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Table of Contents
Intro
Foreword
Phil Molefe
Introduction
Our major twenty-first-century economic challenge and Ubuntu
Chapter 1
What is inclusive economics?
Introduction
Conceptualisation: What is an inclusive economy?
Theoretical framework for economic inclusivity
Heterodox economic theories
Inclusive economic theory
Implications of an inclusive economy
Conclusion
Chapter 2
Inclusive growth
Introduction
What inclusive growth is not: Inequality and unfettered growth
How is inclusive growth different?
What are the components of inclusive growth?
Pro-poor growth
Broad-based growth
Shared growth
Inclusive business
Green growth
Growth that creates real value
Failures of GDP and measuring inclusive growth
Inclusiveness index for growth
McKinley Inclusive Growth Index
Global Database of Shared Prosperity (GDSP)
Dynamic integrated measure of inclusive growth
Conclusion
Chapter 3
Genuine economic progress
Introduction
The meaning of genuine economic progress
Theoretical foundation
Measuring genuine economic progress
Genuine Progress Indicator (GPI)
Indices measuring holistic economic progress
The System of Integrated Environmental and Economic Accounting (SEEA)
Progress: From innovation for profits to innovation for well‑being
Conclusion
APPENDIX 3.1: Components, refinements and formulas of the GPI
Chapter 4
The circular economy
Introduction
Brief background and theoretical underpinning
What is different about the circular economy?
A different concept of the economy
Circular economy's higher goal: Changing the processes of production, business and governance
Measuring progress differently - and for a different purpose
The role of innovation and technology: The digital circular economy
Conclusion
Chapter 5.
Collaborative economy
Introduction
What is a collaborative economy?
Collaborative frameworks: The honeycomb model and the access economy
Honeycomb 1.0
Honeycomb 2.0
Honeycomb 3.0
The access economy
Building a collaborative economy: How is inclusive business different from CSR?
A new economic ethos coming out of the collaborative economy
Conclusion
Chapter 6
Inclusive economic policies and institutions
Introduction
Inclusive economy matrix (IEM)
A new end goal: Defining a new economic agenda
Policies promoting and enabling inclusive growth
Policies that ensure genuine economic progress and effective redistribution of income
Implementing genuine economic progress through policy
Inclusive tax reform for better income redistribution
Reform monetary and financial systems for stability
Building capacity through innovative policies: Technology and inclusive development
Policies steering the economy towards a smart circular economy
Policies that entrench the building of a collaborative economy and government
Inclusive institutions
Policy process and implementation
Conclusion: Policy framework and final recommendations
APPENDIX 6.1: The Sustainable Development Goals (SDGs) and inclusive economies
APPENDIX 6.2: Country examples of integrating well-being metrics into policy-making
Chapter 7
Navigating the Great Transition
Introduction
Resetting the coordinates: Key factors and priorities for economic inclusion
Setting higher goals through a new commitment: A social covenant
Transitioning by means of systemic change in the economy
Put into proper use the new approaches to measuring economic progress
Innovative inclusion in the 4IR to advance the transition
Steering/navigating the new economy movements.
Transition by means of learning something special: Ubuntu economics
Conclusion: An inclusive economy at our doorstep
References
Endnotes
Table 3.1: Items used for the calculation of Singapore's GPI
Table 3.2: The components of the Gross National Happiness Index
Table 3.3: Size of the economy vs happiness (average life evaluations)
Table 3.4: Strengths and shortcomings of some of the key beyond-GDP indicators and indices
Table 3.5: Components of the Genuine Progress Indicator
Table 4.1: Circular economy indicators included in the EU28 monitoring framework
Table 5.1: Factors to consider in an inclusive business model
Table 5.2: Frameworks for determining the inclusivity of inclusive business
Table 6.3: Outlining the inclusive economy matrix
Table 6.4: Indicators of inclusive growth for general application
Table 6.5: Smart circular economy matrix to assist policy-making
Table 6.6: The four pillars (and traits) of the collaborative economy as policy focus-areas
Table 6.7: Migration within the collaborative economy through policy guidance
Table 6.8: Framework for assessing policy issues related to collaborative consumption
Table 6.9: Inclusive economic policy framework: Creating synergies for better solutions
Table 7.1: Key composites of an inclusive economy
Figure 2.1: Income disparities from 1980 to 2019 (global averages) (Source: Own work and data from the World Inequality Database (WID) 2021)
Figure 2.2: Total global debt as a percentage of world GDP (weighted average) (Sources: Own work
data from the International Monetary Fund (IMF) and the Bank of International Settlements (BIS))
Figure 2.3: Components of inclusive growth (Source: Own design)
Figure 2.4: Change brought about by inclusive business models (Source: De la Mata 2012).
