The Economy for the Common Good (ECG) is not just an idea, but a rapidly growing international movement. ECG is a practical, detailed blueprint for a new way of doing business. ECG is a people-centered approach that could sweep away austerity, support human (and humane) development, repair our damaged environment, and utterly reorient our relationship to work, money, and the purpose of both. Its vision is just short of breathtaking, but it remains grounded in reality, as evidenced by the fact that more than 1,700 companies around the world have already endorsed its principles.
On September 21 the Boisi Center, the Theology Department, the Carroll School of Management, and the Managing for Social Impact interdisciplinary minor, hosted Christian Felber, an internationally acclaimed speaker and lecturer at the Vienna University of Economics and Business, who spoke about the Economy for the Common Good Movement (ECG). ECG is a social movement that advocates for an alternative economic model, one that promotes an “ethical market econo- my designed to increase the quality of life for all.”
Felber explained how ECG is an alter- native to capitalism and socialism. It is a system that is based on the values that make human relationships flourish: cooperation, justice, empathy, and dignity, among others. It is an economy that replaces the ‘selfish values’ of predatory capitalism with relationship values that underlie most moral systems. Felber introduced his ‘common good balance sheet,’ a report that measures companies based on their preservation of the values listed above. The success of a company should not be determined by how much profit it makes, but rather by the degree to which it contributes to the common good.
Cobb, John Jr. and Daly, Herman. For The Common Good: Redirecting the Economy toward Community, the Environment, and a Sustainable Future. Boston: Beacon Press, 1994.
Felber, Christian. Change Everything: Creating an Economy for the Common Good. London: Zed Books, 2015.
Sundararajan, Arun. The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism. Cambridge: MIT Press, 2016.