The New Sustainable Approach

Levent Sümer ()
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Levent Sümer: Boğaziçi University

Chapter Chapter 7 in The World Economy and Financial System, 2023, pp 123-171 from Springer

Abstract: Abstract We need to change the current system. We need to remember the values of being human and use these values to construct a new system. We need to develop ourselves and society, we need to structure a balance in every aspect of our lives, we need to save for our future and the next generations and share what we have with the ones who do not have. Thus, creating a new system requires a mindset shift and a paradigm change. We shall avoid insisting on economic growth and replace it with sustainable economic development. We need to use our money effectively and efficiently. This chapter starts by questioning the need for economic growth and evaluates the alternative economic models including the circular economy, sharing economy, digital economy, and Islamic economics and finance. The 4 main and 13 sub-pillars of the model are introduced, the exit door from debt-oriented deadlock to partnership-tailored solution approach is opened, and the model framework together with the implication areas are discussed in detail. The source of the money including pension funds, sovereign wealth funds, hedge funds, and insurance funds are evaluated, and game-changing alternative approaches are presented for housing financing, project financing, corporate finance, pension, insurance, and tax systems.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-27530-2_7

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DOI: 10.1007/978-3-031-27530-2_7

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