A ‘well-being economy’ organization with connections to the devolved governments is seeking an ‘economic revolution’ aimed at abandoning GDP growth. A progressive billionaire-funded group is steering Scotland and Wales towards policies that align with the controversial “degrowth” movement via a “well-being economy.”
The UK charity Wellbeing Economy Alliance (WEAll) is part of a global network forging close ties with Western governments with the aim of abandoning GDP growth as an objective.
The Epoch Times has discovered that accounts filed at the end of last year show the organization was funded by progressive organizations, one with an anti-capitalist agenda inspired by far-left militants. And one renowned economist and expert on degrowth said that such policies are “going to end up impoverishing the UK.”
Created in 2018, WEAll is advocating for countries to shift away from market capitalism towards a “well-being economy” and champions “degrowth” as an “economic revolution” that no longer supports economic activities that fall “outside safe ecological and fair social boundaries.” The charity defines the concept of a “well-being economy” as “an economy that pursues human and ecological wellbeing instead of material growth” with a successful shift “beyond GDP growth.” This, it says, requires a “fundamental systems change.”
The organization has close links to governments, which it calls the Wellbeing Economy Governments partnership (WEGo), in New Zealand, Scotland, Iceland, Finland, and Wales to progress towards the United Nations Sustainable Development Goal 17, which aims to foster partnerships and cooperation to identify approaches to delivering well-being.
According to its latest annual financial return, WEGo is funded by grants from progressive causes. Some of these include the Angela Bennett Foundation, the Robert Wood Johnson Foundation, the Bosch Foundation, and Partners for a New Economy. It also receives funding from a social venture called One Project, which aims for a “post-capitalist future” and draws inspiration from the Mexican Zapatistas, and the left-leaning Omidyar Foundation.
Katherine Trebeck, co-founder of the Wellbeing Economy Alliance (WEAll), has argued that “degrowth” is the answer to the “global transition to become a more equitable, resource-friendly society.”
In 2022, the Future Generations Commissioner for Wales Sophie Howe said that the Wellbeing of Future Generations Act 2015 places a legal responsibility on policy makers in Wales to create “inter-connected solutions to improve cultural, social, economic and environmental well-being, via seven national goals, including ambitions for a healthier, more equal, environmentally-resilient society, and a well-being economy.” “In the legislation, the goal for a ‘prosperous Wales’ does not mention GDP, instead defining growth in terms of ‘an innovative, productive, and low-carbon society, which recognizes the limits of the global environment,’ with an emphasis on ‘decent work,’” she wrote.
Scotland implemented its National Strategy for Economic Transformation in 2022 that sets out its ambitions to become a “well-being economy.” Some critics disagree with this strategy, one of them is the Professor of technology, entrepreneurship, and development, Wim Naudé, who has warned that the policy of “degrowth” will not work.
The economist pointed out that GDP growth is a natural outcome of economic activity, and believes that the UK would suffer disproportionately from such policies. He added that the degrowth movement is a “marginal left-wing” movement and argued that it is not necessarily related to communism.
We can see that these policies are not being well accepted in the UK and are causing division among experts and economists. Such a radical change can have a significant impact on the countries involved.