Reflections from the Next Economies Summit 2025 in Istanbul

On 12–14 September, change-makers for the next economies met in Istanbul to discuss pathways and leverage points for transformation. I had the honour of representing ECOnGOOD (Economy for the Common Good) and contribute to two panels, one on Post-Growth-Inspired Businesses and one on Movements and Systems, alongside inspiring representatives from the Wellbeing Economy Alliance (WEAll), the Post Growth Institute, and the Doughnut Economics Action Lab (DEAL).

A welcoming, solution-oriented atmosphere

The conference, hosted by the Prosumer Economy Society (Türetim Ekonomisi Derneği) and Kadir Has University, was only in its second edition, yet already felt like a mature and thriving gathering of diverse voices. The atmosphere stood out immediately: kindness, openness, and curiosity defined both the organisers and attendees. Turkish vegan food was served daily, complemented by a free tea and coffee bar (we were encouraged to bring our own bottles and cups to refill), and several small-scale, sustainability-focused brands showcased their work and impact.

This conference wasn’t so much about moralisation or only diagnosing problems (as felt with others in Europe). Instead, the focus was on solutions, pathways for change, and sowing seeds for the future we want to create. This made the summit feel refreshingly different from many other sustainability events.

Rich programme, diverse perspectives

The programme was dense, keynote talks from global leaders such as Katherine Trebeck (who I also got to spend a lot of time with), Mads Christensen (Greenpeace International), Amitabh Behar (Oxfam International), and Rowan Conway (Just Transition Finance Lab) set the tone, while parallel panels and workshops offered a wide range of insights.

I especially appreciated the session on Prefigurative Economies moderated by Uygar Özesmi (the initiator and co-founder), with powerful examples from Dovev Lavie, Helmy Abouleish, and Akkanut Wantanasombut, and the panel on New Finance for New Economies with Pinar Akiskalioglu, Steve Waddell, and Can Atacik, an eye-opening discussion on how to move beyond conventional impact investing.

The participant group was as diverse as the programme: youth, students, and senior experts; gender balance; and, compared to many European events, a stronger representation from the MENA region and Asia, something I found both refreshing and necessary.

Highlights from my panels

In the panel Post-Growth-Inspired Businesses for the Next Economies, moderated by Jędrzej Nadolny, we explored the risks of “new economics washing” and how micro and small enterprises, which make up 99% of businesses in the EU, can truly be empowered to serve life, not just profit. The businesses of the future already exist; they need recognition, support, and mainstream awareness.

In the second panel, Movements and Systems, moderated by Anna Chrysopoulou, we reflected on how diverse movements can connect and strengthen one another to accelerate transformation. Together with Donnie Maclurcan (Post Growth Institute) and Rob Shorter (DEAL) (Rob was not physically there but shared a keynote and participated in the planning), we discussed the importance of weaving alliances, focusing on the how as much as the what.

Personal reflections: the importance of how

One week on, what stays with me is the importance of the HOW (which I also wrote a LinkedIn post about).

• How we show up for one another.

• How we listen and care.

• How we handle differences with curiosity rather than fear.

• How we create safe spaces where more people feel invited to join.

As early adopters of the “beyond growth” agenda, we already share enough common ground on the why. The what will unfold through diverse pathways and unpredictable tipping points. But the how , the way we walk this journey together (and as such inspire others to join), will determine whether we succeed.

Looking ahead

This summit showed me that global transformation requires both humility and courage. It’s not about single solutions, but about strengthening the web of relationships that allows ideas to grow, spread, and adapt. The Next Economies Summit in Istanbul was a beautiful reminder of that.

A warm thank you to all organisers, volunteers, and participants who made this gathering possible.

We now look forward to the next Next Economies Summit in 2027, this time in Cairo, Egypt.

Reflections from the Ecological Economics and Degrowth Conference, Oslo

Last week, at the end of June, I had the opportunity to attend the Ecological Economics and Degrowth Conference in Oslo, Norway. Organised by a broad interdisciplinary group, including members of the NMBU Sustainability Arena “Embedding planetary boundaries in science, policy and education”, the NMBU Political Ecology Forum, the UiO Include Centre, the Norwegian Institute for Nature Research, Degrowth Norway, Rethinking Economics Norway, and Postgrowth Nordics. The conference attracted 1,200 participants from 60 countries, representing mainly academia but also practice.

I was there on behalf of the International Federation of the Economy for the Common Good (ECOnGOOD), together with one of my colleagues. We presented our movement and one of its core tools, which supports and guides organisations and businesses that want their activities to contribute to the common good. The Common Good Balance Sheet examines four core values and multiple stakeholder groups, helping companies identify their strengths and areas for improvement. The tool ranges from +1,000 to –3,500 points; once completed and audited, companies receive a certificate and may use the ECOnGOOD label.

We spoke during the Businesses and Organisations Beyond GDP session, giving a ten-minute presentation alongside three other presenters. The response was overwhelmingly positive, and many participants stayed behind to ask questions. I believe much of the enthusiasm reflected the same reasons I was drawn to ECOnGOOD myself: it offers practical tools and implementation, not just a theory or abstract idea. The conceptual framework has been developed into concrete, usable tools that organisations can adopt on their journey towards the common good.

Beyond our own contribution, and one of the main reasons for attending, I’d like to share some insights from the conference itself. It spanned three full days, with a general assembly for members on Monday, an opening ceremony on Tuesday, and plenary and parallel sessions from Wednesday to Friday. The main hall hosted plenaries in the morning and evening, with smaller parallel sessions during the day throughout the rest of the university site.

The main plenaries addressed the following topics:

• Decolonising the future: Youth struggles for intergenerational justice

• Confronting inequalities in the green transformation

• Is degrowth Eurocentric?

• Sizing sufficiency: Contested framings of scarcity and limits

• Work, working time, and care in postgrowth societies

• Postgrowth transitions: Learning from practice

• The way forward: Transformation strategies and tactics

I attended all the plenaries and will summarise some of my impressions here. The opening ceremony and first panel were particularly moving. Perhaps it was the atmosphere of the full hall, the children’s music, the Sami artist and activist Ella Marie Hætta Isaksen powerful songs, or the powerful speeches, by people sich as the chair person fo the conference Erik Gómez-Baggethun or Irene Vélez-Torres, former energy minister of Colombia, and others, that beautifully captured the urgency of moving beyond development-as-usual, dismantling colonial notions of progress, and addressing both climate and social injustice.

I also greatly enjoyed the second plenary, particularly Alf Hornborg, whose work I’ve followed for years and who dares to question assumptions about human progress and the role of technology. The third plenary offered valuable critiques of North–South dynamics, though some in the audience felt it lacked a deeper acknowledgement of the unequal power relations between the Global North and South. The panel on working time was inspiring too, reaffirming my belief in the need to reduce working hours, and I was particularly impressed by Lebohang Liepollo Pheko, always intellectually sharp, eloquent, and challenging in the best way.

That said, as the days passed, I felt the conference became more moralising and less solution-oriented. Don’t get me wrong: emotions and moral clarity are vital, too often absent at scientific conferences, but as someone who has worked in sustainability for over 15 years, it sometimes felt like listening to a radio stuck on repeat. I come to these spaces not only to connect with like-minded people but also to gain new insights and concrete ideas. I believe we need robust science, models, data, and relevant research questions to transform our economic systems. If justice is essential, how do we craft global policies that allow more people to enjoy time away from paid work? How can paid work meet not just needs but also dreams? How can we finance universal basic services and income? What regulatory changes are required to reduce material and energy use in the North while maintaining stable, safe economies that meet social needs?

Most of those attending a degrowth conference share common values: the need for decolonisation, climate justice, improved working conditions, sovereignty for all, and reduced material footprints in the Global North. There’s also often a shared understanding of the atrocities in Palestine and the shrinking democratic spaces in many societies. But approaches to solutions differ, and I felt the final day lacked focus on policy-making and identifying knowledge gaps critical to the transition. I left feeling somewhat disappointed. Perhaps this reflects the essence of the degrowth movement, which leans towards civil disobedience (based on what I heard from this conference, which doesn’t necessarily reflect the whole movement), an approach that does not fully align with my faith in institutions and the importance of policy-making.

But these are, of course, only my reflections. There are 1,000 other views, feelings, and interpretations; mine is just one among many. It’s impossible to meet all the needs of 1200 participants!

The parallel sessions were a treat, though a serious case of FOMO, with far too many fascinating topics to attend. I chose sessions that aligned with my interests and work. The smaller groups created a more intimate, conversational atmosphere, making it easier to ask questions and connect with others.

Among the highlights were sessions on the role of banks, finance, money, and investments, which explored how financial systems, monetary policy, and culture intersect in building a sustainable, post-growth future.

• Michael Getzner showed the vast investments needed for climate neutrality and the challenges posed by public debt.

• Sten Rodenborg advocated for reforming money creation itself, linking the money supply to sustainable yields and energy availability.

• Agnieszka Maria Gaarsmand highlighted the need for transparency in Denmark’s “Money Week” education initiative.

• David Collste explored funding universal basic income, showing that a mix of wealth tax and central bank financing yields the best results, though UBI alone won’t solve climate change.

The Beyond Binaries and Ecological Macroeconomics sessions also stood out:

• Yvonne Howell showed how Cold War narratives glorified growth as a moral good, bypassing behavioural change.

• Jennifer Hinton challenged the state–market dichotomy, asking instead how to maximise social benefits.

• Mariateresa Silvi presented EU data showing strong public support for moving “beyond GDP.”

• Rubén Vezzoni questioned whether the EU’s decoupling only relative of emissions from growth can last.

• Stephan Butler reflected on how competitive, market-driven pressures shape our lives, calling for more time, connection, and shared experiences rather than consumption.

• Others explored innovative models, such as entropy-based analyses, stock-flow input-output modelling, and strategies of post-growth-friendly public officials.

There were many excellent sessions, and it was a joy to connect with authors and practitioners interested in our work. I sincerely hope future Beyond Growth conferences continue to explore the financial, labour, energy, material, and macroeconomic aspects of transitioning our economies beyond growth dependency, towards well-being for all life on a living planet.

During the week, I enjoyed many meaningful conversations, thank you to everyone for that, good vegan lunches and dinners, catching up with old friends from my years living in Oslo, and a restful weekend with spa and museum visits. I came home exhausted by all the impressions. I am outwardly social and engaged when I meet people, but I also have a strong need for solitude and to reset.

I am proud that I went, for the presentation we gave, for the time spent in Oslo, and for the new friendships forged. I am glad to see that so many of us want change, even if our ways of creating change differ.

It is always a challenge to remain authentic, to lead one’s life with agency and trust in one’s values. But because I care deeply, I find it more important than ever to participate in a transformation that reflects my way of being, working, and caring.

There is no universal ‘right way’. We need change-makers with a diversity of thoughts and approaches. The more of us who dare to lead authentically, the more others will feel they too can walk their own path towards change, and know they can play a role in transforming our economic systems.

This is not about left or right, liberal or conservative, business versus public sector; it is about a shared call for an economy that serves humanity, the planet, and all its inhabitants, today and tomorrow.

Thank you for reading, to be continued…

Money Creation and the Role of Central Banks: A European Perspective

In modern economies, money is more than just coins and banknotes; it exists as digital numbers in our bank accounts, enabling complex economic interactions. Understanding how money is created, regulated, and measured is essential for grasping the broader mechanics of economic growth, inflation, and societal development. Central banks, such as the European Central Bank (ECB) and Sweden’s Riksbank, play a pivotal role in managing this process.

I’ve done my best to create a short, simple introduction that captures both the current paradigm and standards, but also the critical perspectives for a more nuanced but fair picture of money creation. It is not perfect, but I hope it gives beginners a good introduction.

What Is Money and How Is It Created?

Money can be broadly categorised into three types:

1. Central Bank Money – physical cash (notes and coins) and reserves held by commercial banks at the central bank.

2. Commercial Bank Money – digital money created by private banks when they issue loans.

While central banks have the exclusive right to issue physical currency, most money in circulation today is created by commercial banks through a process called fractional reserve banking. When banks receive deposits, they are only required to hold a fraction as reserves; the rest can be lent out, thereby creating new money. This system underpins what is known as the money multiplier effect, the idea that an initial deposit can lead to a multiple expansion of the money supply.

