WHO can HELP in the Transitioning to an Economy for the Common Good?

by Duane Nichols on August 6, 2023

Summary & principles of this rational approach to living in harmony on earth

Economy for the Common Good was founded on October 6, 2010 at Wien, Austria. ~ It is a volunteer association having an international membership currently of 4500.

Website for the Economy for the Common Good is www.ecogood.org

Economy for the Common Good (ECG) is a global social movement that advocates an alternative economic model, which is beneficial to people, the planet and future generations.

The common good economy puts the common good, cooperation and community in the foreground. Human dignity, solidarity, ecological sustainability, social justice and democratic participation are also described as values of the common good economy.

The movement behind the model started off in Austria, Bavaria and South Tyrol in 2010 and quickly spread to many countries throughout the EU. It now has active groups in Africa, Latin America, North America and Asia. As of 2021, the movement consists of over 11,000 supporters, 180 local chapters and 35 associations.

Christian Felber coined the term “Gemeinwohl-Ökonomie” (Economy for the Common Good) in a best-selling book, published in 2010. According to Felber, it makes much more sense for companies to create a so-called “common good balance sheet” than a financial balance sheet. The common good balance sheet is a value-based measurement tool and reporting method for businesses, individuals, communities, and institutions, which shows the extent to which a company abides by values like human dignity, solidarity and economic sustainability.

More than 2,000 organizations, mainly companies, but also schools, universities, municipalities, and cities, support the concept of the Economy for the Common Good. A few hundred have used the Common Good Balance sheet as a means to do their “non-financial” reporting. These include Sparda-Bank Munich, the Rhomberg Group and Vaude Outdoor. Worldwide nearly 60 municipalities are actively involved in spreading the idea.

The ECG movement sees itself in a historical tradition from Aristotle to Adam Smith and refers to the fundamental values of democratic constitutions.

Overview ~ The model has five underlying goals:

1. Reuniting the economy with the fundamental values guiding society in general. Encouraging business decisions that promote human rights, justice, and sustainability.

2. Transitioning to an economic system that defines serving the “common good” as its principal goal. The business community and all other economic actors should live up to the universal values set down in constitutions across the globe. These include dignity, social justice, sustainability, and democracy. These do not include profit maximization and market domination.

3. Shifting to a business system that measures success according to the values outlined above. A business is successful and reaps the benefits of its success not when it makes more and more profits, but when it does its best to serve the public good.

4. Setting the cornerstones of the legal framework for the economy democratically, in processes which result in concrete recommendations for reforming and reevaluating national constitutions and international treaties.

5. Closing the gaps between feeling and thinking, technology and nature, economy and ethics, science and spirituality.

The Economy for the Common Good calls for reevaluating economic relations by, for example, putting limits on financial speculation and encouraging companies to produce socially-responsible products.

{The above description is from Wikipedia, which deserves your support at $3.00 per month or $36.00 per year. DGN}



VIDEO ~ https://youtu.be/dsO-b0_r-5Y

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