Great Transition

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= not to be confused with the Great Transition Initiative


By Giuseppe Feola and Sylvia Jaworska:

"Great transition (GT) (Spratt et al. 2010) is a comprehensive blueprint for building an economy based on stability, sustainability and equality. GT emerged in the aftermath of the 2008 financial crisis, and departs from the recognition that a transition is necessary, desirable and possible. The economic model based on free markets, endless economic growth, economic liberalization and the retreat of governments has not delivered in terms of environmental quality or life satisfaction. GT thus challenges notions of prosperity based on material accumulation and proposes visions of a good life within environmental limits, and fairness in society.

GT builds on the ideas of

(1) prioritization of social and environmental over economic value,

(2) fairer share of wealth and work to reduce the social ills of inequality,

(3) correction of market failures and reinstitution of State intervention for the public good,

(4) decision making at as local a level as possible,

(5) localization and autonomy,

(6) restructuring of financial systems to help correct market failures and to support localization, and

(7) connection of the national and international levels." (