The GOVERNANCE APPROACH of The Economics of Universal Wellbeing (TEUWB)

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LET’S BE CLEAR ABOUT SOMETHING – IT HAS TO BE ABOUT HUMAN DIGNITY

The Governance Approach for the Economics of Universal Wellbeing (TEUWB) is driven by a deceptively simple principle: The ESG Economy will protect and promote ‘human dignity’. This is at the core of each of the 12 archetypal enterprises – protecting and promoting ‘human dignity’ will be a steadfast and non-negotiable governance principle.

THE CARE ECONOMY

The economies around the globe must start caring about their people. Not in a fuzzy, woolly, angst-driven manner; rather, in a values-driven governance framework that promotes sustainability and yet highly transformative. That a “Care Economy” is imperative for each country is brought into greater relief when the whole world was suddenly faced with the unprecedented challenge of the first ever and truly global pandemic of the 21^st century, COVID-19. It is no exaggeration to state that the worldwide spread of the COVID-19 pandemic has had a severe impact on the global economy – no country, no society, no economy has been spared. The sole difference has been in the degree of severity of the spread of the coronavirus in different countries, and the level of resilience in coping with the effects and consequences of the pandemic in different societies.

GOING “GLOCAL” – COMBINING THE BEST OF BOTH WORLDS

TEUWB again offers an enhanced approach to globalisation – countries should now reorientate their efforts and develop a “Glocal” SDG Economy. It is unthinkable to ignore the globalisation process and events happening worldwide. Instead, development efforts in any local economy must necessarily fuse and synthesize the ‘global’ and the ‘local’, hence “Glocal”. An effective and well-run “glocal” SDG economy can only fully realise its objectives when it has successfully taken into consideration both the globalisation process and the local context (economic structure, operating and regulatory environment, political and socioeconomic developments, just to name a few).

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