New EconomyReturn to Big Ideas
Economic recession, growing inequality, and environmental degradation all make it clear that we need to radically rethink the way our global economy is set up. To address these issues, a movement is emerging around a “New Economy” that puts people and the environment as the focus. This New Economy includes a financial system that allows everyone to have access to fair and transparent services, a job market in which people can find dignified work, and an energy market that conserves rather than depletes the environment.
To ensure today’s workers are prepared to meet the rapidly changing needs of the world’s economy, we must develop creative, collaborative approaches and technologies that provide a wide range of skills, and we must support and nurture job development strategies that disseminate and leverage employment information and open access to new markets and jobs. In this manifesto, we explore why job creation appears to be stuck, and determine new opportunities for innovation and impact.
In 2010, Ashoka Changemakers in partnership with the G-20 and Rockefeller Foundation ran a competition which sourced over 300 of the most innovative ideas in SME finance. This paper examines the major trends from the competition as well as taking an in-depth look at one winner, The Capital Tool Company (CTC), which unlocked new ways of using existing distribution channels to provide lower cost and higher efficiency finance. CTC has forged a path that captures the advantages of both local and large-scale financing approaches, while avoiding the pitfalls of each.