ECOnGOOD Austria has been granted substantial financial backing from the Good Council for the next five years. This move is seen as a significant endorsement of the organisation’s commitment to fostering an economy oriented towards the common good. The comprehensive commitment to creating a 360°//GOOD ECONOMY was recognized as a valuable societal contribution, largely provided on a voluntary basis by active members and experts.

Marlene Engelhorn, a member of a wealthy dynasty, has been advocating for fair taxation of the wealthy for years. Concerned about Austria’s growing wealth gap and insufficient wealth and inheritance taxes, she’s taken action by putting her wealth and trust in the hands of 50 randomly selected individuals from various backgrounds, who use their collective expertise to inform political decisions and foster an economy oriented towards the common good. This democratic body, known as the Good Council, is tasked with the redistribution of 25 million euros. This initiative aims to redefine wealth and prosperity in line with the principles of humanity and ecology through the support of organizations that promote a just and sustainable economy.

The Economy for the Common Good presents innovative tools for micro and macroeconomic management that align economic activities with the wellbeing of all. A key tool, the Common Good Product (CGP), is proposed as an alternative to the traditional Gross Domestic Product (GDP). Unlike the GDP, which only considers monetary values, the CGP acknowledges human dignity, ecological sustainability, social justice, democracy, and transparency. Importantly, the specific goals explored in the Common Good Product are selected by a citizen’s council, ensuring a democratic process in determining what constitutes a sustainable and equitable economy. Therefore Engelhorn’s idea to link the redistribution to a decision by citizen’s council to find a fair solution is highly respected and promoted. This action sends a potent signal to both the wealthy and political decision-makers.

ECOnGOOD Austria has expressed deep gratitude for this significant support and recognition for its work. This generous gift is an affirmation of their ongoing efforts and a boost to their mission of driving positive economic and societal change.

Visit ECOnGOOD’s Austria website

Image by Hanna Fasching