Figure 2.5: Inclusiveness Index for 1996 and 2006 (Source: Data from Ramos et al. 2013)
Figure 2.6: Regional comparison of shared prosperity: Annualised p/c growth (2011-2018) (Source: Data from the GDSP)
Figure 2.7: Shifts in social mobility curve showing inclusive growth (Source: Anand, Mishra &
Peiries 2013a)
Figure 3.1: World average GDP per capita vs GPI per capita (1945‑2020) (Sources: Kubiszewski et al. 2013
World Bank &
OECD 2021 and GNHUSA 2021)
Figure 3.2: GPI components used for assessment (Source: Berik 2020)
Figure 3.3: A more sustainable economy based on minimising throughput (Source: Talberth et al. 2006)
Figure 3.4: Components of the HDI (Source: UNDP 2021)
Figure 3.5: Elements of the IHDI (Source: UNDP 2021)
Figure 3.6: Average well-being for the UK (2011-2020) (Sources: Data from Tinkler 2015, Pettinger 2017
ONS 2021)
Figure 3.7: LQI: Country ranking comparison (2021) (Sources: Data from WorldData 2021
Numbeo 2021)
Figure 3.8: BLI attainment of well-being in 2019 (Source: Data from BLI 2021)
Figure 3.9: A proposed system of indicators aimed toward improving human well-being (Sources: Dietz &
O'Neil 2013
Abdallah et al. 2010)
Figure 3.10: Components of GPI separated into built, human, social and natural capitals (Source: Kubiszewski 2018)
Figure 3.11: Various mathematical representations of the GPI (Sources: Talberth &
Weisdorf 2017
Bagstad &
Shammin 2012
Lawn 2008)
Figure 4.1: Social welfare maximisation (Source: Feldman 2008)
Figure 4.2: Interactions between the economy and the environment (Source: Hanley et al. 1997)
Figure 4.3: Balance within a sustainable economy: A foundation for inclusive development (Source: Turner 1988)
Figure 4.4: Contrast between the circular economy and the linear economy (Source: UNIDO 2018).
Figure 4.5: An environmentally safe and socially just space for humanity to thrive (Source: Raworth 2012)
Figure 4.6: The circular economy: Regenerative by design (Source: Raworth 2017)
Figure 4.7: The circular economy: From centralised to distributed design (Source: Raworth 2017)
Figure 4.8: Feedback loop used in regenerative design (Source: Lyle 1996)
Figure 4.9: Circular economic system diagram: Consumption, production and well-being (Sources: Ellen MacArthur Foundation 2019
McDonough &
Braungart 2002)
Figure 4.10: Transitioning from the traditional business model to the circular business model (Source: Geissdoerfer et al. 2018)
Figure 4.11: Framework and throughput indicators for an economy-wide circular economy assessment (Source: Mayer et al. 2018)
Figure 4.12: Input- and output-side circular economy indicators (Source: Mayer et al. 2018)
Figure 4.13: Classification of the three LCA measurement scopes from circular economy indicators (Source: Moraga et al. 2019)
Figure 4.14: Measurement scope - different stages in LCA (Source: Vogtländer 2010)
Figure 4.15: Levels in the circular economy framework (Source: Elia et al. 2017)
Figure 4.16: Taxonomy of index-based methods (Source: Elia et al. 2017)
Figure 4.18: Main current circular economy targets by areas of application (Source: Morseletto 2020)
Figure 4.19: Interactions of the energy, materials, and biodiversity nexus (Source: Friant et al. 2020)
Figure 4.20: Relations between economic change and sociological change (Sources: Prieto-Sandoval et al. 2018
Chertow &
Ehrenfeld 2012)
Figure 4.21: The smart circular economy framework (Source: Kristoffersen et al. 2020)
Figure 5.1: Different forms of collaboration within the sharing economy (Source: CFI Team 2021).
Figure 5.2: Cumulative funding of sharing economy start-ups since 2010 (billions USD) (Sources: Wallenstein &.
