Rebalancing the Global Economy
Restoring social capital to the core of economic activity
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Preamble
The financialisation of society has progressively subordinated social priorities to economic and financial considerations.
Society has increasingly been viewed through the lens of the economy, the economy through the market, and the market through financial returns.
The result is an economic system that measures financial capital far more effectively than it recognises the social capital upon which prosperity ultimately depends.
This effectively makes the global economy increasingly blind to the value of social capital, defining economic success primarily in terms of financial returns rather than the common good.
The proposed Global Social Capital Fund (GSCF) offers a potential mechanism for restoring this balance.
Through a Social Capital Levy associated with PByT membership and participation, individuals and organisations could help direct resources towards strengthening the social foundations of the economy.
Unlike conventional taxation, this would operate through voluntary participation and consumer choice.
The GSCF would provide a mechanism for recognising and integrating social capital more directly into economic activity, helping ensure that the market serves society rather than society serving the market
Question:
a Global Social Capital Fund could help rebalance economic priorities and restore the common good as a central consideration in economic activity?
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