In a thought-provoking blog post, titled, ‘Rebranding degrowth: can a wellbeing economy save us?’, Ron Labonté, a member of The Collective, delves into the concept of rebranding degrowth within the framework of a wellbeing economy. Published on June 18, 2024, Labonté questions our future trajectory and the potential of wellbeing economics to counter capitalism’s relentless growth imperative.
Labonté notes that while growth often carries positive connotations, it remains deeply tied to capitalism’s need for increasing material consumption. This unchecked growth threatens humanity’s ‘safe operating space,’ as highlighted by the Club of Rome. Despite efforts to prioritise green growth and mitigate the adverse effects of neoliberal capitalism, the ongoing rise in emissions and economic disparities indicate that current reforms fall short.
Wellbeing economics offers a promising alternative, focusing on equitable distribution of resources necessary for a healthy life while respecting planetary boundaries. The World Health Organization’s Council on the Economics of Health for All (2021-2023) advocates for progressive taxation, debt relief for poorer nations, and a shift from GDP to wellbeing metrics. Similarly, the Earth for All collaboration proposes policies to ensure a sustainable future, emphasizing that economic growth must be secondary to environmental and social wellbeing.
The concept of wellbeing economics draws from various ideological perspectives, including neo-Keynesianism, neo-Marxism, and postgrowth theories, as well as non-Western philosophies like South America’s buen vivir and South Africa’s ubuntu. These diverse influences provide a comprehensive vision of collective living in harmony with nature.
Despite its potential, scaling up wellbeing economics from grassroots initiatives to national policies remains challenging. Some countries, such as Finland, Scotland, and New Zealand, have made strides by forming the Wellbeing Economy Governments (WEGo) network and implementing wellbeing budgets. However, these efforts often face political resistance and limited impact on actual policy decisions.
Labonté concludes by balancing optimism with realism, recognizing the duality of hopeful and challenging futures. Embracing the Mi’kmaq concept of ‘two-eyed seeing,’ he advocates for a dual approach: striving for wellbeing while resisting the forces that hinder progress. Ultimately, Labonté calls for a reimagined economy that prioritizes human and planetary health over unchecked growth.
