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WEAll’s Executive Chair Stewart Wallis OBE took part in a spirited and hugely popular online dialogue last week, organised by EcoCiv, on “The Next Economy“.

Stewart was joined on the impressive panel by: Kate Raworth (Doughnut Economics and WEAll Ambassador), Marjorie Kelly (The Democracy Collaborative), David Korten (Living Economies Forum)  and Gunna Jung (Economic Advisor to Seoul Metropolitan Government)

They discussed the following questions:

“As the socio-economic effects of coronavirus worsen, the deep failures of our global economic order are being revealed. Is this the end of the neoliberal era? What will the economy look like after COVID-19? Can our next economy promote the overall well-being of people and the planet?”

Watch the event below or find it on YouTube here.

A new WEAll Ideas paper has been published today, setting out what a wellbeing economy is in a variety of styles.

Compiled by Lisa Hough-Stewart, Katherine Trebeck, Claire Sommer and Stewart Wallis, this ten-page PDF document aims to make wellbeing economy concepts accessible and clear to all readers.

All the material contained in the short paper has emerged from conversations and discussions with people in the WEAll family and beyond. Much of it is synthesised from their reports, papers and vision documents. There are too many minds and ideas to acknowledge them all individually, but their work is vital in informing understanding of a wellbeing economy.

Download the paper “What is a wellbeing economy?” here

What are WEAll Ideas papers?

Little Summaries of Big Issues

The Wellbeing Economy Alliance seeks to make the economy more humane and more sustainable. With over 100 affiliated groups across the world, we are as broad as the current model is narrow – diverse in our experience, expertise, focus, strategy, and our spheres of influence.

We agree that not only do we need to collaborate to have the impact we need – ‘togetherness above agreement’ – we also share a sense of what a wellbeing economy is. Different parts of the movement will emphasise different elements and add more details as their experience, knowledge, and focus allows – but they will do so from a common sense of what a wellbeing economy is all about.

The ‘WEAll Ideas: Little Summaries of Big Issues’ paper series is an attempt to share some of that sense in different formats that are useful for different audiences.

The content in this paper is drawn from the wellbeing economy community in its broadest sense. Our founding members contributed to the goals/fundamentals/building blocks – themselves drawing on processes of engagement, dialogue and discussion with their networks. People from all over the world have added to the Old Way Vs New Way matrix. And WEAll’s communications group has helped draft the everyday explanation.

 

French press agency AFP has written a news piece exploring the need for economic system change and has included WEAll, following an interview with WEAll Executive Chair Stewart Wallis.

This is a great example of mainstream news outlets having an increasing interest in wellbeing economy ideas.

Check out the piece here.

WEAll’s Chair Stewart Wallis is a proud signatory of an open letter this week in The Guardian, calling for the next Bank of England Governor to serve the whole of society.

Stewart’s endorsement comes alongside that of 94 other leaders inlcuding many WEAll members, Ambassadors and friends.

See the whole letter below and in the Guardian here.

“94 academics and representatives of civil society organisations call for Mark Carney’s successor to be someone who will foster a pluralistic policymaking culture
Mark Carney
 ‘The next governor must build on Mark Carney’s legacy,’ say the signatories to this letter. Photograph: Facundo Arrizabalaga/EPA

Eleven o’clock on Wednesday evening is the deadline for applicants to put themselves forward to be the next governor of the Bank of England. Candidates are asked to commit to an eight-year term lasting until 2028. By then the world will be a very different place. Three key trends will shape their time in post.

First, environmental breakdown is the biggest threat facing the planet. The next governor must build on Mark Carney’s legacy, and go even further to act on the Bank’s warnings by accelerating the transition of finance away from risky fossil fuels. Second, rising inequality, fuelled to a significant extent by monetary policy, has contributed to a crisis of trust in our institutions. The next governor must be open and honest about the trade-offs the Bank is forced to make, and take a critical view of how its policies impact on wider society. Third, the UK economy is increasingly unbalanced and skewed towards asset price inflation. Banks pour money into bidding up the value of pre-existing assets, with only £1 in every £10 they lend supporting non-financial firms. The next governor must seriously consider introducing measures to guide credit away from speculation towards productive activities.

