What is an inclusive economy, and how do we know if we’re making progress towards it?
The Foundation defines inclusive economies by five inter-related characteristics: participation, equity, growth, sustainability, and stability.
While growth and equity are critical ingredients for a more inclusive economy, they direct us away from a more constructive and nuanced conversation about other elements of what makes an economy more inclusive, particularly for the poor and vulnerable. Important, too, is who participates in the economy—as workers, consumers, and business owners—whether growth is lasting and sustainable, whether people have an equal shot at economic opportunities, and if there’s some minimum level of security and predictability associated with those opportunities. These questions are particularly important in rapidly-changing demographic, social, environmental and economic environments.
A new report takes the definition above and identifies a list of 15 sub-categories and 57 indicators associated with each of these five characteristics, and how one might go about measuring them given the data that is generally available.
For generations, our economy has enabled people to dream big dreams and work hard to achieve them. Today, our economy seems to work for the benefit of those at the very top. But what if we turned today’s exclusive economy into a more inclusive economy—one with more opportunities for more people?
Bringing this vision to life will require transformation at the deepest layers of our economic systems and at the highest levels of business, government, and civil society. Many of the policies and practices that have worked in the past aren’t working for us now. We need total system innovation, from disrupting the ways wealth is generated and distributed to changing corporate behavior to better serve employees’ range of needs.
Doing so will advance a more inclusive economy where more people have access to more opportunities, equal shots at success, and the freedom to define what success looks like for themselves.
What if that was the world we lived in today?
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