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Redesigning Society: The Embedded Economy

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Learning activity

Take a moment to reflect on the lessons in this chapter. Has your opinion on the economy, its purpose and the part you play in it changed?

Then write about ONE way that your perspective on the economy has shifted, and what your previous thoughts on the matter were.

Key Takeaways

In this chapter, Kate Raworth emphasised reimagining the economy as a diverse, interconnected system that is part of society and the living world. This new economic vision challenges traditional concepts like market centrality.

  1. The economy should be seen as a subset of human society and the Earth's biosphere, necessitating systems that are compatible with the planet's ecological limits and human welfare.

  2. The economy comprises more than just the market and state; it includes households and the commons, where unpaid work and shared resources are fundamental yet often overlooked.

  3. People's economic roles are diverse, extending beyond being mere consumers to encompass various social, communal, and environmental stewardships, each contributing to a healthy, multifaceted economy.

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Further Readings
  1. Doughnut Economics Action Lab (2020)Meet the Economy
  2. George Monbiot (2017)Finally, a breakthrough alternative to growth economics – the doughnutThe Guardian
  3. Hettie O'Brien (2023)The planet’s economist: has Kate Raworth found a model for sustainable living?The Guardian
  4. Lauren Mobertz (2017)Interview: 'Renegade' Economist Kate Raworth on Future-Proofing BusinessSOCAP Digital