Building blocks of the new economy

Kristín Vala Ragnarsdóttir and Ásgeir Brynjar Torfason

Chapter 6 in The Elgar Companion to Creating a Regenerative Economy for Wellbeing, 2026, pp 107-141 from Edward Elgar Publishing

Abstract: This chapter provides list of promising and concrete proposals, from basic income through cooperatives to new indicators that replace the Gross Domestic Product. They include the Genuine Progress Indicator and Wellbeing indicators. Local flourishing has been built by various types of communities around the world. Examples are given of real-world pilot projects and local economies initiatives to make possibilities both visionary and grounded. Cooperatives are given as examples. The aim is to discuss not only critiques but also alternative institutions. The overview of examples highlights successes of grassroots and community-led initiatives, for the readers to observe them in the real world and to help make the rethinking practical. Different pathways for development are outlined for the Global North and the Global South. The chapter provides neither quick fixes nor simple solutions but rather a smorgasbord of ideas for thought experiments to create new innovative ways in the future.

Keywords: Basic Income; Local Economies; Ecovillages; Cooperatives; Responsible Business; Genuine Progress Indicator (search for similar items in EconPapers)
Date: 2026
ISBN: 9781800884960
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