As the world around it changes, the function of the Bank itself must evolve. Its current mandate and tools are increasingly coming into question, and a future government may assign the Bank with a new mission. The next governor must meet this with an open mind, not seek to preserve the status quo. To equip the Bank to meet the challenges of the future, the new governor will also need to ensure it benefits from a greater diversity of backgrounds, experience and perspectives throughout the organisation. The Bank of England’s own stated purpose is to promote the good of the people. We need a governor genuinely committed to serving the whole of society, not just financial markets.

Fran Boait Positive Money
Josh Ryan-Collins UCL IIPP
John Sauven Greenpeace UK
Tom Kibasi IPPR
Craig Bennett Friends of the Earth (England, Wales & Northern Ireland)
Will Hutton Author and academic
Patrick Allen Progressive Economy Forum
Faiza Shaheen Class
Ann Pettifor Prime Economics
Kate Raworth University of Oxford
Christopher Pissarides London School of Economics
Yanis Varoufakis University of Athens
Prem Sikka University of Sheffield
Danny Dorling University of Oxford
Asad Rehman War on Want
Guy Standing Soas
David Hillman Stamp Out Poverty
Catherine Howarth ShareAction
Maeve Cohen Rethinking Economics
Jonathan Michie University of Oxford
Natalie Sharples Health Poverty Action
Joe Guinan The Democracy Collaborative
Nick Dearden Global Justice Now
Steve Keen UCL Institute for Strategy, Resilience & Security
Jason Hickel Goldsmiths, University of London
Tony Greenham Royal Society of Arts
Johnna Montgomerie Kings College London
John Weeks Soas
Frances Coppola Financial commentator and author
Dimitri Zenghelis Cambridge University
Rick Van Der Ploeg University of Oxford
Molly Scott Cato University of Roehampton
Ben Carpenter Social Value UK
Philippe Aghion London School of Economics
Felix Fitzroy St Andrews
Marianne Sensier University of Manchester
Christine Cooper University of Edinburgh
Elisa Van Waeyenberge Soas
Roberto Veneziani Queen Mary University of London
Andrew Denis City University
Stewart Lansley University of Bristol
Dimitris Sotiropoulos Open University UK
Ulrich Volz Soas
Panicos Demetriades University of Leicester
Maria Nikolaidi University of Greenwich
Julia Steinberger University of Leeds
Sue Konzelmann Birkbeck University
Roger Seifert Wolverhampton Business School
Ozlem Onaran University of Greenwich
Neil Lancastle De Monfort University
Yannis Dafermos University of the West of England
Alberto Botta University of Greenwich
David Tyfield Lancaster University
Kate Pickett University of York
Philip Haynes University of Brighton
Richard Wilkinson University of Nottingham
Peter Sweatman Climate Strategy & Partners
David Graeber LSE
Richard Murphy City University
John Christensen Tax Justice UK
Anna Laycock Finance Innovation Lab
Colin Hines Green New Deal Group
Sarah-Jayne Clifton Jubilee Debt Campaign
Line Christensen Jubilee Scotland
Stewart Wallis Wellbeing Economy Alliance
Benjamin Braun Max Planck Institute for the Study of Societies (MPIfG)
Fiona Dove The Transnational Institute
Annelise Riles Buffett Institute for Global Studies
Ellen Brown Public Banking Institute
Johan Frijns Banktrack
Benoît Lallemand Finance Watch
Joshua Farley International Society for Ecological Economics
Ole Bjerg Copenhagen Business School
Stephany Griffith-Jones Columbia University
David Boyle The New Weather Institute
Mark Blyth Brown University
Bernard Barthalay Université Lumière (Lyon)
Giorgos Kallis Universitat Autònoma de Barcelona
Jean-Marc Ferry Alliance Europa
Joseph Huber Martin Luther University of Halle-Wittenberg
Ladislau Dowbor Catholic University of São Paulo
Livio Di Matteo Lakehead University
Marc Lavoie University of Ottawa
Mark Sanders Utrecht University
Sergio Rossi University of Fribourg, Switzerland
Michel Lepetit The Shift Project
Dirk Ehnts Technical University of Chemnitz
Johann Walter Westfälische Hochschule Gelsenkirchen
Steven Hail University of Adelaide
Ludovic Desmedt University of Burgundy
Terrence McDonough National University of Ireland Galway
Rodrigo Fernandez Centre for Research on Multinational Corporations (SOMO)
Jean Luc de Meulemeester The Solvay Brussels School of Economics and Management”

‘A Finer Future: creating an economy in service to life’ has been awarded the Silver Nautilus Award in the Ecology & Environment category.

