Doughnut Economy

0
56
Doughnut Economy
Doughnut Economy

Sustainable Development has been the forefront agenda of all countries, whether developed or developing. It is also the core purpose of Paris Agreement on Climate, UN Framework Convention on Climate Change Kyoto Protocol, the Ozone Treaties amongst others.

In this respect, the concept of Doughnut Economy was presented through a diagram by University of Oxford Economist Kate Raworth in her 2012 Oxfam paper. Thereafter, she elaborated this concept in her 2017 book titled Doughnut Economics: Seven Ways to think like a 21st-century economist.

This concept is basically an overreaching arm of Sustainable Development. It is mainly applicable on Capitalist Economies or Mixed Economies. Socialist Economies are out of its purview because in this case, general public and market forced do not have any right on usage as well as distribution of resources. In these economies, it is the government or the ruler that decides everything. However, in former economies, market and public has powers, howsoever limited it may be.

The two main pillars of this economic structure are Ecological Ceiling and Social Foundation. The economist highlighted that there should be safe and just space for humanity which should prevail between both the circles. Hence, all human beings should get full needs satisfied, they should prosper, get education, food, health, water and other essentials from the nature but only without depleting the ecological balance. In a way, it focuses on continuous afforestation, use of renewable source of energy, avoiding water acidification, restricting pollution by usage of green resources and through various other measures.

The below given circular diagram given by the Economist represents the concept in detail:

LEAVE A REPLY

Please enter your comment!
Please enter your name here