However, this traditional view has been challenged. According to the Bank of England, banks do not merely "multiply up" central bank money or lend out existing deposits. Instead, banks create new deposits in the act of lending, meaning that loans create deposits, not the other way around. In this view, the money multiplier is not a causal mechanism but more of a simplified description of reserve relationships. The real constraint on lending is not reserves but other factors such as capital requirements and the creditworthiness of borrowers.

Other factors are: demand for credit, risk assessments, capital regulations imposed by financial authorities, and broader market behaviour. Viewing the multiplier effect in isolation overlooks the dynamic and institutionally driven aspects of the modern monetary and credit system. Since the financial crisis of 2008, we’ve seen significant changes to the economic system, changes that many still fail to fully recognise. The regulatory reforms introduced after 2008 have been extensive and fundamentally reshaped how banks operate today.

Monetary Aggregates: Measuring the Money Supply

To regulate and assess the money supply, economists use monetary aggregates, ranked by liquidity:

• M0 / Monetary Base: Physical currency plus reserves at the central bank.

• M1: M0 plus demand deposits (e.g. checking accounts; money at the bank you can use any time).

• M2: M1 plus short-term time deposits (e.g. savings accounts with interest rates normally bound for 1, 3, or 6-month periods).

• M3: M2 plus broader financial instruments such as repurchase agreements and money market fund shares. A repurchase agreement (repo) is a short-term loan where one party sells securities (e.g. government bonds) with an agreement to buy them back at a later date for a higher price, commonly used by banks and financial institutions to obtain temporary funding. Money market fund shares are investments in funds that hold safe, short-term interest-bearing assets (such as treasury bills and certificates), and are highly liquid, allowing investors to easily redeem their shares for cash.

In the euro area, M3 is the most used measure of money in circulation. As of recent years, M3 has significantly outpaced GDP growth, raising concerns about inflation and financial stability.

The charts below are from the European Central Bank and do not include any GDP data. It’s been extremely difficult to find any data on GDP’s relation to money creation. Note that it also shows the growth in percentage per year, not total volume.

This graph shows that depending on what you measure, you get different results. In August 2023, the growth rate of the deposits at the banks was very low, but if you measure money more broadly, it wasn’t as low. Source: ECB

Source: ECB

Understanding the Difference Between M3 and Total Money Creation

M3 is a broad measure of the money supply that includes physical cash, demand deposits, savings deposits, and other relatively liquid financial assets held by the public. However, M3 does not capture the full extent of total money creation, especially the money created by commercial banks through lending. In modern economies, over 90% of money is created digitally when banks issue loans, a process not fully reflected in M3, which only tracks the end state of that money (once it exists as deposits or financial assets), not the creation mechanism itself.

The 90% figure is a general estimate for the EU, but it varies between countries. For example, Sweden and the UK are far more digitised and have significantly lower use of physical cash, which means the percentage of digitally created money can be as high as 97% or even 99% in Sweden.

These statistics are often based on M1, as it is commonly considered the best measure of the "active money supply", the portion of money in immediate circulation. However, the choice between M1, M2, or M3 depends on the specific analytical purpose or monetary policy context.

For example, in the UK, the Bank of England has stated that around 97% of the money in circulation is created by commercial banks through lending, with only 3% existing as physical cash. This shows that M3 and other aggregates often understate the dynamic process of money creation.

Chart 3. Total creation of money (not M3) and GDP. Source: Positive Money, The Bank of England money creation

The Central Bank’s Toolkit: How Money Supply Is Controlled

Central banks regulate the money supply to maintain price stability and support economic growth. Their main tools include:

1. Interest Rate Adjustments

By changing the policy rate (e.g. the ECB’s main refinancing rate), central banks influence borrowing costs. Higher rates discourage borrowing and slow money creation, while lower rates stimulate lending and economic activity.

2. Open Market Operations (OMOs)

Central banks buy or sell government securities in the open market primarily to influence interest rates. When a central bank purchases government bonds, it drives up their prices, which in turn lowers their yields (interest rates). Lower interest rates encourage borrowing and investment in the broader economy. Conversely, when the central bank sells government securities, bond prices tend to fall, raising interest rates and slowing down credit expansion. While these operations do have some effect on liquidity in the banking system, this is generally seen as a secondary mechanism, central banks mainly aim to steer interest rates. Government securities themselves are debt instruments issued by a government to raise funds, usually in the form of bonds or treasury bills. Investors who buy them are effectively lending money to the government in exchange for regular interest payments and repayment at maturity. These securities are typically considered low-risk since they are backed by the government.

3. Quantitative Easing (QE)(a part of OMOS)

Quantitative Easing (QE) is a monetary policy tool where a central bank creates money to buy government bonds or other financial assets. Used especially during crises, QE involves large-scale asset purchases by the central bank. It expands the monetary base and pushes long-term interest rates down. The ECB used this method extensively after the 2008 financial crisis and during the COVID-19 pandemic.

4. Digital Currencies

Many central banks are exploring central bank digital currencies (CBDCs), which could offer greater control over money flows, improved financial inclusion, and increased transparency. The ECB’s digital euro project and the Riksbank’s e-krona pilot are notable examples.

Money Supply and Economic Growth

Between 2008 and 2022, the global money supply grew at a rate much higher than global GDP. For example, in the euro area, M3 expanded by more than 50% between 2010 and 2020, while GDP growth lagged behind. This divergence reflects expansive monetary policy but also raises questions about long-term inflationary pressures and asset bubbles.

Inflation, traditionally linked to excessive money supply, has been relatively subdued in recent decades, until the post-pandemic period, when supply chain disruptions and energy shocks met massive fiscal and monetary expansion. As of 2022–2023, inflation rates in the eurozone exceeded 10% in some countries, prompting the ECB to tighten monetary policy.

The Rise of Helicopter Money

One of the most debated monetary tools in recent years is helicopter money, a metaphorical term for direct monetary transfers from the central bank to citizens, without requiring repayment. Unlike traditional stimulus, helicopter money does not increase public or private debt. Although not yet implemented in its purest form, elements of helicopter-like stimulus were seen during the COVID-19 crisis through fiscal transfers financed indirectly by central banks.

In theory, helicopter money can stimulate demand directly, bypassing banks and markets. However, concerns about inflation, central bank independence, and political misuse have kept it as a largely theoretical concept, at least for now.

Why Money Creation Matters for Society

The way money is created and distributed has profound social and economic implications. Easy credit can drive inequality if it disproportionately benefits asset holders. Unchecked monetary expansion risks inflation, eroding real incomes. Conversely, insufficient money creation can stifle investment and prolong unemployment.

Monetary policy also affects housing markets, wage levels, and business investment, shaping the social fabric of a nation. In the EU, where member states share a single currency but not a unified fiscal policy, the ECB’s role is particularly complex. Balancing the needs of diverse economies within the eurozone, like Germany’s low inflation tolerance and southern Europe's high unemployment, requires delicate, data-driven policymaking.

Summery

Money is not merely a medium of exchange, it is a policy instrument, a social contract, and a driver of economic development. Central banks like the ECB and Riksbank are at the heart of this system, even though private banks have a huge role to play.

As the global economy evolves, with digital currencies, the rise of AI, interconnected supply chains, geopolitical instability, and the planetary crises, central banks will need to adapt their tools while maintaining public trust. Our financial system has never been stable, and to create long-term sustainable development for all, significant changes will be required.

This will also require recognising that money creation does not operate in isolation. It is closely linked to fiscal policy, housing markets, tax systems, and broader economic governance. The monetary and credit system is not just a technical domain, it is embedded in a dynamic, political, and institutional context that both shapes and is shaped by wider public policy.

Note: This text was originally written by me. As English is my second language and I am dyslexic, I used AI to help improve the language.

The International Year of Cooperatives 2025

Have you ever considered the diversity of business? Still, in the public debate, they’re often treated the same. Like large-scale monopolistic profit-driven monsters or innovation-driven development heroes (depending on the side of the perspective). I find it essential we start to understand the diversity of business and not at least the role of cooperatives. As the world prepares for the International Year of Cooperatives 2025 (IYC2025), there is renewed global attention on the vital role cooperatives play in creating inclusive, equitable, and sustainable societies.

What is a Cooperative?

A cooperative is a member-owned business that operates to meet the common needs of its members, rather than to maximise profits for shareholders. Whether it’s a rural farming co-op, an urban housing association, or a financial credit union, cooperatives are democratic institutions where each member typically has an equal vote, regardless of their capital contribution.

This democratic ownership structure ensures that cooperatives are fundamentally different from conventional corporations. They are rooted in the values of self-help, self-responsibility, democracy, equality, equity, and solidarity, as set out by the International Co-operative Alliance (ICA).

The seven cooperative principles are foundational guidelines that shape the values and practices of cooperatives worldwide. They include;

• Voluntary and open membership

• Democratic member control

• Economic participation by members’ autonomy and independence

• Education and training

• Cooperation among cooperatives

• Concern for the community

These principles aim to ensure that cooperatives are equitable, inclusive, and focused on long-term social and economic sustainability.

The Democratic Essence of Cooperatives

In many ways, cooperatives exemplify the ideals of participatory democracy. They give ordinary people a voice in decisions that affect their livelihoods and communities. This democratic structure promotes transparency and accountability while also fostering long-term social cohesion. This is the opposite compared to a profit-driven private company, whose major purpose is to maximise profit to its shareholders. Of course, in terms of small-scale companies, shareholders can be the workers themselves, family or community members and, as such, still, be democratic, but cooperatives offer a way to include more stakeholders, shares votes equally and not based on capital, further allow people involved in the business to have a say. In an era of growing disillusionment with corporate greed and political alienation, cooperatives offer an alternative model built on collective ownership and empowerment.

Sustainbility and cooperatives

Cooperative enterprises continue to lead the way in gender equality within Swedish business. According to a recent report by Svensk Kooperation (Coompanion), women hold significantly more top leadership roles, such as CEOs, board chairs, and executive team members, in cooperatives compared to listed companies, where progress has stalled or even reversed. For example, 31% of cooperative CEOs are women (versus 12% in listed firms), and the share of female board chairs in cooperatives is more than double that of stock-listed companies (23% vs. 9%). Cooperatives have also been acknowledged for their role in climate change prevention and mitigation through local management and democratic member control, where they often have local knowledge, experience, and environmental education.

Beyond GDP and Cooperatives

Cooperatives also offer a powerful alternative to growth-dependent economic models by prioritising social value, democratic governance, and long-term sustainability over profit maximisation. Their member-driven structure encourages reinvestment in communities, equitable wealth distribution, and environmentally conscious practices. By aligning with post-growth principles, cooperatives help shift the focus from GDP to well-being, resilience and shared prosperity.

A Global Movement with Historical Roots

The cooperative movement has deep historical roots. The Rochdale Pioneers in England, often credited with founding the modern cooperative model in 1844, laid down principles that still guide cooperatives today. Since then, the movement has grown exponentially, not just in the UK but across Europe and the world.

• Worldwide, it is estimated that over 1 billion people are members of cooperatives.

• In the European Union, there are around 250,000 cooperatives providing employment to more than 5.5 million people.

• In Sweden, the 100 largest cooperative associations and nine nationwide mutual companies had a combined turnover of SEK 662 billion in 2023, equivalent to about 10% of Sweden's GDP

Notable Cooperatives Worldwide

Some well-known cooperatives include:

• Mondragon Corporation (Spain): A federation of worker cooperatives, known for its strong democratic governance.

• Co-op Group (UK): One of the largest consumer co-operatives in the world.

• Credit unions globally: Member-owned financial institutions serving millions. In Sweden we have JAK Banken!

Challenges Cooperatives are facing

Cooperatives face structural challenges under today’s legislation, as laws and policies are often tailored for shareholder-owned companies, creating unfair conditions. They struggle with access to capital and financial services, and many are denied bank accounts or investment funding simply due to their business form. Knowledge about cooperatives is also lacking in education, government institutions, and financial systems. This limits awareness of their benefits and potential, especially in times of crisis. To level the playing field, countries must promote cooperative business models through legislation, education, and fairer access to funding.