 

This book, by Hunter Lovins, Stewart Wallis, Anders Wijkman and John Fullerton, was published in September 2018 and sets out a blueprint for an inspiring regenerative economy that avoids collapse and works for people and planet (a wellbeing economy!)

For two decades, Nautilus Book Awards has recognised books that transcend barriers of culture, gender, race, and class, and promote conscious living & green values, spiritual growth, wellness & vitality, and positive social change. Last year, Nautilus received entries from 36 US States, and from 12 other nations. Dedicated to excellence and high standards of both message and presentation, the Nautilus programme celebrates books that inspire and connect our lives as individuals, communities and global citizens.

Nautilus Book Awards is held in particular high-regard for recognising and promoting outstanding print books in several dozen genres that nurture positive change to co-create a Better World.

Nautilus is one of the significant Book Award programs that welcomes entries from the full range of the print-publishing spectrum: Author Self-Published, Small Press (2 to 10 books annual & from multiple authors), Small Press-Hybrid, and from Large Publishers. All the books selected as Winners are potent seeds for the growth, coherence, and healing of our culture and world.

The Nautilus Mission is to recognize and celebrate a wide subject-range of Better Books for a Better World.

You can find out more about A Finer Future and order your copy here.

Blog by Stewart Wallis, WEAll Chair

 

 

Seven years after first speaking at a Global Alliance on Banking and Values (GABV) summit in Vancouver, it was wonderful to be back doing the same again.

GABV is a member of WEAll and in turn WEAll is a partner of GABV, working together to pursue economic system change and transform the financial system within that.

Hosted by GABV member bank Vancity, this year’s summit was a huge and dynamic gathering with between 400-500 participants. The theme spoke to the multiple challenges of our era: “Migrants, #MeToo, and Melting Icecaps…Redefining Banking for a Radically Different Future.”

It was a privilege to share the stage with wonderful keynote speakers:

Sheila Watt-Cloutier: Author and Activist, Canada from Inuit Nation who spoke so movingly about climate change. “If you protect the Arctic, you save the plan

et,” she said. “What happens in the Arctic does not stay in the Arctic. Everything is connected through our common atmosphere, not to mention our common spirit and our common humanity.”

Tima Kurdi: Author of “The Boy on the Beach” and aunt of Alan Kurdi, whose tragic image shocked and moved the world in 2015. Tima evoked the most powerful expression of our common humanity and our common responsibility I have ever heard. The whole room was in tears following her speech.

Musimbi Kanyoro: CEO of the Global Fund for Women. She issued a clarion call for more power for women and girls worldwide combined with practical next steps.

John Fullerton: President of Capital Institute (a WEAll member organisation and we’re working together closely on hubs.) John gave the public address on the first evening and brilliantly laid the ground for my panel the next day. He stressed clearly the need for system change rather than incremental reform

In my panel I focused on the need for the economic system to be based in human and ecological wellbeing. I started by saying that yesterday humanity exploded 250,000 Hiroshima size level atomic bombs in our oceans…not literally, of course. However, the latest research shows the heat being released in the oceans is equivalent to 3-6 atomic bombs per second.

I then talked about income inequality, highlighting that last year the richest 28 people on the planet had the same wealth as the poorest 3.8 billion and the wealth of the billionaires went up last year, while the wealth of the poorest went down.

When we consider how these crises are interacting, we shouldn’t be surprised that our politics is going the way that it is. Fundamentally, the economic system we’ve got is broken, it’s dangerous and it’s violent. We’ve got to call it as it is and urge those with imagination to create a different economic system: one that’s got well-being of both the planet and humans and that puts regeneration at its heart.

