Amid an unprecedented climate crisis, growing inequality and a technological revolution that is radically transforming the world of work, the global economic model stands at a crossroads. The promise of unlimited growth—fueled by extractivism, deregulation and hyper-globalization—has reached its limits.
Today, several renowned economists are proposing a deep renewal of the traditional economic paradigm, seeking to rebalance the equation between economic efficiency and social equity. I myself, from my humble worldview, documented it in the book “empresas que crecen con alma.”
The dominant economic model of recent decades has prioritized GDP growth, trade liberalization and a reduced role for the state. While it has generated prosperity in many countries, it has also triggered recurrent crises, a surge in wealth concentration and alarming environmental degradation.
Digitalization and new technologies have widened the gap between skilled and unskilled workers, while climate change and geopolitical tensions are reshaping the rules of the game.
Furthermore, tax-based compensation often shifts power from one group to another, systematically corrupting democratic systems and reinforcing inequality and detachment from society’s real problems.
A new economic narrative
In response to this scenario, a new economic narrative is urgently needed—one that goes beyond traditional indicators and places the wellbeing of people and the planet at the center. In this vision, businesses should become key drivers of prosperity, environmental regeneration and social justice.
There is a growing body of thought and action supporting this shift. Some of the most influential voices include:
Key economists leading the shift
1. Dani Rodrik
A Harvard professor and a vocal critic of hyper-globalization, Rodrik advocates for a more inclusive and democratic economy. He recently warned about the negative effects of protectionism and the erosion of the rule of law in the US, calling on Europe to act as a stabilizing force to attract investment and rebuild the middle class.
2. Daron Acemoglu, Simon Johnson and James A. Robinson
Winners of the 2024 Nobel Prize in Economics, these scholars have demonstrated how political and economic institutions are key to prosperity and reducing inequality. Their work highlights the importance of inclusive structures for sustainable development.
3. Esther Duflo
Nobel laureate in 2019, Duflo is a pioneer in using randomized experiments to fight poverty. Her empirical approach has influenced public policies focused on financial inclusion and social equity.
4. Mariana Mazzucato
An Italian economist known for her theory positioning the state as an engine of innovation and economic growth. She advocates for public-private collaboration to drive investment in strategic and sustainable sectors.
5. Agustín Carstens
General manager of the Bank for International Settlements, Carstens defends the independence of central banks and criticizes crypto assets and economic protectionism. He warns about the risks of growing public debt and calls for sustainable fiscal frameworks.
6. Kristalina Georgieva
Managing director of the IMF, Georgieva urges international cooperation to address protectionism and geopolitical conflict. She proposes a strategy combining sound monetary and fiscal policy with structural reforms to avoid economic stagnation.
7. Indermit Gill
Chief economist at the World Bank, Gill emphasizes the need to correct internal imbalances and promote inclusive growth, especially in developing economies. He highlights the importance of investing in infrastructure to boost productivity.
8. María Mendiluce
A Spanish economist and CEO of the We Mean Business Coalition, Mendiluce leads corporate climate action initiatives. She promotes the shift from fossil fuels to renewables and has been recognized for her work in sustainability and climate change.
9. Thomas Piketty
Author of Capital in the Twenty-First Century, Piketty argues that when the rate of return on capital exceeds economic growth, wealth tends to concentrate—fueling inequality and threatening democracy. He proposes a global progressive tax on capital to reduce disparities.
10. Juan Camilo Cárdenas
A Colombian economist and member of the Earth Commission, Cárdenas explores how communities can sustainably manage natural resources. His approach combines economics, environment and social justice.
Shared responsibility in building a new economy
This new economic model cannot be built solely by multilateral institutions or academia. Active participation from all social actors is essential.
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As citizens and consumers, we can steer production toward sustainable goods and services, and demand ethical behavior from our institutions, as well as meritocracy and social justice from our leaders.
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As workers, we can demand decent working conditions, inclusion and ongoing training.
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As entrepreneurs, we must redefine corporate success—not just by profits, but by our positive impact on society and the environment.
This paradigm shift is not a utopia. It is already underway. And each everyday decision is an opportunity to accelerate the transformation toward a purpose-driven, humane and regenerative economy.