Re-imagining Sustainability Through Cooperative Approaches
The global demand for a paradigm shift in development economics has never been clearer. Decades of prioritising individual wealth maximisation and short-term shareholder returns have fuelled deepening inequality and accelerated environmental degradation.
On 21 November 2024, the Global Rethinking Finance Collaborative (GRFC) hosted a workshop entitled “Individual or Common Wealth?” as part of the preparatory programme for Building Bridges Week 2024.
The workshop asked a pressing question: Do current economic policies and practices truly support the re-invigoration of cooperative approaches and investment in social capital, or do they continue to undermine sustainability?
With the urgency of climate change mitigation and adaptation, participants explored transformative economic blueprints that move beyond outdated models, focusing instead on inclusive, cooperative, and regenerative systems.
The Need for Systemic Sustainability
The session began with a candid recognition of the limitations of conventional economic models. Rooted in centuries of capital accumulation and profit maximisation, the dominant global economy has consistently widened the gap between the wealthy and the marginalised.
At the same time, mounting climate and environmental pressures highlight the inadequacy of incremental fixes. What is needed is systemic sustainability, a shift that acknowledges the interconnectedness of economic, social, and ecological systems.
The key message was clear: leaders must adopt cooperative approaches and long-term investments in social capital to drive meaningful, lasting change. Only by re-imagining development through a collective lens can the world transition to a truly sustainable and equitable future.