Tag Archives: NEF

The Great Transition and the Seven-Fold Way

21 Feb

Q. How do we get there from here?
A. One step at a time. And keep your eyes on the prize.

The New Economic Foundation is calling for and envisioning a new KIND of economy, one based on “stability, sustainability and equality.” Citizen-activists can guide and drive the Great Transition to this new world through a seven-fold way:

•    Great Revaluing
•    Great Redistribution
•    Great Rebalancing
•    Great Localisation
•    Great Reskilling
•    Great Economic Irrigation
•    Great Interdependence (aka InterdepenDANCE)

We start by making “social and environmental value . . . the central goal of policy making”: the Great Revaluing. Both private and public decision making must take full accounting of things we make: “We need to make ‘good’ things cheap and ‘bad’ things very expensive.”

In the Great Redistribution we can fund modest Citizens’ Endowments and Community Endowments through an increased inheritance tax. Working hours and tasks need to changed so as to “create a better balance between paid work and the vital ‘core economy’ of family, friends and community life.” And company shares can be gradually “transferred to employees in a resurgence of mutual and co-operative ownership forms.”

The market sphere “needs to be more tightly drawn and rebalanced alongside the public sphere and the ‘core economy’– our ability to care, teach, learn, empathize, protest and the social networks these capacities create”: the Great Rebalancing. A facilitating state will work with citizens to produce well-being in health and education.

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