WHAT IS AN ECONOMY THAT WORKS?
The Economy That Works initiative aims to develop an economic model that will deliver prosperity, competitiveness and sustainability so that British companies and citizens can thrive both now and in the long term.
WHY DO WE NEED AN ECONOMY THAT WORKS?
We believe that we cannot resolve the environmental crisis without understanding the overall system within which this crisis is unfolding. Environmental solutions have socio-economic impacts and vice-versa. An Economy That Works is our way to bring these factors together by answering one critical question: What is the fundamental purpose of the economy?
WHAT IS DIFFERENT ABOUT AN ECONOMY THAT WORKS?
Over the last few years there have been numerous books, campaigns and initiatives that call for a review of our economic model. Academics, though-leaders, NGOs and government bodies have all developed innovative thinking, which we have drawn upon extensively to research the An Economy That Works report. There are a number of factors that make AETW different to these:
The breadth of stakeholders involved in the research process and in supporting the report seeks to be a true cross-section of society
The report is not an end product, with a utopian ideal of a perfect society, but the start of a campaign that seeks to integrate the thinking behind AETW into concrete policy proposals
HOW WAS THE CONTENT OF THE REPORT DEVELOPED?
The first stage of AETW comprised the research and launch of the first two reports. This was supported by the Aldersgate Group, an alliance of leaders from business, politics and civil society (www.aldersgategroup.org.uk). Building on a foundation of desk research and interviews with thought leaders, targeted workshops attended by Aldersgate Group members and stakeholders were used to develop the content of the report.
Through this process the characteristics and enablers were identified, tested with the Aldersgate Group membership and adapted as a result of that feedback
We then did further research on each characteristic and enabler to enable us to get a strong understanding of them. We hosted a series of policy workshops with over 40 thought-leaders to identify areas of policy focus alongside a number of cross-cutting themes
Once the content for these was developed we tested our draft with content experts in each characteristic and enabler and adapted the content accordingly
Finally, we shared the full draft with the Aldersgate Group Board, Membership and selected interested parties before finalising the content
All sources used are referenced in the report.
HOW WILL WE MAKE IT HAPPEN?
There are three main stages to our initiative:
1. Build support by bringing together an influential group of thought leaders and encouraging collaboration
2. Create mainstream appeal by raising public awareness through strategic communications and partnerships
3. Advance policy through a process of political and business engagement
WHO IS INVOLVED?
The first stage of An Economy That works was supported by the Aldersgate Group (www.aldersgategroup.org.uk), who supported the launch and first two reports.
We are currently building an alliance of the most dynamic, diverse and enlightened UK leaders with the power, determination and drive to turn our vision into reality.
Our corporate supporters and policy partners recognise that the best way to meet our objective is to take a systemic approach to environmental challenges. To see a list of these organisations, click here and here.
WHY DO WE NEED AN ECONOMY THAT WORKS COALITION?
The Economy That Works’ aim is to develop an economic model that will deliver prosperity, competitiveness and sustainability so that British companies and citizens can thrive both now and in the long term.
This is a very ambitious scope, both in terms of content – environmental, social and economic – and in terms of aims – redefine the purpose of the economy. Such an aim cannot be achieved by any organisation individually, and requires the concerted efforts of a large number of stakeholders from across the British social and political spectrum.
This is why we believe that we can only achieve our aims by building a wide coalition of partners who support the aims of An Economy That Works and integrate them within their activities and specific areas of expertise.
WHY SHOULD Corporate Supporters and Policy Partners BE INTERESTED?
Benefits to partners include:
- To be part of an alliance dedicated to creating long-term sustainable growth that is in our collective interests
- To ensure that your specific priorities and interests are taken into account
- To underpin your own objectives with a systemic overview of the economy, helping to join the dots
- To collaborate with organisations from across the economy to address shared challenges
- To be more influential as a collective that has greater reach than the sum of its parts
- To engage in thought leadership with peers interested in creating a long-term, prosperous and resilient future for the UK.
WHAT ARE THE COALITION’S OBJECTIVES?
The Economy That Works coalition will have three core objectives:
1. To align a large group of leaders from business, politics and society behind the need to rethink our economic paradigm and decisively shift the Government’s macroeconomic narrative and decision-making.
2. To create popular mainstream appeal for the characteristics of an economy that works.
3. To reframe the conversation around the purpose of the economy within the political sphere and integrate into policy-making the characteristics of an economy that works, starting with influencing Party manifestos in the run-up to the 2015 elections.
WHAT ARE THE SUCCESS INDICATORS?
Set the political frame: engage with the new government particularly relevant ministers to provide a vision for the next Parliament that is consistent with an economy that works.
Shift public discourse and build political pressure: Media & public economic debate shifts from focus on “how to generate short term growth” to “how to create long term value”.
Transformational policy change: Development of clear policy objectives that align with the vision for an economy that works.
WHAT HAPPENS NEXT?
Building on the support of the founding supporters of the Economy That Works alliance, our aim is to work with government to help define the policies that will enable to transition to an economy that works, and critically measure how we are performing against the 6 characteristics on a regular basis, together with GDP growth.
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