Siderius says, “Any instrument, metaphor or vision that includes a solid social foundation can help uplift those in poorer countries. Winden recommends true pricing, which implies tax on polluting activities, stricter regulation, and compliance. In order to get there, there is also a need to differently design our companies, rules, and policies. “ that is able to imagine cooperation, innovation and community without the pervasiveness of the logic of markets,” adds Siderius.
Winden says, “Our economy should produce more equal outcomes, it is unacceptable that we have so much poverty amidst the incredible richesses of a few.” Winden agree that there is a need to redesign our economy so that it does not pollute, destroy ecosystems, and reduce biodiversity. A need to redesign our economyīoth Siderius and Dr. “The doughnut focuses more explicitly on a social foundation, whilst circularity has more focus on materials and resources,” Siderius adds. “They are not very different,” says Thomas Siderius, a policy advisor on doughnut economy and researcher of local currencies for circular or doughnut economies.
Winden says doughnut economy is broader than circular economy since it promotes “the development of an economy that stays in the safe space for humanity.” He says a circular economy is needed to stop overshooting the planetary boundaries and thus plays a crucial part in the doughnut economy. According to Time, Amsterdam aims to bring all its 872,000 residents inside the doughnut to “ensure everyone has access to a good quality of life, but without putting pressure on the planet that is sustainable.”ĭr. The space between the two is the doughnut, what Raworth describes as the “safe and just space for humanity.”Īmsterdam is leading the way when it comes to implementing the doughnut economy on a level. The outer circle of the doughnut is the ecological ceiling while the inner circle is the social foundation. Shaped like a doughnut, this model envisions the disc as a lifebelt where Raworth argues finding a “sweet spot” between the “social foundation” that allows everyone to lead a good life with the “environment ceiling.” Raworth argues that 20th century economic thinking is not equipped to deal with 21st century challenges and proposes doughnut economics as a framework for sustainable development. The doughnut economy is a theory first laid out by British economist Kate Raworth in a 2017 book. Doughnut economy: what is it and how does it differ from circular economy The idea of doughnut economy was first laid out by British economist Kate Raworth in a 2017 book | Image Credit: Kate Raworth In order to overcome the 21st century challenges, there is a need to rethink our economic structure and along with the circular economy, there is now growing interest in implementation of the doughnut economy. The current economic structure, or capitalism, has concentrated wealth in the hands of few and is also responsible for destroying the planet.
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