Saving capitalism: Why a Wellbeing Economy is our last hope

The economy is broken, and believing that we can continue doing business as usual is akin to believing in fairy tales, says a former Italian Minister and current sustainability professor at the University of Surrey.

Starring in a new documentary about establishing so-called 'wellbeing economies', Professor Lorenzo Fioramonti, Founding Director of the Institute for Sustainability at the University of Surrey, is urging politicians and opinion makers to help save capitalism by reforming it and ensuring it is fit for modern times.

The economic status quo has only resulted in widening inequality, economic stagnation, and policies that are ignoring the scientific fact that our activities are quite literally killing our planet.

Rethinking our economies and shifting to a wellbeing economy means that we will be prioritising the needs of people and the planet over arbitrary economic growth. It shifts the focus from GDP to shared wellbeing, ensuring comfort, safety, and happiness for all.

In my view, the wellbeing economy is our final chance to save capitalism. It is our chance to stop believing that business as usual is working – that is a fairy tale. Solutions in a Wellbeing Economy are people-centred, environmentally regenerative, and designed for the long term, with arts playing a crucial role in inspiring and illustrating this vision.

The documentary, Purpose, follows Professor Fioramonti and political economist Katherine Trebeck on a journey from 2017 to today. In 2017, they kick-start 'Wellbeing Economy Governments,' an alliance challenging the G7. Their vision? To unite countries ready to put people and the planet first. After setbacks and revivals, they bring together Scotland, New Zealand, Iceland, Wales, and Finland, paving the way for a new global economy.

Meanwhile, Lorenzo steps into the political arena in Italy. In January 2018, he wins a parliamentary seat, aiming to build a wellbeing economy. But politics isn't easy. Sidelined in a chaotic government, he eventually gets his chance as Minister for Education in September 2019, but only after pushing through some bold ideas which resonate across the globe.

Purpose made its world premiere at the Wellbeing Economy Forum in Iceland, Reykjavik, on 11 June 2024, and is making its UK premiere at Surrey's Institute for Sustainability on 19 September 2024. Future screenings can be found on the film's website.

We are delighted to have made the UK premiere possible at Surrey and at the Institute for Sustainability, where we are focused on driving long-term wellbeing for all. We are very keen to bring diverse audiences together to enjoy inspiring documentaries such as Purpose. It allows us to grow our impact and make systems thinking and wellbeing economies better understood by everyone: colleagues, students, partners, and citizens. Nathalie Hinds, Director, Institute Operations, Innovation and Partnerships