The Economy for the Common Good: a systemic approach to measure sustainability

This work delves into the concept of the “Common Good”, a notion of foremost importance that warrants attention, particularly in the context of sustainability. To comprehensively grasp this concept and align with a sustainable perspective, it becomes imperative to introduce and explore the “Economy for the Common Good” (ECG), a novel approach to quantifying and enhancing the intangible notion of the common good. This framework is applicable not only to corporations but also to municipalities, families, educational institutions, and individuals, forming a collective movement towards fostering sustainability. Traditionally, economic discourse has been centered on measuring and maximizing profits, an approach that proves unsustainable in the long term due to the finite nature of natural resources. Consequently, a paradigm shift is required, where financial statements are complemented by Sustainability Reports. In this transformed landscape, all stakeholders, including cities, families, and individual citizens, evaluate their choices through the dual lenses of environmental and economic impacts, thereby assessing their contribution to the preservation of the “Common Good”. This research addresses the dichotomy between an “Economy of Sustainability”, as exemplified by recent European directives, and the “Economy of the Common Good”. Both models represent significant strides towards sustainability, primarily in quantifying the environmental impact of companies. However, this study contends that the Economy of the Common Good, aligned with a systemic approach, emerges as the most effective, encompassing socio-ecological aspects, from human dignity to democracy, transparency, and environmental co-management. This comprehensive model engages not only enterprises but also municipalities, schools, families, and individuals, enabling diverse stakeholders to contribute cohesively to environmental preservation. Drawing from firsthand experience gained during my internship with the Italian movement Economy for the Common Good, this research aims to demonstrate that this transformative economy, supported by the active participation of various stakeholders, can serve as a catalyst for societal change towards a more conscientious society, progressively advancing the objectives outlined in Agenda 2030. The core focus of this work centers on elucidating the advantages of this economy, shedding light on the concept of the Common Good, which can be best achieved through a polycentric governance approach. Additionally, the study explores how families can contribute to the Common Good using tailored matrices and handbooks. Awareness of the tools provided by the Economy for the Common Good, including the unique matrix and Sustainability Report, is essential, especially in light of recent EU directives. While these directives initially applied to large public-interest companies, the activities of ECG align seamlessly with their provisions. In conclusion, this research encompasses various scales, from national to local, reflecting the multifaceted nature of the Economy for the Common Good. It particularly focuses on Italy, where my internship experience with the Italian movement provides valuable insights and offers case studies of companies engaged in this transformative economic model.