5.3 Lesson-3: Regenerative Approach to Whole Economic Development

Economic ideas and practices have for far too long been responsible for a variety of negative effects, including high wealth disparity, resource wars, and the destruction of the planet’s ecosystems. These problems have been the subject of a variety of experiments and novel theories, loosely grouped under the heading of the next economy. Many commendable initiatives to create a novel type of economy, however, fall short of their transformative promise.

The problem arises from the assumptions and worldviews that guide the conception and implementation of these projects. One gets stuck in an economic system’s current patterns as long as they are attempted to be changed without questioning the organizational assumptions and beliefs that underlie them. The express goal of a regenerative approach is to change the thinking that one takes to a system in order to modify it.

These findings are urgent rather than merely speculative. The COVID-19 epidemic has highlighted the flaws in the current economic systems. It has worsened the effects of colonialism, systemic racism, and policies intended to safeguard and promote the objectives of wealthy people, families, and countries at the cost of the vast majority of individuals and living systems. The resulting yearning for deep change emphasizes the need for communities all around the world to develop new capabilities—capabilities required to completely overhaul their economy. It’s not enough to stop the disorder, to use Carol Sanford’s words. Humans must learn how to recreate life.