Ten principles for transforming economics in a time of global crises

Abstract Transformation of economic systems is widely regarded as essential for tackling interacting global crises. Unconventional economic approaches seeking holistic human and planetary well-being have transformative potential, but mainstreaming them is hampered by vested interests and intellectual lock-ins. They are also diffuse and struggle to develop sufficient discursive power to gain more widespread traction in policy. To bring coherence, we undertake a qualitative content analysis of 238 document sources from science and practice. We identify ten ecological, social, political economy and holistic principles cutting across 38 economic approaches. They include: (1) social–ecological embeddedness and holistic well-being; (2) interdisciplinarity and complexity thinking; (3) limits to growth; (4) limited substitutability of natural capital; (5) regenerative design; (6) holistic perspectives of people and values; (7) equity, equality and justice; (8) relationality and social enfranchisement; (9) participation, deliberation and cooperation and (10) post-capitalism and decolonization. We also consider opportunities and barriers to applying these principles in the context of global crises. Our results can help consolidate transformative economic approaches and support future efforts to synthesize conceptual models, methodologies and policy solutions and to validate the identified principles more explicitly within global south contexts.

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Publication Details

Journal
Nature Sustainability
Published
2025-05-22
DOI
https://doi.org/10.1038/s41893-025-01562-4
Citations
16
Primary Topic
Sustainable Development and Environmental Policy
Type
article
Field-Weighted Citation Impact
38.75

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article

Ten principles for transforming economics in a time of global crises

Sandra Waddock, Annela Anger-Kraavi, Jane Kabubo‐Mariara, Chris Riedy et al.
16 citations
Nature Sustainability
Sustainable Development and Environmental Policy
38.75
article

Ten principles for transforming economics in a time of global crises

Sandra Waddock, Annela Anger-Kraavi, Jane Kabubo‐Mariara, Chris Riedy, Sam J. Buckton, Kate E. Pickett, Steve Waddell, Adam P. Hejnowicz, Bina Agarwal, Peter Jones, Simone Martino, Nibedita Mukherjee, Jasper O. Kenter, Robert Costanza, Jordan O. Lafayette
article en
16 citations

Abstract

Abstract Transformation of economic systems is widely regarded as essential for tackling interacting global crises. Unconventional economic approaches seeking holistic human and planetary well-being have transformative potential, but mainstreaming them is hampered by vested interests and intellectual lock-ins. They are also diffuse and struggle to develop sufficient discursive power to gain more widespread traction in policy. To bring coherence, we undertake a qualitative content analysis of 238 document sources from science and practice. We identify ten ecological, social, political economy and holistic principles cutting across 38 economic approaches. They include: (1) social–ecological embeddedness and holistic well-being; (2) interdisciplinarity and complexity thinking; (3) limits to growth; (4) limited substitutability of natural capital; (5) regenerative design; (6) holistic perspectives of people and values; (7) equity, equality and justice; (8) relationality and social enfranchisement; (9) participation, deliberation and cooperation and (10) post-capitalism and decolonization. We also consider opportunities and barriers to applying these principles in the context of global crises. Our results can help consolidate transformative economic approaches and support future efforts to synthesize conceptual models, methodologies and policy solutions and to validate the identified principles more explicitly within global south contexts.

Nature SustainabilityVol. 8(7)
Boston College (US), University of Technology Sydney (AU), University of Nairobi (KE), University of Nottingham (GB), James Hutton Institute (GB), Aberystwyth University (GB), University of Cambridge (GB), Leverhulme Trust (GB), University of Manchester (GB), Institute of Economic Growth (IN), Partnership for Economic Policy (KE), BAH Enterprises (Canada) (CA), University College London (GB), University of York (GB), University of Tartu (EE), Brunel University of London (GB), Lancaster University (GB), Tecnológico de Monterrey (MX), University of Edinburgh (GB)
Leverhulme Trust, Natural Environment Research Council
Openalex Percentile: Top 0%
Sustainable Development and Environmental Policy
38.75
DOIOpen Access PDFOpenAlex
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