Social Economics are private initiative economic activities that aim to benefit not just those that implement them, but rather society at large.
The Social Economy and its resulting collective entrepreneurship can play an essential role from different perspectives: as a driver of social and economic development, as a way of facing future business challenges, as a formula that contributes to regional and local development, as a means to promote solidary, inclusive, and quality employment, and lastly and most resoundingly, as a change agent for society. Social Economics represent another way of understanding economy and businesses, and involve alternative ways of doing business, producing, managing, and consuming.
All of this makes the Social Economy a key business segment for the future, and a driver of the economy and social impact in times of crisis such as the one we are experiencing, being able to offer innovative and inclusive responses to the challenges that the Basque and European economy and society will have to face in the coming years.
The Social Economy, and associated labour cooperatives in particular, are consolidating an Euskadi identity with our community standing as an international benchmark. We must maintain this leadership and project it even further, supporting ourselves on our firm and solid pillars to continue on the path towards this successful model’s consolidation and growth.
Key aspects of Social Economics
People before capital
Democratic control of individual members
Voluntary and open involvement
Commitment to the region
What are its principles and values?
- Placing a focus on people and social outcomes over capital, which is concentrated on autonomous, democratic, and participatory management that, in turn, prioritises decision making in function of people and their contributions at work, as well as services provided to the entity, or in function of social outcomes, rather than their contributions to social capital.
- Applying the results obtained from economic activity to the entity’s social aim, to the achievement of goals like sustainable development, to services for member individuals, and to benefit general interests at large, mainly in function of the work carried out and the service, or the activity carried out by partners and individuals involved, where applicable.
- Promoting internal and societal solidarity that favours commitment to local development, equal opportunities between men and women, social cohesion, cooperation, job placement for individuals with disability and at-risk individuals or those in a situation of social exclusion, quality and stable job creation, work-life balance, and sustainability.
- Maintaining independence from public authorities.
- Committing to the territory, against depopulation and ageing populations in rural environments, injecting stability and securing the future.
- Strengthening economic and institutional democracy.