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Economy based on solidarity

More than 1,100 experts and over 70 organizations from more than 60 countries around the world have signed an open letter calling for a different, sustainable approach whilst looking to rebuild the economy after Covid-19.

In Degrowth: New Roots for the Economy they argue:

The crisis triggered by the Coronavirus has already exposed many weaknesses of our growth-obsessed capitalist economy — insecurity for many, healthcare systems crippled by years of austerity and the undervaluation of some of the most essential professions. This system, rooted in exploitation of people and nature, which is severely prone to crises, was nevertheless considered normal. Although the world economy produces more than ever before, it fails to take care of humans and the planet, instead the wealth is hoarded and the planet is ravaged. Millions of children die every year from preventable causes, 820 million people are undernourished, biodiversity and ecosystems are being degraded and greenhouse gases continue to soar, leading to violent anthropogenic climate change: sea level rise, devastating storms, droughts and fires that devour entire regions.

For decades, the dominant strategies against these ills were to leave economic distribution largely to market forces and to lessen ecological degradation through decoupling and green growth. This has not worked. We now have an opportunity to build on the experiences of the Corona crisis: from new forms of cooperation and solidarity that are flourishing, to the widespread appreciation of basic societal services like health and care work, food provisioning and waste removal. The pandemic has also led to government actions unprecedented in modern peacetime, demonstrating what is possible when there is a will to act: the unquestioned reshuffling of budgets, mobilization and redistribution of money, rapid expansion of social security systems and housing for the homeless.

At the same time, we need to be aware of the problematic authoritarian tendencies on the rise like mass surveillance and invasive technologies, border closures, restrictions on the right of assembly, and the exploitation of the crisis by disaster capitalism. We must firmly resist such dynamics, but not stop there. To start a transition towards a radically different kind of society, rather than desperately trying to get the destructive growth machine running again, we suggest to build on past lessons and the abundance of social and solidarity initiatives that have sprouted around the world these past months. Unlike after the 2008 financial crisis, we should save people and the planet rather than bail out the corporations, and emerge from this crisis with measures of sufficiency instead of austerity.”

Five principles for a genuine and lasting recovery are suggested:

1) Putting human life back at the centre of our economic systems

2) Re-evaluating how much work and what work is necessary so that everyone can have a good life

3) Re-organising society around the provision of essential goods and services

4) Democratising society

5) Basing political and economic systems on the principle of solidarity above all

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