Humanization of the economy – an effective development path or a utopia?

In the context of global transformations and challenges of the 21st century related to climate change, social inequality, technological revolution, and changes in the structure of labor markets, rethinking the role of the economy in the life of society is of particular importance. Modern economic systems, focused primarily on GDP growth, profit maximization, and production efficiency, often ignore fundamental human values, such as well-being, social justice, sustainable development, and care for future generations. In this context, the humanization of the economy is one of the most relevant and controversial concepts. Humanization of the economy offers an alternative path, where the economy becomes a tool for achieving the goals of man and society, and not vice versa. It involves reorienting the economic system to the priorities of human development, well-being, and harmonious coexistence with the environment. The results of the analysis of a number of economic and social indicators of a sample of countries with different types of state and economic structures showed that the humanization of the economy, based on the priority of human capital, fair distribution of resources, sustainable development, and democratization of labor, can indeed become an effective development path for society. Examples of countries with high levels of investment in social and environmental technologies confirm that this approach improves the quality of life, stimulates innovation, and ensures long-term stability. However, the implementation of this concept requires overcoming many barriers and limitations, such as raw material dependence, corruption, bureaucracy, and insufficient public involvement.