Towards an Impact Economy
And so it begins. My journey in the world of impact economy takes a new turn. It’s been months of research, online courses, reading books and articles, yet more research, webinars and countless hours of introspection and deliberation. And some sleepless nights too. In fits and starts. Wondering if and when I should take the plunge into this new world. More than switching careers, it feels like a call of duty; dare I say an inner call — to employ my resources to do good. Never was there a time when doing good is needed as now.
Battered and disoriented societies, reeling from the adverse effects of a pandemic. A health crisis that is turning into a social and economic emergency inflicting yet another layer of challenges on top of those already existing pre-covid. Formidable societal challenges; climate change, declining biodiversity, growing unemployment, environmental degradation, migratory pressures, rising poverty, sub-optimal education outcomes, gender and income inequalities and discrimination, to name a few.
The world order is in a flux. Economic systems are in disarray. Social cohesion is strained. Politicians are failing to provide crucial leadership and propose adequate answers to shifting social trends. In many respects, institutions are failing and, in turn, fail us. Crucially, our demands on Nature far exceed its capacity to provide. Traditional ways and methods of social organisation seem to be unsuitable to cope with and address emerging challenges. Capitalism as we know it until now is seriously flawed. The time is ripe for a change in the way we use money, measure economic activity and growth and disclose operations across value chains and financial systems.
This running commentary is born out of a desire to contribute to the shaping of the significant societal transformations swirling around us into purposeful changes. It is a celebration of the huge strides that the social economy, social enterprise, social innovation and impact finance — key components of the impact economy — made in several countries but which remain elusive in Malta. Through this page my goal is to increase the knowledge, raise awareness and broaden acceptance among Maltese innovators and decision-makers about the better outcomes that transitioning to an impact economy model which balances financial return and purpose can bring to people, places and planet.
