Towards a common good economy
Co-Chairs Carlos Cuerpo, First Vice-President of the Government of Spain and Minister of Economy, Trade and Business, and Mariana Mazzucato, Professor and Founding Director, UCL Institute for Innovation and Public Purpose (IIPP) in Madrid.
The Global Council on New Economics for the 21st Century: Towards a Common Good Economy brings together policymakers, academics, and practitioners to rethink the economic assumptions that shape our societies.
The Council proposes interventions at the level of economic theory and practice itself. Important work has been done by commissions and high-level panels on specific vertical issues, such as debt, tax, health, climate and water. Far less has been done on the underlying economic assumptions that have led to problematic government policies and business practices across all of them.
The Council complements this work by addressing the cross-cutting assumptions in economic theory and modelling that constrain progress on achieving key outcomes on the outcomes that matter: health for all, affordable homes and essentials, a green transition that creates jobs, technology and AI governed for the common good.
“For decades, a narrow set of assumptions — that markets self-correct, that governments should stand back, that growth will trickle down — have been treated not as theories but as facts. The Council aims to not only over-turn these wrong assumptions but to build a set of new economic principles that can underpin policies in key areas that matter to people and planet.”
The Council’s framework rests on four interdependent principles.
Social justice and climate justice are not separate agendas.
Rising inequality is a product of policy choices about taxation, labour markets, corporate governance, and the distribution of returns from innovation.
Social and environmental justice are not at odds with fiscal sustainability; they reinforce it.
Peace, freedom, and multilateral cooperation depend on an economic architecture that does not concentrate risk in the most vulnerable economies.
Economists and policymakers from around the world.
The Council’s inquiry is organised around eight cross-cutting areas of economic thinking.
Photos, biographies and Council information.
