Economic development
Third component for sustainable development
Welcome to our third and final article of the Introduction to Sustainability series.
We talk about how our economy and its development is dependent on, and inseparable from, both the environment and our society.
What is it?
As written in a 2016 Permaculture Research Institute article: sustainability without economic development simply cannot succeed. Five years later, this statement carries the same weight.
Essentially, economic development refers to long-term economic growth that does not negatively impact social, environmental, and cultural aspects of the community.
Why is sustainable economic development important?
If our economy keeps growing as it is, our resources will be depleted, conditions of the environment will worsen and workers will continue to be exploited.
Sustainable economic development is the basis for environmental protection and social equity.
When it comes to economic development, the struggle is the disparity between the goals of environmentalists and those of businesses.
Whilst the former urges a well-kept environment, the latter looks for profit.
Often, eco-friendly options are not the most cost-effective so businesses would rather opt for less environmentally-friendly practices that are cheaper in order to maximise their profit.
So, is there a way to bring sustainability and profit together? Here we’ll share five ways you might be able to help your economy grow without negatively impacting the environment or your society.
Let’s get into it.
💡 Do bear in mind that economic systems, and their development, are subjective to each country and community’s needs.
What can I do?
1. Shop locally
Commit to shopping at local businesses and restaurants. This will boost your local economy, it’s ethical and you will find some unique treasures.
A localised economy would be more resilient and stable since it would be self-sufficient. It would also minimise energy use and waste as products would not travel as far.
See up-and-coming schemes here that help encourage local shopping.
2. Buy secondhand
Commit to purchasing the majority of your clothes from thrift and secondhand stores. Draw attention away from fast-fashion and highstreet brands and give back to the community by buying secondhand. You are also likely to find some quirky items.
Simply search online for shops near you, go to car-boot sales or download one of the many apps.
Closit is also here for you to discover and sell preloved fashion in online flash-sale events. Download it for free today.
3. Reduce your carbon footprint
One way to do this is to ditch the car when you can. Walk, cycle, take the bus, train or metro. Cars cost you to park, maintain and refill with petrol and, at the end of the day, they’re harming the planet.
Use cars less and increase the demand for better transport links and infrastructure in your community.
4. Use renewable resources
For an economy to develop sustainably, it must be based on a sustainable energy source. This means using renewable resources such as wind, water and sun.
With a low-carbon economy the end goal, we must adopt a more sustainable way to generate energy and in turn, not waste or over-consume it.
Companies that already use renewable resources include: Intel, Walmart and British Telecom.
5. Change the business model
If you own a business or are thinking of setting one up then do consider:
- Shifting towards a new business model that generates shared value.
2. Shifting towards structures that seek to benefit consumers and members ie: co-operatives or public interest companies.
3. Creating new indicators of progress.
Keep an eye out for discussions on this in future articles.
Let’s strive for a sustainable community…
Remember to engage in conversation and educate those around you on how they can do their bit to help society develop sustainably.
The planet needs your help. If you shop locally and consciously consume energy, you’ll be on the right track to encouraging sustainable economic development.
In the wise words of Greta Thunberg
You are never too small to make a difference.
