The Macau Manifesto
Our challenge in drawing together concepts and ideals for the New Economic Paradigm and sustainable models of economy was to ground thoughts in the realities of our time and to identify thought and action towards the goal of economic transformation. We identify three thematic platforms for action by all who have the influence to support those without influence.
1. SUBSIDIARITY ECONOMICS
Subsidiarity in reforming economics highlights communitarian solutions and posits that the most effective solutions will emerge from dialogue and voluntary cooperation involving the existing institutions of local communities.
Actions to develop Subsidiarity Economics
1. Credit Cooperatives: Develop Microbanking. Microloans can enable the poor to come together in business models which combine social and economic cooperation
2. Tech developers: give voice to the disenfranchised. Innovative examples are already seen in Africa with BitPesa and Kiva Protocol, Africa’s first blockchain and decentralized digital identity implementation.
3. Large companies: give and invest. Large companies can support and autonomy and decision rights to be made at every level in the company and enable small communities to overcome social and environmental challenges.
4. Investors: Use ethical or ESG (Environmental, Social and Governance) investment filters. Investment innovation that empower individuals and communities to set enterprises which are often communitarian in nature and enable access to trade and enterprise.
2. WELLBEING FOR ALL
Wellbeing for All offers a vision of solidarity across cultures and borders that sets aside traditional prejudices against the others who do not share in our prosperity, whether those prejudices are based on race, creed or colour. If the New Economic Paradigm is to fulfil its promise, we must learn to trust empowerment strategies that are open to all people, and not just to those who are near and dear to us personally.
Actions to develop Wellbeing for All
1. For the Business Enterprise: Becoming Progressive Social Institutions.
Promote wellbeing through the UN Guiding Principles on Business and Human Rights. Truly recognise, respect, protect and promote the equal dignity of individuals in every situation.
2. For Governments: “Softer” Borders and Climate Action.
Transnational cooperation and evidence-based public discourse to address the plight of refugees requires the creation of more open border policies and transnational networks for collaborations to change the discourse on migration.
3. For NGOs: Educate and Innovate.
A challenge to NGOs to innovate with multi-stakeholders in a greater level of collaboration to design solutions that meet the wellbeing needs of the poor and the disenfranchised.
3. COMMON GOOD ENTREPRENEURSHIP
A market oriented economy can only work for the Common Good if the majority of actors in the system are able to restrain the instincts for greed and over-consumption and choose to both invest and consume in the interests of the Common Good – for the good of all, especially the underprivileged and those without the same power to invest or consume.
Actions to develop Common Good Entrepreneurship
1. For Boards: Transparent Governance.
Common good corporate governance requires the practice of transparency, compliance and public accountability to stakeholders and internal leadership competence, balance, commitment and integrity. We call on Boards to be accountable for Total Value Creation: economic, environmental and social governance capitals.
2. For Investors: Ethical and ESG Commitment.
Wealth not only creates the economic basis for institutions and people, but also exerts an influence on the structures of a society to address environmental and social impacts.
3. General Management: Action for Social Justice in Supply Chains.
Organisational managers should ensure that policies give guidance to employees and suppliers to respect human rights, social justice and care for ecosystems.
4. Marketing Management: From Consumption to Consummation.
Marketers are encouraged to reimagine the role of marketing from driving consumption to enabling consummation Marketers are encouraged to reimagine the role of marketing from driving consumption to enabling consummation redirecting people’s needs, wants and desires and the processes, products and services that fulfil them.
5. Governments: Regulation and Taxation Enforcement.
Governments have a unique role in leading people and industries towards carbon zero economies and the massive shift away from dependency on fossil fuels, Governments have failed to keep up with the ingenuity of corporate and individual wealth creators’tax avoidance regimes which have the effect of removing revenues that would otherwise be taxable through supranational financial transfers.
The MRI Symposium recognised that there was a need for a change of heart. That change of heart at the individual level must flow into communities and institutions. As we enter the socalled Decisive Decade to mitigate the risk of a climate change catastrophe we must move into an emergency pace of action and minimise the cost to the most disadvantaged.
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