Foreword
Phil Molefe
Introduction
Our major twenty-first-century economic challenge and Ubuntu
Chapter 1
What is inclusive economics?
Introduction
Conceptualisation: What is an inclusive economy?
Theoretical framework for economic inclusivity
Heterodox economic theories
Inclusive economic theory
Implications of an inclusive economy
Conclusion
Chapter 2
Inclusive growth
Introduction
What inclusive growth is not: Inequality and unfettered growth
How is inclusive growth different?
What are the components of inclusive growth?
Pro-poor growth
Broad-based growth
Shared growth
Inclusive business
Green growth
Growth that creates real value
Failures of GDP and measuring inclusive growth
Inclusiveness index for growth
McKinley Inclusive Growth Index
Global Database of Shared Prosperity (GDSP)
Dynamic integrated measure of inclusive growth
Conclusion
Chapter 3
Genuine economic progress
Introduction
The meaning of genuine economic progress
Theoretical foundation
Measuring genuine economic progress
Genuine Progress Indicator (GPI)
Indices measuring holistic economic progress
The System of Integrated Environmental and Economic Accounting (SEEA)
Progress: From innovation for profits to innovation for well‑being
Conclusion
APPENDIX 3.1: Components, refinements and formulas of the GPI
Chapter 4
The circular economy
Introduction
Brief background and theoretical underpinning
What is different about the circular economy?
A different concept of the economy
Circular economy's higher goal: Changing the processes of production, business and governance
Measuring progress differently - and for a different purpose
The role of innovation and technology: The digital circular economy
Conclusion
Chapter 5.
Collaborative economy
Introduction
What is a collaborative economy?
Collaborative frameworks: The honeycomb model and the access economy
Honeycomb 1.0
Honeycomb 2.0
Honeycomb 3.0
The access economy
Building a collaborative economy: How is inclusive business different from CSR?
A new economic ethos coming out of the collaborative economy
Conclusion
Chapter 6
Inclusive economic policies and institutions
Introduction
Inclusive economy matrix (IEM)
A new end goal: Defining a new economic agenda
Policies promoting and enabling inclusive growth
Policies that ensure genuine economic progress and effective redistribution of income
Implementing genuine economic progress through policy
Inclusive tax reform for better income redistribution
Reform monetary and financial systems for stability
Building capacity through innovative policies: Technology and inclusive development
Policies steering the economy towards a smart circular economy
Policies that entrench the building of a collaborative economy and government
Inclusive institutions
Policy process and implementation
Conclusion: Policy framework and final recommendations
APPENDIX 6.1: The Sustainable Development Goals (SDGs) and inclusive economies
APPENDIX 6.2: Country examples of integrating well-being metrics into policy-making
Chapter 7
Navigating the Great Transition
Introduction
Resetting the coordinates: Key factors and priorities for economic inclusion
Setting higher goals through a new commitment: A social covenant
Transitioning by means of systemic change in the economy
Put into proper use the new approaches to measuring economic progress
Innovative inclusion in the 4IR to advance the transition
Steering/navigating the new economy movements.
Transition by means of learning something special: Ubuntu economics
Conclusion: An inclusive economy at our doorstep
References
Endnotes
Table 3.1: Items used for the calculation of Singapore's GPI
Table 3.2: The components of the Gross National Happiness Index
Table 3.3: Size of the economy vs happiness (average life evaluations)
Table 3.4: Strengths and shortcomings of some of the key beyond-GDP indicators and indices
Table 3.5: Components of the Genuine Progress Indicator
Table 4.1: Circular economy indicators included in the EU28 monitoring framework
Table 5.1: Factors to consider in an inclusive business model
Table 5.2: Frameworks for determining the inclusivity of inclusive business
Table 6.3: Outlining the inclusive economy matrix
Table 6.4: Indicators of inclusive growth for general application
Table 6.5: Smart circular economy matrix to assist policy-making
Table 6.6: The four pillars (and traits) of the collaborative economy as policy focus-areas
Table 6.7: Migration within the collaborative economy through policy guidance
Table 6.8: Framework for assessing policy issues related to collaborative consumption
Table 6.9: Inclusive economic policy framework: Creating synergies for better solutions
Table 7.1: Key composites of an inclusive economy
Figure 2.1: Income disparities from 1980 to 2019 (global averages) (Source: Own work and data from the World Inequality Database (WID) 2021)
Figure 2.2: Total global debt as a percentage of world GDP (weighted average) (Sources: Own work
data from the International Monetary Fund (IMF) and the Bank of International Settlements (BIS))
Figure 2.3: Components of inclusive growth (Source: Own design)
Figure 2.4: Change brought about by inclusive business models (Source: De la Mata 2012).
