This article is based on an insightful interview between Mark Buckley and Della Z Duncan, featured in the latest episode of the Inside Ideas Podcast series.
Della, a renowned Renegade Economist, shares her vision for transforming the global economy by challenging mainstream economic systems and advocating for regenerative and sustainable models. Through their conversation, we explore the intersection of economic justice, environmental protection, and the urgency of achieving the UN's global goals.
Renegade Economics, as championed by Della Z Duncan, represents a transformative approach to addressing the world’s most pressing challenges. It advocates for a shift from traditional economic systems, rooted in growth-driven capitalism, to models that focus on sustainability, social justice, and economic equality. With the growing urgency of achieving the UN’s global goals—such as climate action, environmental protection, and peace and justice—Della’s work challenges us to rethink how economies should function in an era where planetary boundaries and social needs must be balanced.
The problem with green capitalism
A key element of Della Z Duncan’s work is examining the limitations of "Green Capitalism," a term used to describe attempts to make profit-driven systems more sustainable. While corporations may make strides in reducing emissions or implementing eco-friendly practices, the core economic model remains unchanged, with profit maximisation often outweighing genuine environmental and social priorities. According to a 2023 study by the Global Sustainability Index, 70% of sustainability claims made by corporations lack credible evidence of meaningful change. This highlights the growing need for an economic shift that prioritises regenerative practices over capital-driven growth.
In response, Renegade Economics pushes for the development of alternative frameworks, such as Doughnut Economics and Regenerative Economics, which promote economic systems designed to operate within the Earth’s ecological limits while ensuring that all people can meet their basic needs. As part of her consultancy work, Della assists businesses in transitioning to these more sustainable models, helping them abandon practices that harm the environment or perpetuate inequality.
One notable example of these alternative models in action is the California Doughnut Economics Coalition. Founded by Della and others, this initiative aims to apply the principles of Doughnut Economics to local economies, striving for an approach that balances human well-being with planetary health. The Doughnut model, created by economist Kate Raworth, visualises a safe and just space for humanity, where no one falls short of life’s essentials and humanity does not overshoot Earth’s ecological limits.
Organisations like the Gross National Happiness Centre, another initiative Della supports, further emphasise the importance of moving away from GDP-centric measurements. Gross National Happiness (GNH) incorporates factors such as environmental health, social equity, and mental well-being—key components for achieving long-term sustainability and peace.
As the world faces growing challenges, from climate change to economic inequality, the role of the global society in driving change has never been more critical. Collaboration across borders, industries, and disciplines is essential to finding solutions that not only protect the environment but also create more equitable and just societies. The UN’s global goals, which aim to eliminate poverty, ensure quality education, promote sustainable economies, and protect the environment, offer a roadmap for these efforts. However, reaching these ambitious goals requires the active participation of a diverse range of stakeholders, including governments, businesses, non-profit organisations, and individuals.
The global society is not just a collection of nations but a network of interconnected people and organisations committed to addressing shared challenges. By working together and embracing alternatives to the dominant capitalist model, global collaboration can facilitate the transition to more sustainable, just, and equitable futures.
Looking ahead, the work of economists offers hope for creating an economy that serves both people and planet. The shift towards regenerative livelihoods, as explored in the Cultivating Regenerative Livelihoods program, is a step toward creating new, sustainable models for businesses and individuals. By focusing on long-term ecological health, collective well-being, and economic fairness, these models can help usher in a more harmonious relationship between humanity and the planet.
Renegade Economics, challenges the traditional economic paradigms that have contributed to the world’s ecological crises and growing inequality. Through the adoption of alternative economic models like Doughnut Economics and the application of regenerative practices, we can forge a path toward a future that supports both sustainability and social justice. Achieving the global goals will require collective action, innovation, and a willingness to question the status quo, but the potential for positive world changes is immense. As we move forward, it is essential for the global society to work in unison, integrating the principles of Renegade Economics into everyday practices, policies, and business strategies.
More information: https://www.dellazduncan.com/
Youtube credits: https://www.youtube.com/@InsideIdeas