Read an article by cooperatives in Sweden here!

The International Year of Cooperatives: Then and Now

The United Nations first declared an International Year of Cooperatives in 2012, under the theme "Cooperative Enterprises Build a Better World." The aim was to highlight how cooperatives contribute to poverty reduction, job creation, and social inclusion. The initiative marked a turning point, sparking increased interest in cooperative models and their potential to address global challenges. Now, in 2025, the world is gearing up for the second International Year of Cooperatives (IYC2025).

The Road to IYC2025: Events and Objectives

The official launch was held in New Delhi, India, during the ICA Global Cooperative Conference and General Assembly from 25–30 November in 2024. This major event brought together global leaders and cooperative practitioners to celebrate the movement’s achievements and map out the future.

Key objectives of IYC2025 included:

1. Encouraging governments to create supportive policies for cooperatives.

2. Empowering cooperatives to raise public awareness, nurture new leaders, and foster collaboration.

3. Involving institutions and development agencies to promote cooperative education and capacity building.

4. Increasing public understanding of cooperative identity and encouraging wider participation.

Looking Ahead

As the global community prepares for IYC2025, there is a sense of optimism and urgency. Cooperatives are more than a business model; they can be a force to democratise our economy. In a time when democracy is under threat and communities are increasingly polarised, cooperatives offer a path toward solidarity, shared prosperity, and sustainable development.

To learn more about the International Day of Cooperatives and how to participate in upcoming IYC2025 events, visit the UN’s cooperative page.

Women's Day: A Feminist Lens on GDP Growth

The Invisible Backbone of Our Economy

I got interested in GDP growth before I went to university. I had no idea why, high school didn’t include macroeconomics, but somehow I felt that the problems of the world were connected to the economic growth paradigm (and in some cases, the lack of it). Studying economics and peace-and-development at university, it became obvious of GDP’s shortcomings as a measure of human progress for environmental reasons. My first regression analysis in 2012 was total GDP and total CO2e emissions globally, and I also compared it per capita. It was mind-blowing to me how we sacrificing the long-term stability of planet Earth’s biosphere (where humans, under the 10,000-year epoch of the Holocene, have thrived).

But it wasn’t until I read Diane Coyle’s book A Brief History of GDP several years later that it became obvious to me, despite holding a bachelor’s degree in economics, how GDP’s shortcomings extended to the social sphere, particularly from a gender perspective. We truly live in an economic system created by men for men. Let me explain how.

The Economic Invisibility of Women’s Work

Women in the Asia Pacific Economy Cooperation (APEC) region spend an average of around 4 hours and 20 minutes daily doing unpaid care and domestic work, almost three times the time spent by men, in line with the global average. The ILO estimates that unpaid care and domestic work could be worth as much as 9% of global GDP (USD 11 trillion), with women’s contribution at around 6.6% of GDP compared to men’s 2.4%. In some APEC economies, the value of unpaid work ranges from 5.5% of GDP to as high as 41.3% of GDP.

Nearly 90 billion hours of unpaid care work, without which economic growth would grind to a halt, are excluded from GDP calculations. Professor Naila Kabeer explains why this omission makes GDP a deeply flawed metric. In fact, almost two-thirds of women’s weekly working hours, and 45% of total working hours for all adults, are not counted in GDP because they fall outside of the market economy.

If unpaid domestic and care work were given an equivalent monetary value, it would constitute a substantial portion of global GDP, exceeding 40% in some countries. At the global level, the ILO estimated in 2018 that around 16.4 billion hours were devoted to unpaid care work daily, equivalent to 2 billion people working full-time with no pay, or roughly 25% of the world’s total population. When valued at an hourly minimum wage, this unpaid care work would amount to 9% of global GDP, or approximately USD 11 trillion.

In Latin America and the Caribbean, unpaid care work represents an estimated 21.4% of GDP, significantly above the OECD average of 15%. In some countries, if the value of unpaid care work were quantified, it could account for 21 cents of every dollar generated in the formal economy. However, time-use surveys vary widely and are often not comparable, making accurate estimates challenging.

The Global North’s Economic Dependence on Women’s Labour

The Global North's economic growth has long been dependent on the extraction of resources and labour from the Global South. International financial institutions (IFIs), controlled largely by Global North interests, have enabled multinational corporations to profit at the expense of poorer economies. This has resulted in a system where women’s unpaid and underpaid labour sustains economies across the world.

In South America, for example, 35% of land is now dedicated to soya cultivation, while non-biodegradable fertilizer use has increased by 69%. Between 2019 and 2021, natural resources accounted for over 50% of total exports and 10.1% of Latin America’s GDP. The neoliberal model relies on cheap migrant labour, maquiladoras, and the continued exploitation of natural resources, creating unstable economies where women bear the brunt of economic insecurity.

Women’s Labour: The Backbone of the Economy, Yet Unprotected

Despite being central to economic production and social stability, women’s labour remains undervalued and underpaid. Care work, which provides the foundation for economic productivity, is often taken for granted and its issues (overworked staff, long waiting lists for patients) often overlooked, but would that be the case if it was male-dominated?

Globally, remittances, much of it from migrant women workers, play a crucial role in sustaining economies. Remittances to Latin American and Caribbean countries were projected to reach a record USD 155 billion in 2023, an increase of 9.5% from 2022. This represents a crucial economic lifeline, yet the sacrifices of migrant women workers are often ignored in GDP calculations.

Meanwhile, GDP does not account for the intergenerational consequences of forced migration, the leadership vacuum created by the exodus of highly skilled women, or the environmental degradation caused by exploitative industries. The enormous economic contributions of former colonies to GDP-calculated wealthy nations also remain invisible within GDP statistics.

The False Prosperity of Military Expenditure

Militarization further distorts economic well-being as measured by GDP. The Middle East and North Africa (MENA) region, for example, has the highest military spending in the world, with an average of 12.5% of government expenditure going toward military budgets—far exceeding the global average of 7.1%. Military spending as a percentage of GDP in the MENA region stood at 4.7% in 2023, compared to less than 3% in other regions.

This spending inflates GDP but does not translate to genuine economic progress. Instead, militarization leads to war, displacement, and widespread human suffering—especially for women and children, who bear the brunt of conflict. GDP, as a measure, fails to capture the devastation wrought by military economies that prioritise weapons over welfare.

Toward a Feminist Economy: Measuring What Matters

The orthodox capitalist economic system, grounded in neoclassical theories, treats nature as a resource, humans as capital, and efficiency as the ultimate goal. This perspective is inherently imbalanced, lacking the feminine principles of care, community, and creation.

A truly feminist economy would prioritise well-being over relentless growth, centring values such as equity, sustainability, and collective prosperity. This means recognising and valuing unpaid care work, investing in social infrastructure, and ensuring fair wages for all workers, particularly in female-dominated sectors. It also means shifting economic priorities away from militarization and extractivism toward regenerative and community-driven models of development.

We must demand a system that acknowledges the essential contributions of women, not just by closing the gender pay gap, but by fundamentally redefining economic success. A caring economy rooted in feminist principles is the only way forward.

This Women’s Day, let us not only celebrate women’s achievements but also challenge the economic structures that continue to exploit and marginalise them. It’s time for an economy that measures what truly matters.

Resources and Further Reading

1. Coyle, D. (2014). GDP: A Brief but Affectionate History. Princeton University Press.

2. Kabeer, N. (2015). Gender, Labour Markets and Poverty Reduction: A Policy Perspective. UNRISD.

3. International Labour Organization (ILO). (2018). Care Work and Care Jobs for the Future of Decent Work.

4. Oxfam International. (2023). Time to Care: Unpaid and Underpaid Care Work and the Global Inequality Crisis.

5. World Bank. (2023). Women, Business and the Law 2023.

6. UN Women. (2023). Progress of the World’s Women 2023: Beyond GDP.

7. Federici, S. (2004). Caliban and the Witch: Women, the Body and Primitive Accumulation.

8. Shiva, V. (1998). Staying Alive: Women, Ecology, and Development. South End Press.

An Economy Built on Debt

Debt, the word alone carries a weight of responsibility. It creates a sense of obligation, with some level of anxiety. Perhaps my personal experiences shape my perception. As a teenager, I once borrowed money from a friend to go to the cinema, having exhausted my monthly (state-supported) income of 80 EUR. When I told my father, he was furious. He told me to repay my friend (he borrowed me money) and sternly instructed me never to borrow from anyone but him. I kept that promise until I was 21 years old and about to attend university. Even then, despite Sweden’s low-interest student loans (below 2%) and nearly 20% of the population having them, the thought of debt triggered anxiety, leaving me in tears as I applied.

Yet, as a millennial, I have seen debt framed differently too, particularly in the context of homeownership. Taking out a mortgage has often been seen as a smart financial move, a pathway to security and investment. However, this notion is largely based on the financial conditions (housing politics in the last decades in Sweden) that baby boomers enjoyed rather than the reality for younger generations today. The fundamental truth remains: debt must be repaid. That is its defining characteristic. This is why it is so intriguing to examine our economic system, where debt is vast and seemingly perpetual. Debt exists because there is confidence in the future, in the belief of growth, and in the ability to repay. But how does this function in practice?

The Global Debt Landscape

According to the International Monetary Fund (IMF), global debt reached $250 trillion in 2023, equating to 237% of global GDP. While private debt decreased, public debt rose to $98 trillion. Notably, private debt in the United States dropped by six percentage points, whereas in China, it surged by 6.5 percentage points. And as you can see in the graphs below, public debts are increasing when there’s a financial or other kinds of crisis (such as the pandemic).

It is staggering to consider that global debt is 2.4 times larger than the global GDP. However, debt is an essential element of modern economies. Have you ever seen a high-income country without debt? Likely not, because borrowing is a tool for future investments, intended to boost economic growth. While some argue that higher public debt stifles economic expansion, research suggests the relationship is more nuanced. The impact depends on how debt is structured and measured. For instance, a low state debt can look good, but won’t give the whole picture if your’re not looking at the total debt of the economy, where in Sweden municipality and regional debts have increased. Further, if more of the public services are run by private companies, the debt ratio won’t give a fair picture either. Based on a study from Lund, developed economies increase in GDP growth should however lower public debt (but I lack the real-life examples to confirm such a transition).

A critical question remains: at what point does debt become a drag on economic growth? Studies indicate that once a country’s public debt surpasses 77% of GDP, it starts reducing annual real GDP growth by 0.017%. If this threshold holds true, what does it mean for a global economy with a 237% debt-to-GDP ratio?

Private debt, loans and debt securities

Private debt, loans and debt securities

Central Government Debt

Central Government Debt

Household debt, loans and debt securities

Sweden’s Debt Structure and Economic Stability

Sweden has long maintained a strict fiscal framework to ensure low state debt. Since the mid-1990s, the government has adhered to policies designed to control public debt. A debt anchor, set at 35% of GDP, was introduced to provide a benchmark for sustainable borrowing. However, measuring Sweden’s debt should be done with some nuances (points made by Daniel Waldenström at Ekonomists) :

1. Which debt matters?

   • The national debt (central government) was 1,280 billion SEK in 2020.

   • The Maastricht debt (total public sector) stood at 1,974 billion SEK, approximately 50% higher.

   • As municipalities and regions are financially intertwined with the state, focusing solely on national debt can be misleading.

2. Public assets and net position

   • Sweden’s government holds significant financial assets, including pension funds, infrastructure, and reserves.

   • The overall net financial position remains positive, largely thanks to pension fund surpluses since the 1960s.

3. Debt-to-GDP vs. Net National Product (NNP)

   • GDP is the conventional metric for debt comparison, but NNP, which adjusts for capital depreciation, may provide a clearer picture.

   • In 2020, Sweden’s public debt was 26% of GDP, but 48.2% of NNP, revealing a more substantial burden than GDP-based metrics suggest.

4. Interest rates and borrowing costs

   • Interest payments on national debt have fallen from 4% of GDP in 2000 to below 0.5% in 2020, thanks to lower borrowing costs and fiscal discipline.

   • However, rising interest rates could challenge Sweden’s ability to maintain such low costs in the future.

