Calls for radical, transformative changes to Scotland’s economy in order to ensure wellbeing for all within our environmental limits have been backed by almost 40 leading economists and climate change academics.
In advance of the publication by the Scottish Government of its new economic strategy on Tuesday 1 March, these experts have endorsed Ten Points for a Transformative Economic Strategy produced by the ‘Transform Our Economy’ alliance.
These ideas outline a new purpose at the heart of our economy: providing wellbeing for all within environmental limits. They will require the government to set the trajectory for the economy and present a credible plan for delivery using all the powers at their disposal.
Scotland’s International Development Alliance welcomes this wide endorsement of the Ten Points for a Transformative Economic Strategy produced by the ‘Transform Our Economy’ alliance. We wholeheartedly agree that economic transformation is of the utmost importance in the face of the climate crisis and nature emergency, ongoing impacts from the pandemic, and growing inequalities at national and global levels. We also advocate for the prioritisation of wellbeing, defined in terms of meeting fundamental human needs, for all people and communities around the world.
Lewis Ryder-Jones, Deputy CEO of the Alliance says:
“We applaud this clear Ten Point plan towards an economic strategy focused on wellbeing, but strongly emphasise once again that a wellbeing economy knows no borders.
“The new Scottish Government economic strategy must not only serve the population of Scotland, but also actively support the betterment of wellbeing elsewhere across the globe, particularly in low-income countries.”
Matthew Crighton, Sustainable Economy Adviser at Friends of the Earth Scotland, one of the members of the ‘Transform our Economy’ alliance said,
“In the midst of climate and nature emergencies, with too many people trapped in poverty and businesses still reeling from the impact of the pandemic, there is no question that economic transformation is needed.
“In the face of these challenges, the Scottish Government must plot a new direction in building a truly sustainable and just economy that can meet people’s needs.
“Recent history has shown us there is a persistent gap between high-level aspirations and the actual performance of the government in effectively intervening the economy in Scotland. The fear is that the new economic strategy won’t redesign the economy, but will instead continue to deliver inequality and environmental destruction.
“New ideas are sorely needed for a transformative economic agenda which can provide sufficient investment to deliver a just transition to zero carbon, integrate the protection of nature into economic decision making and ensure social equity and participation by currently marginalised groups.”
Professor Tim Jackson, Professor of Sustainable Development, University of Surrey and acclaimed author of Prosperity Without Growth backing the plan said,
“With the forthcoming 10-year Strategy for Economic Transformation the Scottish Government has a unique opportunity to make Scotland a global example of an economy that is fit to address the challenges of the 21st century, delivering wellbeing for all within environmental limits.
To do that, the Strategy needs to put at its heart care for people and planet, it needs to build on meaningful participation of those at the sharp end of our economy, and it needs to put in place measures which will give priority to ensuring people’s wellbeing rather than the pursuit of GDP growth for its own sake.”
The ten points proposed by the ‘Transform our Economy’ group offer a robust framework for building such a strategy. The Scottish Government would be well advised to take note.”
Professor Jan Webb, Professor of Sociology of Organisations, University of Edinburgh, and one of the 38 signatories, said,
“Orthodox economic strategy aims to maximise GDP, and then to make some adjustments for fairness and environmental harms. A transformative strategy, fit for addressing climate emergency and major inequalities, has to direct all economic action to achieving a fair, and sustainable, society. This means all investment prioritises decent work, zero waste, biodiversity and climate protection. I hope the Scottish Government will respond promptly and constructively to the Transform Our Economy alliance.”
The headings of the Ten Key Points are:
1. The goal: wellbeing for all within environmental limits
2. Setting specific economic objectives to care for people and the planet
3. Using all the tools available to government to meet those objectives
4. Policies must show how the objectives can be achieved
5. Combat economic pressures which are helping cause the problems
6. Public priorities must lead the direction of development of the economy
7. Clear tests for all investment programmes
8. Measure performance through metrics which matter
9. An economic strategy for all sectors – economic transformation as a national mission
10. An inclusive and participatory process
The full text of the Key Points can be read here.