The key to achieving sustainable governance in the new, full-world context is an integrated approach. This apply across disciplines, stakeholders groups, and generations which are based on paradigm of “adaptive management”, whereby policy-making is an iterative experiment acknowledging uncertainty. Are human causing more harm to the nature, click here to know!
Within this paradigm, 6 core principles or the Lisbon principles embody the essential criteria for sustainable governance and the use of common natural and social capital assets:
Principle 1: Responsibility
Principle 2: Scale-matching
Principle 3: Precaution
Principle 4: Adaptive Management
Principle 5: Full cost allocation
Principle 6: Participation
3 ways to achieve sustainable development!
- Respecting ecological limits
Once society has accepted the world-view that the economic system is sustained and contained by our finite global ecosystem, it is obvious that we must respect ecological limits. This requires us to understand precisely what these limits entail, and where economic activity currently stands in relation to them.
However, our limited understanding of ecosystem structure and function, and the dynamic nature of ecological and economic systems, means that this precise point may be difficult to determine.
- Protecting capabilities for flourishing
Reduced working hours can increase flourishing by improving the work-life balance, and there is evidence that fewer working hours can reduce the consumption-related environmental impacts. A sense of community which is necessary for democracy is hard to maintain across vast income difference.
The main justification for such differences has been that they stimulate growth, which will one day making everyone rich. However, in our full world, with its steady-state or contracting economy, this is unrealistic. Without aggregate growth, poverty reduction requires redistribution.
- Building a sustainable macro-economy
The central focus of macro-economy policies is to maximize economic growth, lesser goals include price stabilization and ensuring full employment. If society adopt the central economic goal of sustainable human well-being, the macro-economy policy will change drastically. A key leverage point is the current monetary system.
However there are several serious with this monetary system as it is highly destabilizing, the current system systematically transfers resources to the financial sector, the banking system will only create money to finance market activities that can generate the revenue required to repay the debt plus interest, and the system is ecologically unsustainable.
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