Reducing Global Economic Volatility

Recently we have seen how volatile the global economy can be when a major epidemic can drastically disrupt normal operations. Even our national economy has been severely affected by nationwide blockades on major railway routes disrupting the transportation of people and goods, affecting jobs and the economy. The development of a nationwide network of independent Local Sustainable Circular Economies would provide stability locally and could provide support to those local economies who need assistance in the event of a catastrophic disruptive event.

Recently the concept of a Circular Economy has gained momentum with policymakers, businesses, and NGOs. This movement has been in motion for the last decade, especially in Europe, with the guidance of the  Ellen MacArthur Foundation. A Circular Economy is predicted to solve the problems of climate change, resource depletion, waste, and could also provide economic growth and job creation. But for this to happen there is a need for a major transformation with our social, political, and economic systems.

 An entirely different approach to the way business and commerce operate is required. We need to provide out of the box solutions that will not only create a Circular Economy but also look at developing an economic system that makes it also sustainable. Recycling, waste, and combating Climate Change needs to be restructured to include a viable economic system that will create jobs and strengthen the local economy.

Instead of attracting foreign investors, the government should be building local facilities to process local goods from reclaimed materials, which are then sold locally. Instead of promoting pipelines that are delayed due to protests and rail blockages the government could be investing in creating CO2 capturing facilities that process our bitumen locally.

The captured CO2 could then be sold to companies that lease the government made facilities to process the carbon into useful products that are sold mostly locally.

This is only one step to developing a truly Circular Economy.  This, however, would provide sustainable long-term employment for many Albertans along with boosting and stabilizing the local economy and infrastructure. A change is also required in commerce, where profits and excessive wages are replaced with a sustainable fairly divided remuneration system.

Not only should we be following the 5Rs for Sustainable Living to preserve the environment and develop a Circular economy but we also should be looking at new product-service models on whether we only consume or actually would own the product. Instead of buying a product we have a long-term rental where the manufacturer is responsible for cradle-to-cradle consumption and operation of the product.

Be sure to Make the M.A.D. Move to promoting a truly Circular Economy that will shield us from global disruption. Sure, there will be products that we cannot produce locally but we should at least be self- sufficient with what we can. We can learn from the Dutch company demonstrating a truly circular economy by buying all their supplies locally and not concerned about maximizing profits.