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  • Writer's pictureSoundBeatsTime

The solidarity based economy

We have seen what social businesses aim at, but what is a solidarity based economy all about?

Its characteristics are to follow these 7 principles:

  1. Human before profit – increased quality of life

  2. Part of the social economy

  3. It aims to put right an injustice by expressing solidarity

  4. Local exchange trading systems

  5. Solidarity lending

  6. Ethical purchasing

  7. Economy of the common good

Types of solidarity based economies

  • Fair trade – solidarity with farmers in the developing world by paying them fair prices for their products

  • Self-help – members support each other in dealing with their problems

  • Social centres

  • Co-operatives – if include a commitment to solidarity

  • Trade unions – solidarity between workers

  • Free software movement, commons-based peer production and open source development

  • Give-away shops (gift economy)

  • Corporate social responsibility (CSR) - a business monitors and ensures its active compliance with the spirit of the law, ethical standards and national or international norms; lately, a lot of companies are getting involved in social projects where their employees can volunteer

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