What the heck is Doughnut Economics?
I won’t lie, my inbox has been buzzing with this Doughnut Economics chatter, and until I hit the books, the articles and the inter-webs, I was half-expecting a deep dive into the fiscal world of glazed goodies — silly me, right? Turns out, it’s a massive worldwide hustle to switch up how we, as a big ol’ globe, roll!
Doughnut Economics is a groundbreaking economic theory that challenges traditional models by placing equal emphasis on the needs of people and the planet. This alternative model was popularised by Kate Raworth, an Oxford economist, who published her revolutionary ideas in her 2017 book, “ Doughnut Economics: Seven Ways to Think Like a 21st Century Economist “. Raworth’s bold approach has sparked international interest and wide-ranging discussions about the future of economic theory.
Middlesbrough is playing host to it’s very own world doughnut day event at Pineapple Black on Monday 13th November where people can learn more about Doughnut Economics and its effects locally. The event, Brought to Middlesbrough by Boro Doughnut and the Doughnut Economics Action Lab works with lots of local companies, artists and organisations for an event that is set to be a wonderful celebration of the communities in Middlesbrough!
Middlesbrough is rolling out the red carpet for its very own ‘Global Doughnut Day’ bash at Pineapple Black this Monday, 13th November. It’s not so much about munching on doughnuts, but diving into Doughnut Economics and seeing how it’s stirring the local pot. The shindig, whipped up by Boro Doughnut and the Doughnut Economics Action Lab, is teaming up with a lively bunch of local companies, artists, and organisations. It’s shaping up to be a cracking celebration of all the cool stuff happening in our Middlesbrough community!
Understanding the Doughnut Model
The Doughnut model is a visual representation of Raworth’s economic theory. It combines social and planetary boundaries, with the hole in the middle representing people lacking access to life’s essentials, and the outer crust representing the Earth’s ecological limits. The goal of this economic model is to meet human needs without exceeding the Earth’s ecological ceiling.
In-short, this framework is like a breath of fresh air, helping us see old economic headaches in a new light and nudging us towards goals that are kind to both our wallets and the world. It’s all about striking a snazzy balance, flourishing without giving Mother Nature the short end of the stick. This vibe gels well with what we’re all about at Communitees.org.uk, and we’re all for riding this wave towards a sustainable and inclusive growth. It’s not just a flash in the pan, it’s about making good stuff happen for everyone, and that’s a bandwagon we’re happy to jump on!
Principles of Doughnut Economics
Raworth’s Doughnut Economics fundamentally challenges classical economic theories and calls for a shift in mindset and methodology. The seven main principles outlined in her book include changing the goal of economics from GDP growth (‘Gross Domestic Product’ is the standard measure of the value added created through the production of goods and services in a country during a certain period.), to holistic wellbeing, nurturing human nature, and encouraging inclusivity, cooperation, and care.
These principles reflect a profound departure from the prevailing economic paradigm of relentless growth. Doughnut Economics gives equal importance to environmental sustainability and social justice, making it a truly inclusive and forward-thinking economic model.
Doughnut Economics and Sustainable Development
Doughnut Economics proposes a new economic model in response to the challenge of eradicating global poverty within the limits of the Earth’s resources. It takes into account externalities, such as healthcare costs resulting from pollution, that are not included in current economic systems. This model promotes a regenerative and distributive economy, aligning with the goals of sustainable development and environmental sustainability.
The Doughnut model’s emphasis on balancing economic growth and social change, and its explicit consideration of social justice and environmental sustainability, make it a robust framework for sustainable development.
Examples of Doughnut Economics Implementation
Several cities, including Amsterdam and Brussels, have started implementing Doughnut Economics principles. They are working towards balancing human needs with environmental limits through the Doughnut model. For instance, Amsterdam’s post-pandemic economic planning efforts utilised the Doughnut model, launching infrastructure projects, employment schemes, and new policies.
These cities’ efforts demonstrate the potential of Doughnut Economics in real-world applications and the challenges they face, providing invaluable lessons for other communities striving towards sustainable development.
The Future of Doughnut Economics
Doughnut Economics has the potential to reshape economic thinking and promote sustainable development. It could influence future policies and decision-making processes, fostering a more sustainable and just economy.
The post-COVID-19 era offers a unique opportunity to accelerate the transformation towards a more sustainable economy, with Doughnut Economics playing a leading role. However, implementing Doughnut Economics at different scales, from individual communities to entire nations, will require addressing numerous challenges and opportunities.
Locally, in Middlesbrough, a movement has started and we are excited to see how this develops and its effects on the communities in Tees Valley!
Let’s Have A Doughnut at Pineapple Black!
Simply put, Doughnut Economics, with its focus on balancing the needs of people and the planet, offers a visionary approach to creating sustainable and just societies.
We encourage readers to explore the principles of Doughnut Economics and consider how these could be applied in their own communities. Visit Pineapple Black in Middlesbrough on Monday 13th November to learn more about this movement and participate in helping to create a sustainable community in the Tees Valley area, discovering how you can contribute to this exciting movement towards a more sustainable, inclusive future.
Originally published at https://communitees.org.uk on October 22, 2023.
