WHAT IS A SOCIAL ECONOMY?
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A Social Economy is one that puts people and planet centre stage. It is resilient, sustainable and circular, one where human and planetary resources are valued and respected. A Social Economy is built on the values of love, fairness, inclusivity and humanity; it’s a system co-created for the long term, able to withstand any shocks the future may bring.
The cocktail of the Coronavirus pandemic, climate change and political division have demonstrated the interconnectedness of our natural, social and economic systems, and have given us a wake-up call showing unequivocally what results from short-term thinking and not creating for people and planet. Reality has bitten back hard and for businesses, communities and individuals, it’s clear that re-building is about much more than corporate social responsibility or tokenistic promises. It is about aligning our economy, our businesses, our communities, our activities and our values with the natural and social systems on which they depend.
The concept of a social economy grew out of the cooperative, mutual and friendly societies established in Britain, Spain, Italy and Latin America during the 19th century (1). The term itself probably dates back to 1830, when the French liberal economist Charles Dunoyer published an essay on the ‘social economy’ that supported a moral approach to economics. Indeed, social economy organizations and social enterprises – or as I often refer to them ‘change maker businesses’ have always put social and environmental concerns at the heart of their business models, prioritizing social impact over profit or at least putting them on equal footing. Driven by a mission of serving the common good, protecting society and the environment, they exist to increase individual, community and natural welfare by organizing their activities differently, sharing resources, responsibility, and opportunity.
“Across the world (we’re seeing) an outpouring of joy, of hope, renewed faith in
tomorrow to bring a better day.”
Joe Biden, President-Elect, United States of America
“You chose hope and unity, decency, science and yes, truth.”
Kamala Harris Vice President-elect, United States of America United States of America