An elite handful of people currently hold the vast majority of the total wealth and consequently have a disproportionately large influence in deciding how society functions. Under a wellbeing economy, the social contract is drafted collectively—all people have an equal voice. In an effort to reduce inequality and exist within planetary boundaries, we have to rethink what constitutes as “the commons” and begin to question the current distinction between public and private property.
There is an immense concentration of wealth in the hands of a select few people. The richest one percent of people in the world control more wealth than everyone else combined. And the global wealth inequality is widening everyday.
A country may have a growing economy but, at the same time, large swathes of its population can remain struggling, seemingly cut off from the prosperity enjoyed the rich and powerful, and with little or no prospect of any upward mobility coming their way.
Kate Raworth argues that a regenerative and justly distributive economy is what we need to tackle the most pressing challenges of the 21st century: ecological collapse and widening inequality. The “doughnut” is an economic model and way of framing our goals to address the most monumental problems of our times.