5. Debt risk in crises

   • Sweden’s government debt surged during economic crises in the 1990s and 2008.

   • A future financial crisis could push Sweden’s Maastricht debt to 80-90% of NNP, an unprecedented level.

In other words, Sweden might look good compared to other economies when just looking at the state debt, but if you include the regions and the municipalities or the household debts as in the graphs above, it’s a different story.

The Debt Trap in Developing Nations

While high-income countries manage their debt through several mechanisms (such as a growing economy, low interest rates, privatisation, cut of expanses, issuing new bonds etc), developing nations face a harsher reality. Public debt in these countries has soared to $29 trillion, with many still repaying loans from structural adjustment programmes, infrastructure projects, or bailout funds dating back to the 20th century. I’m not going into the colonial, modern-trade and climate aspects of this highly injustice and morally questionable situation but I want to bring up the difference in the debt data.

The real issue here is not only the debt itself but the cost of servicing it. In 2023, developing nations paid $847 billion in interest payments alone. For 54 countries, over 10% of their government revenues go towards debt servicing, while 48 nations spend more on debt repayments than on education or healthcare, affecting 3.3 billion people.

Moreover, in 2022, the Global South experienced a net resource outflow of $49 billion, meaning more money was paid to creditors than was received in new loans. This ongoing financial drain stifles development and limits investment in critical services. The ever-growing debt burden makes these economies vulnerable to financial crises and external shocks, locking them in a cycle of dependency. Without restructuring efforts and fairer lending terms (maybe a complete cancellation in some areas?), many developing nations will struggle to break free from this cycle.

Conclusion: Rethinking Debt in Our Economic System

Debt is an integral part of our economic system. It enables investment and is supposed to fuel economic growth. But what happens when the economy doesn’t grow that much? Or if the things that grow increase costs in other areas, which then have to be met by more loans? Debt sustainability further depends on responsible decision-making. For example, increased taxes are another way to fund investments that do not rely on future promises but seem to be an unpopular option these days (hence the dependency on economic growth when we don’t want to pay for the needed investments/costs today).

Perhaps the real question is not how much debt is too much, but rather who benefits from it and at what cost. In Sweden, strategic fiscal policies have maintained stability, but not if you look at the broader picture and the global debt levels demand more attention! If the debt is a belief in the future, then we must ask ourselves if this debt is going to help us create the economic prosperity that we seek. Further, if the system itself is grounded in the other debts we’re currently facing (such as the climate crisis and possible breakdown of global food systems, for example?). What are we truly investing in? And when are we expected to harvest the promises of that better world we’re putting ourselves in deep debt over?

Sources:

IMF database

IMF Global debt monitor

IMF Blog

UNCTAD

Kommuninvest

Kommuninvest Blog

World Economic Forum

The World Bank

Lund University

Ekonomistas

Debt Justice

Conferences and Events on Beyond GDP 2025

While 2025 sees relatively few conferences explicitly focused on "Beyond GDP," several notable events center on economics, responsibility, and systemic change. These conferences (and one summer-school) provide valuable opportunities to discuss transformative approaches to monetary and fiscal policy and the shift toward sustainable and equitable economic models. If you know of any additional conferences focusing on systemic economic change, please feel free to share. Below is an overview of upcoming events in 2025 related to these themes.

Date & Location: March 26–27, 2025, at the Washington Hilton in Washington, D.C.

Overview: The Just Economy Conference is a premier national event that convenes community, business, foundation, policy, and government leaders dedicated to creating an economy that delivers equitable opportunities for all Americans to build wealth and live well. The conference features keynote speakers, main stage conversations, and a diverse array of sessions and workshops designed to foster networking, idea-sharing, and critical discussions aimed at shaping a more just economic future.

Price: Early bird pricing is available:

• General Admission: $800

• Nonprofit: $500

• NCRC Organization Member: $300

• Just Economy Club Member: $400

• Student/Intern: $100

• Retired: $100

Registration is now open.

Website: Just Economy Conference

Wellbeing Economy Forum

• Date & Location: May 8–9, 2025, at Harpa Concert Hall in Reykjavík, Iceland.

• Overview: The forum will examine the shift toward wellbeing-centered economic models, focusing on policies and practices that prioritize human and planetary health. Key topics include aligning public budgets with wellbeing goals, developing alternative economic metrics, and strengthening the connections between health, prosperity, and environmental limits.

• Price: ISK 15,000, including light refreshments and lunch; additional side events may have separate fees.

• Website: Wellbeing Economy Forum

World Circular Economy Forum 2025

• Date & Location: May 13–14, 2025, at Ibirapuera Park in São Paulo, Brazil.

• Overview: The ninth edition of the World Circular Economy Forum (WCEF) will explore tropical solutions for sustainable growth, the power of the regenerative economy, and bioeconomic strategies. Key sessions will focus on the indispensable role of the production sector in driving the transition toward a circular economy. Attendance in person is by invitation only, with online participation open to everyone.

• Price: Details to be announced; please check the event website for updates.

• Website: WCEF 2025

EBA 2025 Annual Conference

• Date & Location: June 10–12, 2025, in Nashville, Tennessee, USA.

• Overview: Hosted by the Environmental Bankers Association, the conference will discuss sustainability in banking and innovative approaches to environmental and social risk management. Sessions will highlight practical tools for aligning finance with sustainable development goals.

• Price: Registration details are available on the event website.

• Website: EBA 2025

16th International Workshop On Cooperative And Responsible Finance For Development

• Date & Location: June 19–20, 2025, at the University of Trento, Italy.

• Overview: The workshop will focus on cooperative finance, ethical banking, and their roles in sustainable development. Discussions will explore new models for responsible financial practices that support community development and resilience.

• Price: Participation costs are available on the event website.

• Website: Euricse 2025

I8th Conference of the International Society for Ecological Economics and 11th International Degrowth Conference

• Date & Location: June 24–27, 2025, in Oslo, Norway.

• Overview: This combined event will explore ecological economics and degrowth strategies for addressing global environmental and social challenges. Sessions will emphasize system transformation, equity, and sustainable development.

• Price: To be announced; details will be available on the conference website.

• Website: ISSE Degrowth 2025

ISB Summer School

• Date & Location: June 29 – July 4, 2025, in Bochum, Germany, hosted by GLS Bank.

• Overview: This summer school, organized by the Institute for Social Banking, offers in-depth training on sustainable banking and finance. The 16th edition will focus on "Finance for a Regenerative Future," exploring how capital can flow toward initiatives that regenerate ecosystems and enhance social well-being.

• Price: Registration details are available on the event website.

• Website: ISB Summer School 2025

MY YEAR IN 2024

Working with your Purpose

It feels almost unbelievable to put into words the things I’m about to share. Those of you who read my 2023 end-of-year reflection know that my biggest realisation and aspiration was to work on transforming the economic system in 2024. The past few months have been so busy that I hadn’t even realised this is exactly what I’m now doing.

In January, I began my year in Spain, continued building my newsletter, developed the course in Inner & Outer Sustainability, and launched my coaching programme. All while exploring opportunities in systems change. I completed several courses on EU policy work, Offers & Needs Markets from the Post Growth Institute, and the Meta Crisis Diplomats course. I delved deeper into Nate Hagens's work and committed to learning more about how the economic system relates to the meta-crisis, trusting that paid opportunities would come.

I must admit, “to jump” has not been easy (and this is the third year I’m doing it). Of course, the idea of being a self-employed entrepreneur while working for economic system change didn’t seem to be the best fit. My “product,” after all, is about transferring capital, transforming financial institutions, replacing GDP in the long term, and shortening work weeks, all while strengthening democracy and human rights. These aren’t exactly high-demand topics at the moment, not even as an employee.

Not long after I returned from Spain to Sweden, while hosting my course, embracing my first coaching sessions, and planning for the summer, things started to fall into place. I accepted a two-year position as a board member of the non-profit organisation Wellbeing Economy Alliance Sweden. I also became a board member of the member-based ethical bank JAK. The latter wasn’t an obvious choice since the bank is undergoing a major transformation. However, I couldn’t be happier with the role, it feels like the perfect match for my sustainability expertise and my eagerness to learn more about the financial system, including its rules and regulations.

In June, I accepted the position of Communication Manager at ECOnGOOD International, with responsibility for research, science, and EU policy work. ECOnGOOD is an umbrella organisation for the Economy for the Common Good movement, and my role is a senior management position. All those years in civil society have proven invaluable as I help build an organisation ready for international growth and meaningful impact.

Balancing commitments

Now, about 70% of my working time is dedicated to economic system change. I remain on the board of Sweden’s largest animal rights organisation, and I’m still the CEO of A Sustainable Closet (ASC). While I had to pause my course for obvious reasons, despite this spring’s amazing participants, and I’ve continued to coach a select handful of clients.

I still do public speaking on sustainability from time to time. Those who’ve heard me know that I now always include mental health and democracy in my talks. There’s no sustainable world without these two. Increasingly, I’ve been focusing on public speaking and consulting on economic systems, covering topics like measures beyond GDP and supporting organisations with report writing.

I’ve done all this this year, while ASC grew by 43%, with more than 10,000 monthly readers, several collaborations each year, and hundreds of loyal subscribers. It’s been five years since I started the platform, and the growth has been entirely organic. I’m certain ASC would have grown even larger had I been able to dedicate myself to it full-time, but I’m perfectly content working on it a few hours a week. I enjoy the pace of slow business, and it allows me to focus on topics I’m personally passionate about. Next year, ASC will embark on an exciting new journey, stay tuned for updates!

I’ve also dedicated time to political work, a new and fascinating area for me. While I don’t share much about this on my platforms, I’ve found it surprisingly easy to contribute on a local level. Whether politics will become a significant part of my life remains to be seen, but I’m open to stepping into a political role if it enables me (with members’ and voters’ support) to advance economic reform, well-being, and prosperity for all.

Inner Transformation

When looking at 2024, I can’t ignore the challenging times we live in. The world feels like a dark place, and I’ve cried several times over its injustices and hardships. Yet despite this darkness, my inner light grows stronger. I feel more capable, more ready to shoulder greater responsibility, and eager to help clients and collaborators create meaningful change. I truly believe we can transform the economic system and that we’re more capable than we realise of reshaping our lives. Sometimes, we just need to let go and trust, trust in ourselves, in our calling, and in the process.

Many people ask me how I manage to do so much or why things seem to manifest and change so easily in my life. I don’t believe I have any special gifts, nor is it simple to explain the journey of the past few years in just a few words. However, I do believe that when we know what we deeply care about, remain curious, and take action, it becomes easier to arrive at a place of contentment.

Yes, hard work, networking, and all those practical efforts are important. But even more crucial is knowing when to say no and allowing ourselves to rest. It’s not about forcing outcomes—it’s about serving a greater purpose. When we let go of the obsession with “I” and focus on becoming better versions of ourselves, life flows more naturally. I know it sounds like a cliché, but it’s clear to me that outer change begins with inner transformation.

This year, I was ready to release some deeply rooted limiting beliefs. I embraced a sense of inner freedom, learned to truly love myself, and allowed myself to live life on my own terms. I let go of carrying the weight of the world on my shoulders and instead approached life from a place of love and care.

The world doesn’t need everyone to have purposes like mine or to drive systemic change. What it truly needs are more relaxed, content individuals. So while this article highlights my professional transformation and sets out a few intentions for 2025, it ultimately circles back to love and trust: love and trust in ourselves, in others, and in the universe.

My Intentions for 2025:

• Advancing international and national policy-making to move beyond GDP towards wellbeing economics.

• Increasing seminars, speaking engagements, and events to educate others on economic system change.

• Supporting businesses and organisations in creating economic impact.

• Researching and writing articles and reports to enhance policy-making and understanding of economic system change.

• Securing personal support for communication activities, course creation, speaking requests, collaborations, social media management, and course implementation.

• Guiding more individuals to fulfil their dreams and make a difference.

• Launching ASC’s new platform!

It’s wonderful to end the year feeling empowered, uplifted, and motivated. But first, as always, I’m taking three weeks off to focus on what matters most: my health, my husband, my family, and my friends.

Wishing you all a Happy New Year and joyful holidays!

See you in 2025!

