The Foundational Economy as a Cornerstone for a Social–Ecological Transformation

Richard Bärnthaler, Andreas Novy and Leonhard Plank
Additional contact information
Richard Bärnthaler: Department of Socioeconomics, Institute for Multi-Level Governance and Development, Vienna University of Economics and Business, Welthandelsplatz 1/D4, 1020 Vienna, Austria
Andreas Novy: Department of Socioeconomics, Institute for Multi-Level Governance and Development, Vienna University of Economics and Business, Welthandelsplatz 1/D4, 1020 Vienna, Austria
Leonhard Plank: Department of Spatial Planning, Centre of Public Finance and Infrastructure Policy, Technical University of Vienna, Resselgasse 5/2/3, 1040 Vienna, Austria

Sustainability, 2021, vol. 13, issue 18, 1-19

Abstract: This theoretical paper synthesises research on the foundational economy and its contribution to a social–ecological transformation. While foundational thinking offers rich concepts and policies to transition towards such transformation, it fails to grasp the systematic non-sustainability of capitalism. This weakness can be overcome by enriching contemporary foundational thinking with feminist and ecological economics. Whereas the feminist critique problematises foundational thinking’s focus on paid labour, the ecological critique targets Sen’s capability approach as a key inspiration of foundational thinking, arguing that a theory of human needs is better suited to conceptualise wellbeing within planetary boundaries. Based on this, we outline a novel schema of economic zones and discuss their differentiated contributions to the satisfaction of human needs. By privileging need satisfaction, such broadened foundational thinking demotes the tradable sector and rentier economy, thereby revaluating unpaid work as well as respecting ecological imperatives. This empowers new articulations of social and ecological struggles to improve living conditions in the short run, while having the potential in the long run to undermine capitalism from within.

Keywords: foundational economy; feminist economics; ecological economics; social–ecological transformation; social reproduction; planetary boundaries; consumption corridors; provisioning; human needs; wellbeing (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
https://www.mdpi.com/2071-1050/13/18/10460/pdf (application/pdf)
https://www.mdpi.com/2071-1050/13/18/10460/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:13:y:2021:i:18:p:10460-:d:639411

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().