This submission makes a series of recommendations to help reorient economic activity in Ireland away from pursuing increased consumption (GDP growth) as an end in itself, and towards social and ecological wellbeing.
This submission recommends a number of internal and external measures which could enable Irish businesses to adapt nimbly and thrive in a ‘post-growth’, wellbeing-oriented economy.
Our recommendations on taxation and welfare in Ireland - and elsewhere - include a reorientation of taxation policy towards 'commons-based taxation', the introduction of a Universal Basic Income, and capping the fossil fuel supply.
This submission recommends that the existing EU economic governance framework be replaced by 'guard rails' that would ensure that environmental limits are not exceeded, and that nobody is put in danger by a rapidly transforming, and at times highly volatile and unstable, economy.
Feasta encourages the California Air Resources Board to return as much as possible of the proceeds from its auctions of greenhouse gas emission permits to the public, following the Cap & Dividend model.
Risks identified in this submission include geopolitical unrest stemming from the climate and biodiversity crises and the decreasing global supply of high-quality oil; an unbalanced banking sector in Ireland; and 'perception risk' arising from ungrounded assumptions about the nature of the economy.