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‘Social/civil economy – and how it is gradually transforming the economic environment

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  • Leonardo Becchetti

    (Dipartimento DEDI, Universita` di Roma ‘‘Tor Vergata’’)

Abstract

The crisis we are living affects at least five (economic, financial, environmental, currency-related and well-being-related) dimensions. In this paper we outline how the emergence of the social/civil economy paradigm can provide a structural solution, giving fundamental contribution to the pursuit of sustainable development with high employment levels and social cohesion. The paradigm hinges on the hybridation of corporate and individual (consumer/investor) behavior. We document how the paradigm shift has already started since a significant minority of companies and citizens is progressively internalizing social environmental externalities in their choices, consistently with a mix of standard and longsighted self-interested behaviour and pro-social preferences. We further describe some features of the new actors (old and new cooperative forms, impact investors, multistakeholder for profit companies, fair trade, SR investment funds and banking) and outline some key policy issues (tax rules, procurement rules, development of information intermediaries) crucial to fully exploit its potential.

Suggested Citation

  • Leonardo Becchetti, 2015. "‘Social/civil economy – and how it is gradually transforming the economic environment," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 123(1), pages 17-39.
    • Handle: RePEc:vep:journl:y:2015:v:123:i:1:p:17-39
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    More about this item

    Keywords

    Civil economy; Well-being; Social/environmental responsibility;
    All these keywords.

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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