4 Day Work Week - it is time

The concept of a four-day work week has been gaining momentum worldwide, and in Sweden, the Green Party recently expressed their desire to see it implemented. It's not surprising that this idea is gaining traction; what’s more surprising is that it hasn’t happened sooner. With the industrial revolution came the standardization of working hours, and this structure has stayed largely the same for decades, despite significant advances in technology, productivity, and social progress.

How the work week was standardized

During the early 20th century, the idea of regulating working hours began to take root. The Ford Motor Company famously introduced the eight-hour workday in 1914, which was revolutionary at the time. In Sweden, the eight-hour workday became law in 1919, although a six-day work week still remained the norm.

It wasn’t until 1971 that the 40-hour, five-day work week became legally established in Sweden, cutting back the days worked but retaining the eight-hour day. Even now, 79% of Swedes still work according to this model, despite societal advancements and the ability to work more flexibly in some sectors. Over the past 50 years, there has been little change to the structure of the work week, though some companies have experimented with a 38-hour work week or introduced more flexible hours.

Why haven’t we made more progress?

With remarkable economic growth, technological innovations, and improvements in social systems such as parental leave, one might wonder why these advancements haven’t translated into more free time for workers. After all, isn’t the goal of progress to enhance our quality of life—such as the right to choose what to do with one’s time?

This isn’t just a matter of individual choice. Reducing work hours voluntarily (which means reduced income), is a privilege that most people, particularly those in essential jobs such as teaching, healthcare, and public services, simply cannot afford. High housing costs, stagnant wages, recently inflation and rigid workplace structures mean that many workers cannot take time off without sacrificing their financial security. Moreover, reducing hours can impact pensions, parental leave benefits, and career prospects, making it an unrealistic option for the majority.

The productivity puzzle

An often-discussed aspect of the four-day work week is its impact on productivity. In recent years, several studies have shown that true productivity is often far lower than the time spent at work suggests. In the UK and Canada, research has indicated that most employees are only productive for 1.5 to 2.5 hours a day. These findings align with John Maynard Keynes’ prediction in the 1930s that humans, with the rise of automation, would eventually only need to work around 15 hours a week.

Interestingly, the four-day work week has proven to maintain, and in some cases even boost, productivity. In 2019, Microsoft Japan trialed a four-day work week and reported a 40% increase in productivity. In 2022, the UK conducted one of the largest four-day week trials involving 73 companies and 3,300 employees. The results showed that not only did productivity remain stable, but workers experienced reduced stress, burnout, and fatigue, while their work-life balance and job satisfaction improved dramatically. More than 90% of employees involved in the trial wanted to continue with the shorter week.

In Spain's Valencia region, a pilot program in 2023 scheduled four consecutive Mondays off for workers. Results showed that participants had better health, lower stress levels, and more time to engage in activities such as sports and meal preparation. The program also led to environmental benefits, with reduced commuting resulting in lower nitrogen dioxide emissions.

Global perspectives on the four-day work week

The four-day work week isn’t just gaining traction in Sweden or other high-income countries. In Brazil, 83% of workers are in favor of adopting a four-day week, with 76% believing it would increase their productivity. Poland is also considering a four-day work week or five shorter days, with 70% of the population expressing preference for the former.

Portugal’s recent trial involving 1,000 participants found that 95% rated the experience positively and wanted it to continue beyond the six-month test period. In Hong Kong, two-thirds of employees have expressed support for shorter working weeks. In Ireland, unions representing civil service workers have pushed the government to consider a similar trial.

Even in sectors like healthcare, where staff shortages are a concern, a four-day work week could prove beneficial. In the Netherlands, a study found that 82% of hospital staff believed that shorter working weeks would help attract and retain colleagues, while 93% expected an improvement in job satisfaction.

Critics and concerns

Critics argue that reducing the work week could exacerbate staff shortages in essential services like healthcare and education. There are concerns that compressed work hours could lead to increased stress, as employees struggle to complete the same amount of work in fewer days. There is also the issue of potential impacts on GDP growth, particularly in countries with aging populations and labor shortages.

However, proponents of the four-day work week emphasize the long-term benefits, such as reduced absenteeism, lower employee turnover, and improvements in physical and mental health. Economist Juliet Schor, who has studied shorter work weeks extensively, believes that working less is not only beneficial for individuals but also key to addressing global challenges such as climate change.

Moving forward: Redefining progress

The discussion around the four-day work week highlights a crucial point: productivity is only one measure of progress, and it shouldn’t be the only one. Instead, we should focus on improving overall well-being. A society where people have more control over their time—whether through a four-day work week, a six-hour workday, or a 30-hour work week—is one that values human beings over labour output.

This isn’t just an issue for the Global North. Workers everywhere, from Sweden to Brazil to Hong Kong, should benefit from the advancements that make shorter work weeks possible. More time off means more opportunities to spend with family, engage in community activities, pursue creative endeavours, or simply rest.

Ultimately, the reason to support a four-day work week is not just to increase productivity but to allow people to live fuller, more balanced lives. As more companies, unions, and governments explore this idea, it’s clear that reducing work hours should become a defining feature of human progress. If you would like to have a four-day work week as the legal norm, inform your workplace, ask your union what they do and vote or ask a political party in your country!

Sources: European Commission, Expertvalet, Vision, World Economic Forum and the 4 Day Work Week Global.

Happy Countries that doesn't cost the earth

Last week, the Happy Planet Index 2024 report made its debut, published by the HotorCool Institute. My acquaintance with the HPI index dates back to my master’s research in 2017, delving into welfare measures. The HPI calculates life expectancy multiplied by self-reported well-being and then divides the result by consumption-based carbon footprint. I recall that in 2018, the equation involved the ecological footprint instead.

This year's report, drawing data up to 2021, seeks to spotlight countries achieving individual well-being and longevity while maintaining a low carbon footprint. According to the latest UNEP emission report, the safe threshold for carbon emissions stands at 3.17 tons per person. Self-reported well-being data stems from the World Happiness Report Gallup-backed data, scored from 1 to 10, while life expectancy data is sourced from the United Nations, Department of Economic and Social Affairs, Population Division (2022).

Life expectancy

Self-reported wellbeing

Carbon footprint

The overall HPI

Surprisingly, the top scorer this year is Vanuatu, an idyllic island nation in the South Pacific. With a life expectancy of 70.4 years and a self-reported well-being score of 7.1 out of 10, Vanuatu has a carbon footprint well below the globally fair share of 3.17 tonnes CO2e per capita.

Sweden claims second place, boasting significantly higher life expectancy and self-reported well-being compared to the affluent nation of Sweden (83.0 years and 7.4 out of 10, respectively). However, Sweden's per capita carbon footprint is more than three times larger. Nonetheless, it still maintains a lower carbon footprint compared to most similarly wealthy countries, standing at 8.7 t CO2e per capita in 2021 – a figure 16% less than Germany's and less than half of the USA's per capita footprint.

Costa Rica, a perennial leader in the HPI since 2009, has slipped to fourth place, partially due to the adverse effects of the COVID-19 pandemic. Nevertheless, it's remarkable that despite a carbon footprint slightly above the fair consumption level at 4.4 tonnes CO2e per capita, Costa Rica continues to achieve some of the highest levels of well-being globally.

Regions development

The report underscores a common focus on citizen well-being and public investment among these top-performing countries, although as a Swede, I've observed a contrary trend in recent years. The crux is that high carbon emissions and robust GDP growth are not prerequisites for well-being and longevity. Among the top ten countries with the highest per capita GDP, six have below-average HPI scores, suggesting that prioritising GDP alone does not necessarily lead to enhanced well-being within environmental limits.

For the first time, this report delves into inequalities within HPI scores within countries, revealing stark differences. In the USA, for instance, the top 10% of earners exhibit an average carbon footprint of 68.7 tonnes CO2e per capita, compared to 23.6 tonnes for the eighth income decile. The corresponding benefit in well-being is marginal, indicating that high-income earners with significant carbon footprints experience little improvement in self-reported well-being. Interestingly, excluding top-income earners would significantly boost HPI in Mexico due to their disproportionately high carbon emissions.

HPI doesn't aim to supplant GDP but rather emphasises the need for alternative measures and indicators that truly capture what matters. It's a call for prioritising happy life years as a proxy for society's ultimate goal, echoing a demand for such indicators from organisations like the IUCN (World Conservation Union).

Furthermore, HPI in relation to GDP reveals that GDP alone doesn't contribute significantly to HPI. While there's a modest increase in average HPI with GDP up to a certain threshold, the relationship weakens thereafter, explaining only 21% of the variation in HPI. Notably, this relationship is strongest for low-income countries, suggesting that GDP may contribute to well-being and life expectancy in such contexts without significantly increasing carbon emissions.

References to different indicators in the media

Reflecting on trends over time, the pandemic has undeniably impacted HPI, albeit differently across regions. West Europe, for instance, witnessed a rise in life expectancy alongside a reduction in carbon emissions, albeit insufficient to meet the Paris Agreement targets. Conversely, in East Europe, emissions remained stagnant while well-being and life expectancy increased.

Finally, the report underscores the role of climate action in addressing inequality, highlighting that the top 10% of income earners globally contribute roughly half of all emissions. In Europe, this group's carbon footprint surpasses that of the bottom 50% of the population, emphasising the imperative of tackling inequality to combat climate change effectively.

In essence, it's time to redirect our focus towards what truly matters and measure our progress accordingly. By addressing major challenges and prioritising well-being and planetary prosperity, we can pave the way for a more sustainable and equitable future.

Read the report here!

The Common Good Economy Conference 2024

Or maybe I shall call it by its formal name, the ECG International Conference, is taking place on 3-5 June 2024 in Leeuwarden, Fryslân, The Netherlands. The theme of the conference is Converging Future-Fit Economic Models: Advancing Just and Sustainable Regions. It is the third conference for the Economy for Common Good. Previous events happened in 2019 and 2022. This time businesses, academia, civil society and the public sector will meet to discuss topics ranging from the need for a GDP successor, new sustainable economics models, water and energy, circular and biobased economy, regenerative models, leadership and spirituality, among other things.

Some of the key speakers and roundtable plenary participants are Kate Raworth (founder of Doughnut Economics), Ebhang Liepollo Pheko, Katy Wiese, Jason Nardi (Solidarity Economy), Bas Van Bavel, Paul Schenderling and the founder himself of Economy for Common Good; Christian Felber.

I will personally attend the event and I’m very much looking forward to listening to some of the top experts in the field of how we can transform and improve our economic system to meet socio-ecological goals. What I like about the Economy for Common Good is the applicability and the business-friendly approach. It is a framework that allows all stakeholders to act and participate. It enhances a free market based on solidarity, equality and social improvements.

I hope you will join as well and if you are a student, there’s a generous discount available.

I will travel from Stockholm to the Netherlands by train and highly recommend you check out DK to find your train ticket to the conference.

I hope to see you there.

Global Democracy back at 1985 years level

In 2024 64 countries, plus the European Union is holding elections. That means 49% of the global population is voting this year. A good sign for democracy or how democratic is the world?

Over the years, organizations like Varieties of Democracy (V-Dem) have tracked democratic development across nations. The latest report from V-Dem, spanning from 1973 to 2023, paints a concerning picture of global democracy trends.

The Retreat of Democracy

The 2024 report highlights a disconcerting reality: autocratization continues to be the dominant trend, mirroring patterns observed in previous years. What's particularly alarming is the nuanced analysis of regime changes. While some countries show signs of improvement after a period of decline (U-turns), others experience democratic declines despite recent improvements (Bell-turns). This volatility underscores the fragility of democracy and the need for nuanced scrutiny.

Democracy in Decline

The data indicates a regression in democratic values over several decades. By country-based averages, democracy has regressed to 1998 levels, while for the average person, it's back to the state observed in 1985 (!!!). This retrogression is not uniform; instead, it's starkly pronounced in Eastern Europe and South and Central Asia.

The Autocracy Surge

The divide between democracies and autocracies remains almost evenly balanced on paper. However, the distribution of populations paints a different picture. A staggering 71% of the world's populace resides in autocracies, a significant increase from a decade ago. Electoral autocracies, in particular, are home to a substantial portion of the global population, with 44% residing in such regimes.

