The wealth of nations

Last week I had the opportunity to attend the Wealth of Nations conference organised by the Wellbeing Alliance Scotland. This conference looked to drive action in relation to the pursuit of a wellbeing economy with a desire to move beyond discussion and consider the implementation gap. As a volunteer with WeAll Scotland, this was an opportunity to engage with the network, understand some of the opportunities, and present some of my poems directly exploring the platform for change. This article captures some of the key discussions and content, while also sharing my own reflections from the day.

The conference was opened by Jimmy Paul (Director WeAll Scotland) who spoke to the wide range of attendees from across their respective communities (policy, business, academic). He noted the challenge that economic discourse is often reserved to those with degrees and yet it impacts most on those who are furthest from opportunity. In Scotland, the 20 richest families hold the same wealth as the lowest 30%. Recognising the conference host (University of Glasgow), there was a moment to consider Adam Smith as the pioneer of modern economic thinking, yet also recognise the roots of economic thinking in ensuring sustainable and equitable benefit; a point made clear through my recent studies. Katherine Trebeck (author of Economics of Arrival) provided an introduction to the Wealth of Nations conference, recognising the role Scotland has played in furthering the Wellbeing Alliance from its roots in 2018. From hosting COP26, to a clear Government commitment to wellbeing economics by the FM, the Scottish Government has sought to position itself as a leader. Katherine emphasised the need for solutions which go beyond sticking plaster and address upstream challenges. As a society we need to recognise that the existing inequalities are only becoming broader, with COVID acting to magnify these issues. Her challenge to the attendees was to be bold and ask what our priorities should be beyond GDP.

Our morning keynote speaker was Fiona Duncan (Chair of the Promise) speaking to her experiences in delivering the change required in the Care system in Scotland following the independent review. While recognising she came from outwith an economic background, she recognised the importance of the pursuit of wellbeing across society. Looking specifically at the five foundations of the Promise (Voice, Family, Care, People, Scaffolding), there are some commonalities such as ensuring a voice in the decisions made and building support around those who require it; the democracy which sits at the heart of progressive economics. While only a quarter of the way through the process of change, there were some clear lessons, including putting the individual at the heart of the system. Recognising the labyrinth of solutions currently available, this has led to challenges in creating a single course of action and also issues in measuring what success looks like. While there is a desire for change, a number of the interventions still exist in isolation across directorates. Living in the age of austerity, financial concerns are also evident with many programmes looking to the next review instead of focusing on delivering. One of the key things that resonated with me through her presentation was the following: "The lifelong cost of care is borne by the person who lived it, not the system itself". Concluding Fiona reiterated that to make meaningful progress, we need to achieve a wellbeing economy.

The next session acted to bring together a panel of speakers reflecting both on The Promise and the wider role for the wellbeing economy. Chaired by Sarah Davidson (Carnegie UK), the conversation started with a recognition that change requires multiple aligned actions. She recognised that collective wellbeing wont happen by accident and there are a number of tests which underpin what success will look like. Jim McCormick (Robertson Trust) asked whether we have spent "too much time admiring the problem" and the challenge of addressing the issues in advance. As the Robertson Trust looks to commit 25% of its expenditure upstream, they hope to commit to solutions rather than firefighting. Satwat Rehman (One Parent Families Scotland) asked whether we are too prone to jump to problem solving and whether there are opportunities to hear from other voices. Echoing sentiment from Katherine, there was a recognition the economy is often based on failure demand rather than prevention. Fraser McKinlay (The Promise) argued the case for wellbeing had already been made, yet there is a reluctance to act. Alongside the challenge of taking learning and applying elsewhere, there is also an issue in innovation implementation. The cross table conversation prompted discussion on the need for expertise beyond one organisation and that financial contribution should not limit bodies from speaking their truth in the pursuit of change. There was a chance to consider whether interventions such as the real living wage went far enough, with 370k working households living in poverty. Finally there was a question on the role for the private sector in delivering public objectives.

Before lunch, there was an opportunity for deep dive discussions across different themes. My priorities centred on the role of the public sector and the role for business and enterprise. My first table looked to the public sector, and a chance to frame where responsibility for change was owned. While Governments will set their own challenges, unless there is a commonality in delivery across directorates, then there is a likelihood of failure. A second issue centred on the language of wellbeing and what the public sector choses to measure. Joined by representatives from both Welsh and Finnish Governments, both spoke to a problem of communicating what the future state could resemble and where this commonality linked public policy and outcomes. In addition, the problems of pursuing economic wellbeing in a globally competitive landscape where GDP remains a measuring benchmark. The next table considered the need for additional business representation as part of these discussions. There is often a feeling of companies are told of the need for change, without being part of that process. While there are opportunities to facilitate wellbeing through alternative business structures, there is a feeling that trust is often missing. Rather than adopting carrot and stick policy, the generation of partnership would help overcome the barriers apparent and also address issues of language while at the same table.

