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Exploring alternative economic pathways : a comparison of foundational economy and Doughnut economics

Wahlund, Madeleine LU and Hansen, Teis LU orcid (2022) In Sustainability: Science, Practice, and Policy 18(1). p.171-186
Abstract

A number of intersecting crises are currently ongoing at multiple scales, including increasing inequality, environmental degradation, and climate destabilization, as well as new surges of populism and mounting public health threats. These emergencies question our economic model of past decades and provoke a rethinking of the general approach to economic policy from a multi-scalar perspective. In this article, we compare two approaches aiming to rethink economic development policy: foundational economy and Doughnut economics, and consider if and how they complement each other. We conclude that the two approaches are potentially complementary, most prominently in their call for high-income countries to refocus from growth per se to... (More)

A number of intersecting crises are currently ongoing at multiple scales, including increasing inequality, environmental degradation, and climate destabilization, as well as new surges of populism and mounting public health threats. These emergencies question our economic model of past decades and provoke a rethinking of the general approach to economic policy from a multi-scalar perspective. In this article, we compare two approaches aiming to rethink economic development policy: foundational economy and Doughnut economics, and consider if and how they complement each other. We conclude that the two approaches are potentially complementary, most prominently in their call for high-income countries to refocus from growth per se to purpose-driven economic strategies that prioritize public services and redistribute incomes. However, they differ in respect to their geographical focus, environmental concerns, and application. To properly address tradeoffs between social needs and environmental effects, foundational scholarship would benefit from deeper engagement with the socioenvironmental perspective presented in Doughnut economics, which stresses the need to consider human-nature interlinkages. In sum, combining different aspects of the two approaches promises to provide a more robust response to contemporary challenges, especially for local policy making.

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author
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organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Doughnut economics, economic development policy, environmental policy, Foundational economy, welfare politics
in
Sustainability: Science, Practice, and Policy
volume
18
issue
1
pages
16 pages
publisher
Proquest
external identifiers
  • scopus:85125944674
ISSN
1548-7733
DOI
10.1080/15487733.2022.2030280
language
English
LU publication?
yes
id
f4b54e93-8538-44ea-abda-0fa1c15d2a41
date added to LUP
2022-06-17 13:57:10
date last changed
2022-06-17 13:57:10
@article{f4b54e93-8538-44ea-abda-0fa1c15d2a41,
  abstract     = {{<p>A number of intersecting crises are currently ongoing at multiple scales, including increasing inequality, environmental degradation, and climate destabilization, as well as new surges of populism and mounting public health threats. These emergencies question our economic model of past decades and provoke a rethinking of the general approach to economic policy from a multi-scalar perspective. In this article, we compare two approaches aiming to rethink economic development policy: foundational economy and Doughnut economics, and consider if and how they complement each other. We conclude that the two approaches are potentially complementary, most prominently in their call for high-income countries to refocus from growth per se to purpose-driven economic strategies that prioritize public services and redistribute incomes. However, they differ in respect to their geographical focus, environmental concerns, and application. To properly address tradeoffs between social needs and environmental effects, foundational scholarship would benefit from deeper engagement with the socioenvironmental perspective presented in Doughnut economics, which stresses the need to consider human-nature interlinkages. In sum, combining different aspects of the two approaches promises to provide a more robust response to contemporary challenges, especially for local policy making.</p>}},
  author       = {{Wahlund, Madeleine and Hansen, Teis}},
  issn         = {{1548-7733}},
  keywords     = {{Doughnut economics; economic development policy; environmental policy; Foundational economy; welfare politics}},
  language     = {{eng}},
  number       = {{1}},
  pages        = {{171--186}},
  publisher    = {{Proquest}},
  series       = {{Sustainability: Science, Practice, and Policy}},
  title        = {{Exploring alternative economic pathways : a comparison of foundational economy and Doughnut economics}},
  url          = {{http://dx.doi.org/10.1080/15487733.2022.2030280}},
  doi          = {{10.1080/15487733.2022.2030280}},
  volume       = {{18}},
  year         = {{2022}},
}