Democratic Erosion

The erosion of democratic institutions is a global phenomenon. Freedom of expression, a cornerstone of democracy, is deteriorating in more countries than it's improving. Similarly, clean elections, once considered relatively stable, are now experiencing deterioration in multiple nations. This decline extends to freedom of association, further constricting civil society's ability to function autonomously.

Trends of Regime Change

Of the 60 countries experiencing regime transformation, the wave of autocratization is particularly noteworthy. India, accounting for a significant portion of the world's population, stands out in this regard. While there are tentative signs of the autocratization wave slowing down, caution is warranted in interpreting these trends. On the flip side, democratization efforts are limited, with only 18 countries making strides in this direction.

Hope Amidst Challenges

Despite the negative trends, a few countries are becoming more democratic. Yet, we have to remember that the road to democratization is fraught with obstacles, and setbacks are common! Democracy needs to be preserved, guarded and cared for. The upcoming national elections serve as critical junctures that can either propel democratization or further entrench autocratic regimes. If you're able to vote this year, make sure you vote for parties ready to guard our human right to vote, participate in elections and freedom of speech.

Beyond Growth Conferences in 2024

20-21 March Copenhagen, Denmark

UX Copenhagen - Join us for our 10th annual “Human Experience” conference – in Copenhagen or online. The theme for 2024 is “Degrowth and Consumerism”.

Learn more here!

18-19 April rome, Italy

Beyond Growth Conference Italia 2024. With Kate Raworth, Jason Hickel and many more.

Learn more here!

12-15 May Austria

Beyond Growth Konferenz. Die Beyond Growth Konferenz Österreich 2024 ist ein Kongress nach dem Vorbild des gleichnamigen Events im EU-Parlament in Brüssel.

Learn more here!

30-31 May Copenhagen, Denmark

Konference om trivselsøkonomi by Wellbeing Economy Alliance Denmark.

Learn more here!

3-5 June Leeuwarden, Netherlands

Economy Common Good International Conference 2024. The III ECG International Conference (ECGIC24) “Converging Future-fit Economic Models: Advancing Just and Sustainable Regions” will be held on June 3, 4 and 5, 2024.

Learn more here!

18-21 June Pontevedra, Spain

The 10th International Degrowth Conference and the 15th Conference of the European Society for Ecological Economics (ESEE). The event is titled 'Science, Technology, and Innovation Beyond Growth: Cultivating Collective Creativity for a Sustainable Future’.

Learn more here!

25-26 June dublin, Ireland

Rethinking Growth Conference Ireland. This high-level event, organised by the Wellbeing Economy Alliance Ireland Hub, builds on the influential Beyond Growth Conference, a cross-party initiative of 20 Members of the European Parliament which took place in Brussels in May 2023.

We aim to bring together politicians from across the political spectrum in the North and South, policymakers, practitioners, thought leaders and civil society from all around the island to reimagine the concept and role of economic growth, to explore current challenges being faced in both jurisdictions and to build better foundations for a wellbeing economy for the island of Ireland.

Learn more here!

France end of September

Un projet de Décroissance. More information is coming.

Learn more here!

4-6 November Rome, Italy

OECD World Forums on Well-being. Over the last two decades, the OECD World Forums on Well-being, formerly known as the World Forums on "Statistics, Knowledge and Policy" have been pushing forward the boundaries of well-being measurement and policy. By bringing together thousands of leaders, experts and practitioners from around the world, and from policy, statistics, research, business, philanthropy, and civil society, the Forums have helped to spur action across multiple domains, playing a pivotal role in the "Beyond GDP" movement, and building evidence and know-how to put people’s well-being at the heart of measurement, policy and practice. 

Learn more here!

The CEO to Worker Ratio - A symptom of a broken system

Have you ever heard of the CEO-to-worker ratio? This ratio measures how much the Chief Executive Officer (CEO) earns compared to the workers. It can pertain to an industry, a specific company, or a group of companies where the average salary of the CEO is compared with the average salary of the workers. Why does this measurement matter? Because it reflects something about our economic system. A larger salary for a CEO compared to a worker is typically justified based on the CEO having more experience, more responsibility, and being more productive. However, how wide can that ratio be to be justified? How much more does a CEO truly contribute to the prosperity of the firm compared to its workers? Is it 5-1? 10-1? Let’s say a typical worker earns €3500 per month; a 5-1 ratio would mean that the CEO earns €17500. Would that be reasonable? You might argue it depends on the size of the firm. However, the ratio is far from 1-5. Here are some statistics:

In 2021, the CEO-to-worker compensation ratio was 399-to-1.

In 2020, the ratio was 366-to-1.

In 1989, the ratio was 59-to-1.

In 1965, the ratio was 20-to-1.

What does this mean? It means that CEO wages have increased way more than those of typical workers. From 1978 to 2021, CEO compensation grew by 1,460%. In contrast, the compensation of the typical worker grew by just 18.1% during the same period. For example, McDonald’s CEO Chris Kempczinski earned 2,251 times more than the average McDonald’s worker, and Starbucks’s ex-CEO, Kevin Johnson, earned 1,579 times more.

This ratio also varies between different countries. According to Statista, the ratio is higher in the United States and lower in countries such as China and Germany. According to a BBC article referring to OECD data, the ratio in Sweden is 60-1, which means a CEO in Sweden only needs 5.5 days to earn a typical worker's yearly salary.

Ratio between CEO and average worker pay in 2018, by country. Source: Statista

Another perspective that needs to be added is that, given the current high inflation rates in Sweden and internationally, wages adjusted for inflation have decreased in the last couple of years, making the situation even worse for typical workers and the poor.

Real wages percentage change between 2020 and 2022. Source: Medlingsinstitutet

Where does this growth come from?

It comes from CEOs having more power to set their wages, but also from a significant portion (80% in the US, according to the Economic Policy Institute) of their compensation being stock-related. In other words, CEOs benefit from profits and stock market performance, while typical workers do not. This strong trend of increasing CEO compensation has also concentrated more wealth into the hands of the top 1% or 0.1% of the population, making the remaining 90% poorer in comparison. Inequality has skyrocketed, and this is one of its drivers.

What to do about it?

Inequality is not only morally wrong; it also harms the economy. This ratio needs to decrease, and typical workers must be better compensated for their contribution. That means strengthening unions and their bargaining power, increasing their ability to have a say in top compensation. It also involves increasing the income tax of the top earners in the economy and implementing and enforcing regulations that prevent firms from gaining large market shares. It is healthier for the economy to have several smaller firms competing. Moreover, it is healthier for society if typical workers can earn a good living while CEOs are fair, not fairy-tale, compensated.

For more insights on our economic system and system-thinking concepts sign up for my newsletter! These are built on principles of wellbeing and always guide readers on their inner sustainability journey too. Be a part of the mission towards a more sustainable world.

What is the Mordor Economy?

Recently I listened to Nate Hagens's Podcast The Great Simplification where he is being interviewed by the economist Kate Raworth about the concepts he presents in the podcast, the purpose behind the podcast and his background (which he seldom shares, since he doesn’t want to focus on himself rather the world systems we live in). At one point he mentioned the “Mordor Economy”. As a Lord of The Rings fan, it grabbed my attention. That our current economic system might lead to destruction felt like a good metaphor, but how does the Mordor Economy operate? These were some thoughts that crossed my mind and I felt like I needed to dive deeper into the concept.

The concept is built on the fact that a larger share of our economy (GDP) is now used towards extracting and producing energy. It used to be as low as 5% now we are heading to a ratio of 15%. This is because what used to be cheap fossil fuels are getting harder to get. In other words, a larger share of GDP is about getting energy instead of giving benefits to society.

At the same time, as this energy is produced more environmental destruction occurs. Renewable energy needs materials and dirty fossil fuels need clean-ups. In other words, the cost of getting that energy increases because of the repair that needs to be done in order just to keep nature as intact as it is today. These two trends are not just hypothetical since we know that energy efficiency hasn’t decreased to match the increase in energy consumption.

GDP growth is 99% related to energy consumption and 100% relates to material use. In the Mordor Economy, 50% of the GDP is used for just getting energy and 50% is used just to take care of the damage that energy production created. Nothing is left for the society. We are trapped in Mordor.

For more insights on our economic system and system-thinking concepts sign up for my newsletter! These are built on principles of wellbeing and always guide readers on their inner sustainability journey too. Be a part of the mission towards a more sustainable world.

Why We Must Leave GDP Behind

In times of increased risks of economic recession and the inability of welfare states to meet the needs of their citizens, the questioning of our economic system has been brought back to light. Currently, about 1/5 of all EU citizens are at risk of poverty, where the young are especially vulnerable. A situation that hasn’t changed much in the last decade. It is not new criticism; the environmental movement has, for a long time, raised warnings about the coupled relationship between environmental destruction and climate change with GDP growth. A criticism that has been met with the idea of Green Growth is that modern technology and the efficiency of the market can solve the problem, even though the scientific evidence points to the opposite. Current criticism, however, brings up the social factor too because what is the point then with GDP growth if livelihoods don’t get any better and citizens are struggling? Wasn’t that what we sacrificed the environment for in the first place?

Photo: Adam Smith Institute

What is GDP?

The concept of GDP has its roots in the aftermath of the Great Depression. In the 1930s, economists were searching for a reliable measure to assess economic activity and guide policymakers in responding to economic challenges. Simon Kuznets, an American economist, is often credited with developing the first comprehensive system for measuring national income and output, laying the groundwork for what would later become GDP. However, the term "Gross Domestic Product" itself was not widely used until the 1940s.

GDP is calculated using three different approaches, each providing a slightly different perspective on economic activity:

• Production approach (or Output method): This approach calculates GDP by adding up the value of all goods and services produced in the country during a specific period.

• Income approach: GDP can also be measured by summing up all incomes earned by individuals and businesses in the country, including wages, profits, and taxes.

• Expenditure approach: This approach calculates GDP by adding up all expenditures made in the economy, including consumption, investment, government spending, and net exports (exports minus imports).

GDP growth indicates that the economically measured monetary output is increasing. Real GDP means that it has been adjusted based on inflation, as increased activities typically coincide with inflation. Regardless of which method one is using, some factors added percentage change can result in GDP growth. The factors include consumption, investment, government spending, exports, and imports. Increased consumption, investment, government spending, and exports normally contribute to GDP growth, while increased imports decrease GDP.

You will find surprising little literature that goes more into detail about how these calculations are done and if you want to understand GDP better, I would highly recommend Diane Coyle's book "GDP: A Brief but Affectionate History", which you can find in my book list at Educate Yourself.

What it measures and not

Despite being celebrated as a good indicator of a country’s economic activity it is not a good indicator of a country’s development. Already when created Kuznets warned US Congress not to focus too narrowly on GNP or GDP: “The welfare of a nation can scarcely be inferred from a measure of national income,”.

Here’s a list of what GDP does not measure.

• Quality of life: GDP does not account for the overall well-being or quality of life of a population. It provides no information about factors such as education, healthcare, life expectancy, or access to social services, which are crucial components of a society's standard of living.

• Income inequality: GDP does not reflect the distribution of income within a population. A country with a high GDP may still have significant income disparities, and this inequality is not captured by the GDP figure.

• Non-Market transactions: GDP focuses on market transactions and excludes non-market activities such as household work, volunteerism, and other unpaid contributions. This omission leads to an incomplete understanding of a nation's economic activity.

• Environmental sustainability: GDP does not consider the environmental impact of economic activities. While economic growth may contribute to a higher GDP, it may (or has) come at the cost of environmental degradation, resource depletion, and pollution.

• Quality and innovation: GDP measures the quantity of goods and services produced but does not account for their quality, innovation, or technological advancements. A focus on GDP alone does not capture improvements in products or services that enhance the overall well-being of the population. Ever heard of planned obsolescence?

• Informal economy: GDP may not accurately represent economic activities in the informal sector, where transactions are often unrecorded. This is particularly relevant in developing countries where a significant portion of economic activity occurs outside formal channels.

• Health and education: GDP does not provide insights into the health and education status of a population. Health outcomes, educational attainment, and access to healthcare are critical factors influencing a nation's human capital, but they are not reflected in GDP figures.