The first afternoon keynote speaker (Miriam Brett) opened with a clear call to action linked to a transitioning economy. As we seek to address the inequality of impact from climate harm, we also look to rationalise a system which provides financial incentives to energy companies who subsequently reward shareholders as a consequence of significant profits. Scotland, as a founding nation of the We Go (Wellbeing Governments), has demonstrated a commitment to considering where the economy can deliver for society. However, there are many actions which can facilitate immediate change within the powers currently available. One of these areas centred on land reform and creating new ways to connect communities with the resources that surround them. As we move towards a green economy, there are many ways to ensure democratic ownership of these assets e.g. work underway in North Ayrshire and solar farms. There are also basic human needs such as adequate housing provision which could be addressed in a manner which is both sustainable, while also meeting the needs of society in its changing demographics. Sectors such as care provision also create specific opportunities to connect societal need with economic delivery in a humane manner.

Anton Muscatelli (University of Glasgow) acted to introduce Angus Robertson (Scottish Government), recognising the need to look beyond "growth" in the economy and recognise that reducing inequality has a far greater impact, particularly in areas such as Glasgow. Angus flagged the previous conference held in this space exploring inclusive growth. The creation of bodies such as We Go and the Wellbeing Alliance demonstrate the desire to do things differently. Yet there is a need to recognise we are still measuring progress through GDP; energy prices are still dictated by fossil fuels despite Scotland producing the majority of its energy through renewables. The publication of both the National Strategy for Economic Transformation and the National Performance Framework act to demonstrate the vision for Scotland. While many economies grow first and redistribute later, the SG is seeking to appoint a wellbeing economy monitor. The introduction of Community Wealth Building legislation next year speaks to a desire to democratise the economy and ensure wealth is retained in the areas it is generated. In addition, the wellbeing economy pilot in Clackmannanshire will help create a template which can be adopted elsewhere. Reflecting on this speech (and linking to the earlier sessions), the challenge will be taking the learning in to other geographies and also how we ensure that this is a genuine partnership, rather than solely a public sector desire.

The next session provided an intergenerational WeGo Panel providing members of youth parliaments and Wellbeing Alliance Volunteers, a chance to probe their respective Governments on a range of issues relevant to their generation. Alongside Angus Robertson, the table brought representatives from Wales and Finland, alongside a video from Iceland who have recently introduced 39 wellbeing measures as part of their programme for Government. The range of topics was both probing and encouraging in terms of holding to account elected officials on matters such as offshore development in energy, biodiversity and mental health at work. One of the encouraging points centred on where we could learn from each other in implementation e.g. the introduction of the baby box in Scotland came as a direct result of the Finnish pilot. We have seen a number of countries begin their own pilots surrounding Universal Basic Income (UBI) with the lessons beginning to inform how these interventions could create societal change with direct impact on inequalities. In addition, understanding how we engage those from rural geographies while retaining clear links to their communities.

The final audience session provided a chance to look where there are opportunities for change, driven by those in attendance. While discussion tables ranged from the just transition to empowering communities, I looked to participate in the discussion exploring business purpose. Having recently completed a secondment with the Unlocking Ambition programme, I recognised the role for companies as a driver in achieving wellbeing outcomes. A number of the companies I supported, explicitly established themselves to address societal challenges or alternatively recognised the importance purpose would play in appealing to a market which wants more. In addition, my time with Cooperative Development Scotland helped me understand where alternative business structures could play a part in enabling companies. Yet there was a noticeable lack of private sector voices round the table, and a recognition that accelerating business purpose, requires companies who are committed to that pursuit. Finally, there was a return to the challenge of language, and a question of how to make wellbeing economics resonate for those who are driven by profit.

Reflecting on the event, there are a number of key takeaways which merit further consideration here:

1. Scotland is a leader in delivering the Wellbeing Economy

Whether through national interventions such as the NSET or consideration at the local level, there is a clear desire across Scotland to be a driver for progressive economics. There are many areas where Scotland has taken the lead globally e.g. Community Wealth Building. These are positive signs and demonstrate where a more democratic economy is possible. Yet communication is important and there is a need for a wellbeing economy to cut across directorates as a national priority.

2. The move towards "how"

Despite not being rooted in economic discourse, the speech from Fiona created a question which resonated throughout the day. Instead of spending more time arguing about why we need a wellbeing economy, lets start talking about how. The implementation gap became a clear driver for where the conversation goes next. There is a need to resource how we do better and move away from measuring GDP as success.

3. Wellbeing in Business

One of the key challenges to delivering a wellbeing economy is the fundamental rewiring of what we measure and how we define success. Yet this change would effectively alter the purpose of many companies. While the benefits to society are evident, there is a question of where we can bring the private sector to this discussion and help them provide solutions, rather than see this as a threat.

Concluding this article, I wanted to consider the opportunity presented to me through the day. I have written previously about the publication of my book of economic poetry. These poems reflected a personal journey through the completion of my Professional Masters which focused on the relationship between the public and private sector in delivering the wellbeing economy. Having previously shared a copy with Jimmy, he offered me the chance to perform some of these on the day. I hadn't performed poetry in over 18 years, however this was a chance to help share some key messages and demonstrate where language plays a part in conveying what can often be complex content. Alongside Johnny Cypher, these spoken word slots provided a way for the audience to engage with wellbeing discourse in a manner which connected concepts. As we celebrate St Andrews Day, I will share my previous poem called "A Toast to Scotland" which offers my own take on where we can create real change.