Figure 2.5: Inclusiveness Index for 1996 and 2006 (Source: Data from Ramos et al. 2013)
Figure 2.6: Regional comparison of shared prosperity: Annualised p/c growth (2011-2018) (Source: Data from the GDSP)
Figure 2.7: Shifts in social mobility curve showing inclusive growth (Source: Anand, Mishra &
Peiries 2013a)
Figure 3.1: World average GDP per capita vs GPI per capita (1945‑2020) (Sources: Kubiszewski et al. 2013
World Bank &
OECD 2021 and GNHUSA 2021)
Figure 3.2: GPI components used for assessment (Source: Berik 2020)
Figure 3.3: A more sustainable economy based on minimising throughput (Source: Talberth et al. 2006)
Figure 3.4: Components of the HDI (Source: UNDP 2021)
Figure 3.5: Elements of the IHDI (Source: UNDP 2021)
Figure 3.6: Average well-being for the UK (2011-2020) (Sources: Data from Tinkler 2015, Pettinger 2017
ONS 2021)
Figure 3.7: LQI: Country ranking comparison (2021) (Sources: Data from WorldData 2021
Numbeo 2021)
Figure 3.8: BLI attainment of well-being in 2019 (Source: Data from BLI 2021)
Figure 3.9: A proposed system of indicators aimed toward improving human well-being (Sources: Dietz &
O'Neil 2013
Abdallah et al. 2010)
Figure 3.10: Components of GPI separated into built, human, social and natural capitals (Source: Kubiszewski 2018)
Figure 3.11: Various mathematical representations of the GPI (Sources: Talberth &
Weisdorf 2017
Bagstad &
Shammin 2012
Lawn 2008)
Figure 4.1: Social welfare maximisation (Source: Feldman 2008)
Figure 4.2: Interactions between the economy and the environment (Source: Hanley et al. 1997)
Figure 4.3: Balance within a sustainable economy: A foundation for inclusive development (Source: Turner 1988)
Figure 4.4: Contrast between the circular economy and the linear economy (Source: UNIDO 2018).
Figure 4.5: An environmentally safe and socially just space for humanity to thrive (Source: Raworth 2012)
Figure 4.6: The circular economy: Regenerative by design (Source: Raworth 2017)
Figure 4.7: The circular economy: From centralised to distributed design (Source: Raworth 2017)
Figure 4.8: Feedback loop used in regenerative design (Source: Lyle 1996)
Figure 4.9: Circular economic system diagram: Consumption, production and well-being (Sources: Ellen MacArthur Foundation 2019
McDonough &
Braungart 2002)
Figure 4.10: Transitioning from the traditional business model to the circular business model (Source: Geissdoerfer et al. 2018)
Figure 4.11: Framework and throughput indicators for an economy-wide circular economy assessment (Source: Mayer et al. 2018)
Figure 4.12: Input- and output-side circular economy indicators (Source: Mayer et al. 2018)
Figure 4.13: Classification of the three LCA measurement scopes from circular economy indicators (Source: Moraga et al. 2019)
Figure 4.14: Measurement scope - different stages in LCA (Source: Vogtländer 2010)
Figure 4.15: Levels in the circular economy framework (Source: Elia et al. 2017)
Figure 4.16: Taxonomy of index-based methods (Source: Elia et al. 2017)
Figure 4.18: Main current circular economy targets by areas of application (Source: Morseletto 2020)
Figure 4.19: Interactions of the energy, materials, and biodiversity nexus (Source: Friant et al. 2020)
Figure 4.20: Relations between economic change and sociological change (Sources: Prieto-Sandoval et al. 2018
Chertow &
Ehrenfeld 2012)
Figure 4.21: The smart circular economy framework (Source: Kristoffersen et al. 2020)
Figure 5.1: Different forms of collaboration within the sharing economy (Source: CFI Team 2021).
Figure 5.2: Cumulative funding of sharing economy start-ups since 2010 (billions USD) (Sources: Wallenstein &.