A deep dive into an economy answerable to life. This episode asks whether progress should be measured by GDP and money-value growth — or by life capacity, ecological repair, democratic provisioning, and the protection of the shared conditions that make life possible. Read More
The contemporary Beyond GDP agenda marks a significant opening in global development thought. It recognizes that gross domestic product cannot adequately measure well-being, equity, ecological sustainability, social resilience, or future viability. The 2026 United Nations report Counting What Counts: A Compass of Progress for People and Planet proposes a globally applicable dashboard of 31 indicators designed to complement GDP by tracking well-being outcomes, equity and inclusion, environmental sustainability, and the forms of capital that support future well-being. It also emphasizes that indicators should inform planning, budgeting, and policy rather than merely describe outcomes (United Nations, 2026).
Yet better measurement alone cannot explain why the world economy continues to generate ecological overshoot alongside widespread deprivation. Jason Hickel’s 2026 IDS Annual Lecture, “Capitalism, Imperialism and Ecology,” provides the missing political-economic layer. Hickel argues that the central contradiction of the present world system is not scarcity in the aggregate, but misallocation: vast productive capacities are organized around capital accumulation rather than human needs, ecological repair, and democratic provisioning. He frames the global crisis as a double failure: planetary boundaries are being exceeded while billions remain deprived of decent living standards (Hickel, 2026).
This white paper develops a life-coherent synthesis of the Beyond GDP agenda and Hickel’s political economy. It argues that progress must be redefined not as output expansion, but as the democratic organization of production, distribution, finance, trade, technology, and governance around life-capacity, ecological integrity, structural repair, and future viability. Hickel’s analysis is interpreted alongside McMurtry’s life-value onto-axiology, Galtung’s theory of structural violence, and Maturana and Varela’s account of autopoiesis and world-bringing. The resulting framework reframes development as life-coherent provisioning: the creation of social, ecological, institutional, and economic conditions through which all people can live dignified lives within planetary boundaries, without externalizing harm onto other peoples, species, ecosystems, or generations.
Modern Monetary Theory (MMT) demonstrates that sovereign currency-issuing governments cannot become insolvent in their own unit of account, yet these same governments routinely behave as if they are revenue-constrained. This paradox — formal sovereignty coexisting with self-imposed austerity — raises profound questions about who truly governs money. This paper argues that sovereignty is not a unitary attribute but a fractured condition, divided across three registers: formal, functional, and ideological.
Formally, governments retain the authority to issue currency and extinguish liabilities through taxation. Functionally, private banks and supranational institutions wield shadow sovereignty by creating credit, enforcing fiscal conditionalities, and disciplining governments through market reactions. Ideologically, austerity narratives and household analogies naturalize scarcity, embedding constraint into common sense and foreclosing democratic imagination.
By synthesizing MMT’s descriptive insights with political economy and cultural theory, this paper re-theorizes sovereignty as a contested field rather than a binary attribute. Drawing on the works of Wray, Kelton, Mosler, McMurtry, Polanyi, and Gramsci, it situates monetary practice within a broader struggle over democracy, legitimacy, and collective provisioning. The conclusion argues that reclaiming sovereignty requires interventions across all three registers — asserting public monetary authority, restructuring financial institutions, and dismantling austerity narratives. In an era of overlapping economic and ecological crises, such reclamation is not optional but necessary for the survival of democratic society.
