trends followed in Western countries for much of the last century, and would be opposed by many as unrealistic. "So many urban developers, for example, are not in it for the long term. If that investment does not pay back in five years, that's too long. How do we extend that?"
The new digital economy offers opportunities for sharing expertise, and starting to “re-use, repair, restore and refurbish” our old things, so they don’t get thrown away but become the raw materials for future projects. The secret, she said, was to get started. "Don't be an optimist if that makes you relaxed. Don't be a pessimist if that makes you give up. Be an activist, ask what can I do?"
If you liked this, you might like some of our other events on Economics.