• Social and political stability: GDP does not measure social or political stability. Even in economically prosperous countries, social or political unrest can prevail, affecting the overall well-being of the population.
  

  In other words, GDP increases when more jails are built and after a natural crisis, when cities are rebuilt. GDP increases when people spend more money on medication (which might not always cure the root cause of the symptom), and if mines are built exploiting humans and nature. It does not increase when a parent decides to work less and stay home more with their children when people choose to eat less unhealthy food and go for a run outside more (maybe indirectly if they live longer lives and stay in the workforce), or if people decide to consume fewer new things in general. When a country exports weapons, it is good for GDP growth. When households share cars, and household gear, and exchange second-hand clothing, GDP does not go up; it’s better for GDP if each household buys a new item.

  You may have heard of the quote “You get what you measure,” a company would never apply a Key Performance Indicator that does not help facilitate expected results. However, our states are presently relying on an indicator that fails to deliver the anticipated results citizens are seeking in their lives.

Photo: QCostaRica

GDP and human progress

There is little doubt that in a post-war scenario, GDP also reflect improvements in livelihood, schools are built, hospitals are built, trade starts, people get jobs, and income and can start consuming the necessities it need. There is strong evidence that a higher GDP also results in higher life expectancy and more years of schooling. Further, a study from 2017 looking at welfare in terms of consumption means, leisure and life expectancy subtracted by inequality shows a correlation between welfare and higher income per capita. However, a large part of that is related to consumption (which is in high-income countries, a huge environmental issue). Looking at the largest economy in the World, the USA compared to Costa Rica, Costa Rica outperforms the USA in life expectancy, wellbeing and environmental sustainability. Costa Rica’s environmental footprint is just 1/3 of the USA’s and the Costa Ricans experience a higher sense of wellbeing than the Americans. It truly shows that GDP needs to be complemented, adjusted or replaced. Costa Rica seems to have a more efficient economy than the USA, but that is not how we build policies in the world.

What to measure instead

The academic literature on measures beyond GDP is well-explored. WISE lists more than 300 well-being measures on its platform. By researching and mapping measures myself for more than 6 months, I can however say that the categorization of measures is not standardized in the literature. However one can view the measures as adjusting GDP (where negative costs are subtracted and positive values added), complementing GDP (such as a well-being index), or an alternative to GDP (which seeks to replace GDP). Some of these measures result in one single index (but categories can still be weighted), one single number, and others have categories where certain areas are not tradable with others. To give an example of the latter would be some measure that puts environmental and social performance separately since an increase in social performance could overshadow a possible decline in environmental performance.

If you want to explore some of the measures, check out the list here! If you want to get notified about articles and insights related to economics, make sure you subscribe to my newsletter, and you can always invite me to learn more about welfare measures. Contact me for keynote details.

It’s time to have a look at our economic system.

5 Podcasts to Learn About Our Economic System

Have you ever questioned the reasons behind our current circumstances? Despite our wealth of resources, some of the most fundamental issues, like poverty, remain unsolved. The key factor in this puzzle is economics, the science of managing scarce resources.

In a world driven by complex economic forces, understanding our economic system to some degree is crucial. Without a grasp of economic principles, it becomes challenging to comprehend the dynamics shaping our societies. Fortunately, podcasts have become a valuable resource, offering insightful discussions and expert analyses that can demystify economic concepts for listeners. To embark on a journey of economic enlightenment, here are five podcasts that provide a comprehensive understanding of our economic system, empowering us to navigate and perhaps even contribute to positive change.

Freakonomics Radio: Hosts: Stephen J. Dubner

"Freakonomics Radio" takes a unique approach to economics, exploring the unexpected and unconventional sides of economic phenomena. Host Stephen J. Dubner, co-author of the best-selling book "Freakonomics," interviews experts and dives into intriguing topics that challenge preconceived notions about how the economy works. The podcast encourages listeners to think critically about the world around them and question traditional economic paradigms.

Economics for Rebels: Hosts: Dr. Köves Alexandra

"Economics for Rebels" challenges conventional economic thinking by featuring conversations with leading scholars and thinkers. Using ecological economics and social critical thinking it takes a look at some of our most daunting challenges such as the climate crisis and we ended up here and move ahead.

New Economic Podcast: Host: Ayeisha Thomas-Smith

Presented by the New Economic Foundation this podcast goes into existing politics and economic situations very much related to everyday households, not at least in the UK. The topics cover various issues such as the economics of the pandemic, who owns the internet, houseing, caregiving and much more. For all of you who want to have a critical perspective.

The Great Simplification: Hosts: Nate Hagens

Probably my number one source of information when it comes to current challenges humanity are facing, the systems we live in and the latest science and insights on how we take it from there. I don’t read the news so podcasts like Nate’s are of great value to me since it is so rooted in what is currently happening around the globe. Very thoughtful conversations and super interesting guests from various scientific fields and expertise on climate, environment, monetary and economic systems, energy and so on. Some episodes are long, but they are worth it.

Pengar & Politik: Hosts: Elinor Odeberg och Silvia Kakembo, by Arena Idé

This one goes for my Swedish friends since it is in Swedish. A very thoughtful, entertaining and factful podcast that comments on the current economic situation of Sweden. The current politics shaping it and the alternatives that are possible. This is my number one source to stay updated on politics and economics in Sweden which thankfully is hardly influenced by the neoclassical growth paradigm but stays within the framework of the current system.

As we navigate the complexities of our economic system, these podcasts provide a valuable roadmap for those seeking to understand the forces that shape our world. By listening to diverse perspectives, engaging discussions, and expert analyses, we can empower ourselves with the knowledge needed to not only comprehend our economic system but also actively contribute to positive change. After all, an informed citizen is the foundation for a society capable of shaping its economic destiny.

MY YEAR IN 2023

Second year as self-employed

Last year marked an important decision in my life—to become self-employed (you can read the 2022 article here). Primarily driven by a desire for increased freedom and dedicated time for personal projects. My major objective for 2023 was financial, since we all need a salary (I’m sure fellow entrepreneurs can relate). Beyond that, I aimed to better define the projects and clients I wished to engage with and the ideal working environments. Reflecting on the past year, I now have found a sense of clarity in these aspects. Being engaged in meaningful work and consistently receiving a salary has been immensely gratifying. The entrepreneurial dream can easily break down when progress stalls, but the experience of potential success is undeniably empowering.

This year's journey has extended beyond professional pursuits, encompassing a struggle to maintain faith in humanity and the world. I've grappled with intense grief, questioning the significance of my work. At the same time, I've felt a strong determination and empowerment. Ultimately, my goal has become more clear —I aspire to contribute to system change and reshape the economic landscape while preserving my autonomy.

Of course, inspired by the Beyond Growth Conference hosted by EU parliament members in May this year, we have finally reached the maturity to look at our economic system. I recently shared my wish to work in economics on LinkedIn, where I also acknowledged the uncertainty of my path ahead. I think I have learned to embrace the unknown, recognizing that the world is inherently unpredictable. While this uncertainty can be intimidating, it also presents opportunities. Our collective actions can become one powerful force, driving social change and reaching critical social tipping points when we at least expect it.

This article is just a summary of some work that I’ve done and it helps me to see that I do make a difference. Because I do have moments when it does not feel like it. It is also essential not to focus too much on doing, but rather embrace one’s being. Taking breaks for self-care and enjoying life is not just acceptable—it's necessary. We need a multitude of contributors, not just a few shouldering everything. Though the world may seem to be on fire, my commitment to continue working for the world I believe in is stronger than ever.

My course in inner and outer wellbeing

Around this time last year, I dedicated myself to the finalization of my course in Inner and Outer Sustainability. My work led to the course's launch in April 2023, with an initial cohort of 12 participants. The experience was profoundly rewarding, and the feedback surpassed my wildest expectations. It became evident that the intersection of personal journeys and global issues resonated with many. While I intended to host the course biannually, a temporary break was necessitated by my involvement with the United Nations.

For those intrigued to delve deeper into the course and explore the firsthand experiences of past participants, you can find more information here! Don’t hesitate to sign up if you’re interested, it's a non-binding inquiry that secures your spot before capacity is reached. Don't miss the opportunity to join this transformative journey!

Human Rights and Sustainability

The majority of my time has been devoted to supporting The High Commissioner for Human Rights. My involvement includes active participation in their Greening the Blue initiatives, although the specific details of my contributions must remain confidential. Working with OHCHR has been a genuine honour, providing invaluable insights into the intricate landscape of human rights.

Despite the formidable global challenges and widespread violations of human rights, delving into this realm has inspired me to position human rights as a fundamental pillar of sustainability. It's become evident that sustainable development cannot exist in isolation from the principles of human rights. Although the United Nations has faced heightened criticism, particularly in recent times, my own perspective was shaped in high school, when I wrote a thesis on the Security Council, which made me realise what the UN can and can’t do. Working with the organization firsthand, there is no doubt that there is dedication among its staff. Some colleagues have even become friends, contributing to my admiration for all human rights defenders and those committed to working for humanity.

I encourage you to invest time in understanding human rights. As sustainability professionals, we serve as advocates for the human rights to a healthy, clean and sustainable environment. Embracing these rights not only aligns with our professional roles but also contributes to a broader commitment to human dignity and global well-being.

Public Speaking and Seminars

There is no greater joy for me than connecting with people, sharing knowledge, and inspiring them to make change. Hosting seminars and engaging in public speaking rank among my most cherished activities in life. This year has presented several opportunities for me to step away from my desktop work and take the stage.

• Seminar about sustainable fashion in Jordan with Jordanian Fashion Designers at the Swedish Embassy

• Seminar and workshop with ABF Dalarna about sustainable development

• Seminar and workshop in Amsterdam about Beyond GDP Growth for EU members

• Moderating a seminar on human rights and sustainable fashion with Parul Sharma as a speaker, presented by Ninyes during Slow Fashion Week

• Seminar at Uppsala University about welfare measures Beyond GDP

• Seminar at Åva High School about sustainable development

• Seminar at Thorhildsplan High School about sustainable fashion presented by My Dreams

If you're interested in booking me for a seminar or want more information about the topics I cover, please visit here!

Additionally, earlier this year, I had the privilege of being a guest on Sanja Tegeltija on her Podcast En Timma Med, where we discussed inner and outer sustainability. You can listen to the episode here!

A sustainable closet

Two years ago, A Sustainable Closet (ASC) established its business model, and the economic sustainability of the platform has become a crucial focal point for me. Without proper funding, the platform cannot achieve the difference it aspires to make. In the course of 2023, ASC has engaged in numerous paid collaborations, receiving requests daily. The challenge lies not in securing collaborations but in aligning them with our stringent sustainability criteria. The ongoing development of the platform is something I eagerly anticipate. Here are some key figures from 2023:

• Published 91 articles on sustainable fashion

• Made 64 interviews with people, brands and stores leading the change

• Grown our platform with an 87% increase in visits compared to last year

• An average of 8500 visitors per month have read our content

• Published our own editorial - Plastic is it Fantastic?

• Mapped and published second-hand city store guides in more countries such as the US, Spain and Italy.

• Had several guest bloggers, interns and rewarding collaborations with other change-makers for a more sustainable fashion scene

Sign up for our newsletter and learn more here!

Civil society

For those who have been following my journey for some time, you're aware of my longstanding commitment to civil society. With 12 years of experience in the field, my focus has predominantly been on providing strategic support. I engage in this work for several reasons: to safeguard democracy, to counterbalance the profit-driven economy through non-profit organizations, and as a means to channel my concerns about various societal trends, to do something is essential for me.

Here are some of the meaningful involvements I've had in 2023:

• Djurens Rätt: In my third year as a board member, I am immensely proud to contribute to the cause of animal rights through this organization. The level of professionalism within Djurens Rätt is truly commendable.

• Wellbeing Economy Alliance Sweden: Having joined the core group, I was elected as a board member this autumn. The enthusiasm and honour I feel in contributing to the development of Weall Sweden are beyond words.

• Organic Beauty Award: For the second consecutive year, I'm a part of the jury for the Organic Beauty Award. It's a delightful way to engage in sustainability actions while having some fun!

