WORLD NEWS | The economy doesn’t have to benefit just the rich.how is this

CANBERRA, June 5 (360info) Transitioning to an economy that works for everyone and the planet won’t be easy, but it can happen.

We live in a wasteful society – many of us consume a lot in ways that exploit those at the end of the supply chain. People with more resources have more power, and it is these people who do a lot of damage to our environment.

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Introducing a welfare economy that takes into account the changes needed to deliver equitable benefits can help move from an economy that benefits the few to one that benefits us all, while cherishing our planet.

A 2022 Guardian poll found that 58 per cent of respondents believed Australia’s economic system had “broken” and that “fundamental government changes are needed to fix this”.

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But corrective government action that seeks to fix the problem rather than address its root causes can put enormous strain on public resources that could be better allocated.

Rather than responding to crises in isolation, proactive policies and decisions from a well-being perspective can prevent the same problems from happening again.

This more humane and sustainable economy can be judged by several factors. Policies to achieve this may or may not be called ‘wellbeing policies’ – what matters is whether a policy or practice helps build an economy that provides everyone with a life of dignity and purpose everything you need.

Also because it restores and protects the natural environment, ensures a fair distribution of income, wealth and power, and is shaped and determined by the active voices of people.

The changes required are like pieces of a jigsaw puzzle—everything is not enough by itself. As with any puzzle, you start with a corner.

In the welfare economy, the corners are the “4Ps”. Purpose – The goal of realigning the economy (and its components) with the needs of people and the planet.

Prevention—Tackling the problem at its root, rather than putting a Band-Aid on the damage after it happens.

Pre-allocation – Allowing the economy to take on more of the heavy lifting for a more balanced distribution of resources.

Putting People First – Putting people and communities at the forefront of decisions that affect how our economy works.

Involving the community in decision-making can help ensure equity, but also maintain the long-term viability of a project or policy.

It emphasizes “participatory and equitable design”: wider consultation is needed before rolling out a policy that will disproportionately affect one part of society but also includes community participation in its development and implementation.

Hasty and hasty changes carry the risk of backlash. For those affected, change can be confusing and worrying unless they feel in control — communities that feel ambushed by change often show resistance.

For example, the Scottish government has proposed a deposit-back scheme where people pay a small fee when they buy single-use cans or bottles and then get their money back when they return it.

An important step in helping to make the economy more circular. But the plan is under threat amid claims it will negatively impact smaller retailers with lower margins and claims there has been insufficient consultation.

Hundreds of thousands of people participated in the “Yellow Vest” movement in France that started in 2018. It was originally created to protest French President Emmanuel Macron’s green tax on diesel, which affects low-income people who need the most long commutes.

Positive examples of community consultation in areas that need to move away from fossil fuel dependence include the Hunter Valley region of New South Wales, Australia, where 130 residents were consulted to help develop a “community blueprint” on how best to deploy funds to Adapt to the needs and priorities of residents.

In Gladstone, Queensland, local government, industry energy workers, Aboriginal groups, environmental groups and educational institutions have all been invited to take part in the transition to a renewable energy hub over the next decade.

Change is possible. The Australian government recently announced that the Net Zero Authority will help retrain workers who once lived off fossil fuels to find new jobs as the country transitions.

There are also grassroots groups like the Earthworker Cooperative that bring people, groups and businesses together to help support their transition from fossil fuels to renewable energy.

There are also needs. IPPR, a UK think-tank, found that 97% of workers in different high-carbon industries would consider switching to low-carbon jobs “with appropriate support”.

Environmental NGO Friends of the Earth Scotland reported that more than half of the 1,383 oil and gas workers on the UK continental shelf would be interested in renewable energy and offshore wind if they had the option to retrain.

Ensuring that the transition to a welfare economy is just – guided by justice, equity and inclusivity – is necessary to “bring about a revolution of non-resistance”. Change is hard, takes time, and implementation can be staggered.

People need support to adjust, even grieve. Many components of the welfare economy, including community wealth building and the reindustrialization of local communities through circular economy enterprises, can deliver tangible benefits to those currently most vulnerable.

Business as usual cannot continue to benefit only a select few. Generations of Indigenous communities around the world have maintained a connection to the lands they inhabit – recognizing how people, our planet and economies are interconnected. We can do the same.

The question is whether societies will sit on the sidelines—in the face of greater upheaval—or actively seek to change the economies and circumstances around them. (360info.org)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)