The economic system had been changed twice in the 20th century and with collaboration, determination and imagination we could do so again. A new movement may never have an elite power base and billions of dollars in funds behind it, but it can have millions of hearts and hands. What WEAll is trying to achieve is bold, vital and entirely possible.

After the panel, I led a breakout group on changing the system through partnership. The interest in system change can be judged by the fact that about a quarter of the participants joined this group when they had 12 groups to choose from! A key proposal from this group to the GABV CEOs was that GABV banks could lead in their communities/cities/regions in bringing together other actors to form system change hubs. This is an exciting idea for WEAll and we will be exploring this further with GABV.

As always, some of the joys of such an event are the contacts and discussions outside the conference hall. I had discussions with some of the GABV member banks about specific collaboration, initiated conversations with four potential WEAll member organisations, identified potential participants for the Finance Cluster and agreed a set of detailed collaborative actions with Sandrine Dixson-Decleve , Co President of The Club of Rome (another WEAll member). Perhaps most energising of all were discussions with the Young Leaders Delegation at the Summit. They want to form a Youth hub in Vancouver so I can’t wait to put them in touch with WEAll Youth.

Finally, it was so refreshing to be with a group of bankers who want to change the world!

 

Blog by Stewart Wallis, WEAll Chair

Amongst the many different groups and individuals worldwide arguing for a new economic system, there is considerable agreement not only about what urgently needs to change but also on the goals and main ingredients of the much -needed new system. Such a system would focus on maximising wellbeing, meeting the fundamental needs of all humans, regenerating degraded ecological and social systems, and living within local and planetary ecological limits. A new book of which I am a co-author “A Finer Future” covers in detail the elements of such a new system.

Where there is much less certainty and agreement is: how to bring this desired new system into being? How to make it happen?

This was the critical question that exercised myself and colleagues during my 12 years at the New Economics Foundation (NEF). For many years our theory of change was to produce ground-breaking reports based on thorough research and to disseminate the findings through compelling communications backed by both insider lobbying and outsider campaigning in alliance with others. We then often formed partnerships with communities and civil society to demonstrate that these new approaches worked in practice. All this is necessary but – as we came to realise – not sufficient.

Studying successful major system changes over the past 300 years, we and others found that the following elements are also vital:

  1. Organisations and individuals working together across sectors and at different scales to create a vanguard power base.
  2. Compelling positive new stories or narratives
  3. Sufficient coherence of both theory and practice

There are many organisations already doing fantastic work on each of these elements. WEAll (the Wellbeing Economy Alliance) has been created this year not to duplicate this work or compete with it but to amplify it so that together we can catalyse the necessary system change.

Already, over 30 international networks, coalitions and organisations have joined WEAll as members. A small amplification team has been set up; coalition building work has commenced at three levels- governments, cities and businesses; an international group of academics are collaborating on areas where wellbeing economic theory is insufficiently coherent; narrative groups are being established; and a number of country level cross-sectoral groups are being formed including WEAll Scotland.

WEAll members include Local Futures and Happy City: the co-hosts of the Bristol 2018 ‘Economics of Happiness’ conference which runs from 19-21 October. This conference will focus on system change to put human flourishing and happiness at the heart of a new economic system. I am delighted to be participating in this conference and believe that it will be an important step towards the goal so many of us are working for.

Some people argue that system change will only happen when there is a further massive economic crisis. We believe that this is a dangerous argument; history shows clearly that major crises not only cause serious harm to the least powerful people but can also provide fertile ground for the rise of deeply unpleasant variants of populism and nationalism. Furthermore, the time for action is now – not tomorrow! Together we already possess the power to change the system. Join WEAll in making this happen.

Stewart is a keynote speaker at the Economics of Happiness conference in Bristol, UK (19-21 October) – find out more and get tickets here.

A Finer Future: Creating an economy in service to life

By L. Hunter Lovins, Stewart Wallis, Anders Wijkman, John Fullerton

A Finer Future is aimed at business leaders, entrepreneurs, activists, and anyone who cares about the future of our planet. Rich with stories of communities implementing solutions, it describes the exciting news in the work to transform finance, business, energy agriculture and many other areas of our society to create an economy that works for every one of us.

Find out more about the book and order your copy here.