• Political Engagement: This year, I've taken a step into a new arena by joining a political party and being part of a working group. Without political change, there will be no change.

• Positive Money and Demokratisk Omställning: Delving into alternative economics, I've joined book clubs associated with these organizations. 2023 has been a year of intensive study and exploration in the field of economics.

Personal Development

The year 2023 brought numerous celebrations and significant changes into my life, marked by fun occasions such as three close friends getting married, six friends welcoming new babies, and beautiful train journeys (Stockholm-Brussels, Stockholm-Amsterdam, Bucharest-Berlin-Stockholm, Stockholm-Geneva-Barcelona). However, amidst the festivities, I encountered three major shocks that posed considerable mental challenges. Here's a summary of some insights gained:

• Ask for help - In moments when the usual coping mechanisms fall short, don't hesitate to seek assistance. It takes courage to ask for help when needed.

• Allow yourself to feel - Embrace anger and grief rather than holding onto emotions, as suppressing them only intensifies suffering. Identify safe spaces to express and release these emotions.

• It's okay to zoom out - If a topic consumes your thoughts and disrupts your sleep, it's crucial to disengage. Recognize when an issue has become overwhelming and prioritize your well-being.

• Combat hopelessness with action - When feelings of hopelessness arise, compile a list of actions you take to contribute positively to the world. While you can't help everyone, your efforts matter and make a difference.

• Run your business in alignment with your values - Uphold personal values in business practices. Stick to principles such as not working for free, setting rates according to your experience, collaborating with those who care about people, and avoiding competition or sales that don't resonate with your heart. While this may deviate from conventional business advice, I believe, it fosters a happier life.

• Prioritize joy and celebration - During life's challenges, make time for celebrations. Whether it's dancing late into the night or participating in circles and friends' gatherings, nurturing connections within communities is vital for personal thriving.

What I’m looking forward to in 2024?

My journey into 2024 begins with a blank canvas. While a few opportunities and numerous ideas and aspirations lie ahead, my primary focus right now is to give myself the rest I truly need.

In the coming year, I want to prioritise activities that bring me joy — dancing more, painting more, and laughing more. Just to smile more often. That is my goal.

The Historical Beyond Growth Conference 2023

Introduction

Two weeks ago more than 2000 people gathered in the halls of the European Parlament to discuss Beyond Growth. The Beyond Growth Conference 2023 was initiated and organized by Members of the European Parliament; a collaborative effort between The Greens/EFA, The Left, S&D, Renew Europe, EPP and NI made this event possible. Partner organisations were the Wellbeing Economy Alliance, ZOE Institute for Future Economics, New Economics Foundation, The Club of Rome, Degrowth, Friends of Earth Europe, Finance Watch, European Trade Union Institute and the European Environmental Bureau among others.

This is not the first time a conference on the theme of moving beyond GDP growth in the EU is happening. In 2018 the Post Growth Conference took place, but it was a small event with a few selected guests and speakers. This conference was a multi-stakeholder event aiming to discuss and co-create policies for sustainable prosperity in Europe with the purpose to challenge conventional policy-making in the EU. It is even stated on the website “to move away from the harmful focus on sole economic growth”.

The conference was open for anyone to register and many seats were left for civil society. Partner organisation representatives were of course there, but many of the conference participants were students or activists (many times both) who had heard about the conference from their professors or in other networks.

In other words, this conference wasn’t an event with a formal, stiff and traditional seriousness, but rather it was a free gathering with open-minded people seriously seeking new pathways and who truly want to be part of the change. It was said to be the Woodstock of system change. And it truly felt like it! The conference was also entirely free and I would say, if you want to be an inclusive organiser where anyone can join, it has to be free! Priced conferences are not good places for visions for the future and better policy-making!

Personally, I was there as a representative of the newly established organisation Wellbeing Economy Alliance Sweden! The hub is for anyone who would like to engage and volunteer for wellbeing economics in Sweden. If you are based in Sweden, please feel free to reach out, become a part of our core hub or follow us on social media!

Structure of the conference

The three day conference had 7 plenary sessions, 20 focus panels and 4 policy labs. Each session was chaired by one of the co-organising Members of the European Parliament. Besides the main programme, selected participants could co-create policy recommendations on topics related to current policy processes. These interactive policy labs happened at the Chatham House. Personally, I never had the time to go there.

The plenary sessions were long. About 4-6 speakers with 10 minutes each followed by internal discussions before questions from the audience were let in. For someone like me working with mental health and wellbeing, more breaks and shorter speeches would have been preferable.

The days normally started with a plenary for all, had focus panels after lunch and ended with a plenary for all. In that way the majority of the content of the conference (from what I felt) was seen by most participants. For the focus panels, one had to choose and register before the conference, but no one really paid attention to who joined which session.

But I can tell you, it was intense, a few breaks for toilet visits and food, but otherwise it was a run to be able to be in time for each session (since they were all so interesting!).

Who were the speakers?

Several of the speakers came from academia, think-tank groups, non-profit organisations, activism and so on. There was no clear commercial agenda or private corporate interest in place, which I found delightful since many sustainability conferences today are way too much influenced by private interests (from my perspective). To discuss how to move beyond GDP growth will of course require an inclusive approach, including the private sector, but it was very rewarding to listen to people with such a clear and transparent agenda - many times with point of views simply just based on their own academic research.

There were many known and familiar profiles from the wellbeing economy and the post growth movement such as:

• Timothée Parrique - researcher at the School of Economics and Management of Lund University.

• Kate Raworth - Senior Associate, Oxford University. Founder of Doughnut Economics.

• Professor Tim Jackson - Director of the Centre for the Understanding of Sustainable Prosperity (CUSP).

• Professor Jason Hickel - Institute for Environmental Science and Technology at the Autonomous University of Barcelona.

• Dr. Vendana Shiva - Physicist, social and environmental activist, ecofeminist and anti-globalisation author.

• Professor Robert Constanza - Ecological Economics at the Institute for Global Prosperity, University College London.

• Sandrine Dixson-Declève - Co-president of the Club of Rome.

• Professor Giorgos Kallis - Institute of Environmental Science and Technology, Barcelona.

• Professor Dr. Maja Göpel - Director of Research at The New Institute.

There were also other skilled speakers who brought many interesting perspectives who may not always be associated with beyond GDP such as:

• Professor Johan Rockström - the Director of the Potsdam Institute for Climate Impact Research and Professor at the Institute of Earth and Environmental Science at Potsdam University.

• Professor Joseph Stiglitz - Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute.

• Adelaïde Charlier - Belgian climate justice and human rights activist.

• Professor Rutger Hoekstra - Associate Professor at the Institute of Environmental Sciences, Leiden University. Leader of the WISE Horizons, a large European project, which is pursuing metrics and policies to enhance Wellbeing, Inclusion and Sustainability (WISE).

• Professor Florence Jany-Catrice - University of Lille, member of the Research Center Clersé (UMR 8019), and Richard B. Fisher Member, School of Social Science (2020-21), Institute for Advanced Study, Princeton.

• Ann Pettifor - Director of PRIME- Policy Research in Macroeconomics.

• Corinna Schlombs - Associate Professor of History at Rochester Institute of Technology.

Please have a look at the full speakers list here and don’t miss out on some of the most popular speeches below!

Take Aways

• Beyond GDP means different things for different people, some are convinced degrowth fans which literally means a decline in GDP while other mean that degrowth doesn’t necessarily mean a decline GDP rather a shrinking economy (which might logically work if we don’t measure GDP) and others prefer not to use degrowth and rather focus on wellbeing economy.

• That GDP growth is a bad metric for development is commonly understood, but how to move beyond it, what the goal, the roadmap and narrative should be is unclear.

• Green Growth is still viewed among EU members and commissionaires as a must for development, even though conference participants would probably disagree.

• The climate and environmental perspective was strong. Also some colonial and social perspectives, but how to focus on the things that matters to people on an individual basis, such as purpose, existential questions or happiness were not as present.

• There is a lot of work being done on how to measure welfare beyond GDP, there’s plenty of metrics and current work happening in the EU, OECD and in other places on how to mainstream these and develop the indicators - but the question remains how these measures can guide policy-making and budgeting to a larger extent.

• There were few speakers who went through financial and fiscal policy - especially how they tend to fail and why GDP for the sake of economics is not very effective! The few that did were my highlights of the conference. Beyond GDP will probably not happen without mainstream economics participating in the discussion.

My wishlist moving forward for the EU

• Beyond Growth Conference (BGC) to be established on a UN level. Moving Beyond GDP needs to be a global approach since our economic system is inter-connected and needs a geo-political perspective.

• Reforms and policy-making for economic education and degrees. We are currently educating thousands of economic students who are trained in neo-classical economics without even considering that GDP is not a stated fact. It’s man-made and can be remade.

• Harmonious and standardised implementation of welfare measures and indicators attached to policy-making and budget on a national level. Indicators must guide future policy-making - not GDP.

• Research and suggestions for implementation of Universal Basic Income for all - no one should be left behind when we’re transitioning to a completely different economic system where labour and jobs will look completely different.

• A roadmap for a just and climate friendly down scaling and de-coupling of the financial market from the welfare system.

I could go on and on, but the major question is not to what extent GDP can grow without emissions and material extractions (green growth) rather how to decouple socio-ecological prosperity from GDP growth? That is the question that should guide research and policy-making moving forward!

Speeches to watch

Here’s a list of selected speeches of 10 minutes each but you can also watch the other speeches as a part of the full plenary discussions available on Club of Rome YouTube channel or GreensEFA YouTube channel!

Zero Waste Day - What problems do humans have with waste?

Graphics from World Bank

Waste is a major environmental, climate, and economic problem that affects communities around the world. The disposal of waste has a significant impact on the environment, including air, soil, and water quality, as well as natural habitats and biodiversity. Landfills, incinerators, and other waste disposal methods generate harmful greenhouse gases, including methane, which contributes to climate change.

In addition to its environmental impacts, waste also has economic implications. The cost of waste management, including collection, transportation, and disposal, can be substantial. This expense is typically borne by taxpayers or passed on to consumers through higher prices for goods and services. Moreover, wasted resources, including energy, water, and raw materials, are a significant drain on the economy.

The negative impacts of waste are not evenly distributed, and communities around the world are disproportionately affected by waste disposal. Low-income communities are often located near waste disposal facilities, including landfills and incinerators, which emit harmful pollutants and pose health risks. These communities may also lack access to adequate waste management services, leading to the improper disposal of waste, further exacerbating the problem.

To address these issues, individuals, communities, and governments around the world are working to promote waste reduction and Zero Waste initiatives. Zero Waste Day, celebrated annually on March 30th, is a day to raise awareness of waste reduction and highlight the importance of moving towards a zero-waste future. The day emphasises the 5R's of waste reduction: refuse, reduce, reuse, recycle, and rot (compost), as well as promoting sustainable production and consumption practices.

In conclusion, waste is a significant environmental, climate, and economic problem that affects communities worldwide. It is critical to prioritise waste reduction efforts and move towards a Zero Waste future to protect the environment, conserve resources, and promote equitable access to waste management services.

Here are some facts about waste today:

• The waste sector is one of three key methane emitting sectors — following agriculture and oil and gas — and is responsible for about 20% of human-driven methane emissions globally.

• The world generates 2.01 billion tonnes of municipal solid waste annually, with at least 33 % of that—extremely conservatively—not managed in an environmentally safe manner.

• High-income countries, 16% of the population, generate about 34%, or 683 million tonnes of the world’s waste.

• Global waste is expected to grow to 3.40 billion tonnes by 2050, more than double population growth over the same period.

• Globally, most waste is currently dumped or disposed of in some form of a landfill. Some 37% of waste is disposed of in some form of a landfill, 8% of which is disposed of in sanitary landfills with landfill gas collection systems. Open dumping accounts for about 31% of waste.

• Only 9% of the waste is recovered through recycling and composting.

What you can do:

Spread awareness

• Vote for environmental action

• Tell politicians to act

• Tell companies to design responsibly

• Volunteer and join clean-up days

• Reduce your consumption of new items

• Reuse and recycle as much as possible

• Avoid single-use items and bring reusables

• Reduce your households food waste