The Economy for the Common Good in jewellery
The socioeconomic movement of the Economy for the Common Good has been gaining strength as a sustainable alternative in several productive sectors, and is also applicable to jewellery. The term Economy for the Common Good refers to an alternative economic model. This model is based on universal values such as human dignity, equality, social justice, solidarity, democracy and sustainability, among others. A business model based on applying the Economy for the Common Good can also be developed in the jewellery sector. In this article we see some examples of how jewellery activity can collaborate in applying the Economy for the Common Good in society.
The Balance of the Common Good in the jewellery sector
The movement of the Economy for the Common Good was initiated by the economist Christian Felber. In the jewellery sector, as in any other, the application of the model mainly involves applying the Balance of the Common Good. This enables companies to measure their contribution to the common good through their activity. In this way, the Balance of the Common Good provides new valuable indicators beyond the financial balance of a company or organisation.
It is clear that the financial balance is a basic tool for any company. Nevertheless, the Balance of the Common Good enables them to know how they are doing things in a company. Any company produces wealth, but what do they do with it? Can the wealth produced by activities such as jewellery generate positive inputs for the Common Good of society?
The answer is clearly yes. The Balance of the Common Good enables them to know how they are doing things in relation to suppliers, employees, clients or in the social sphere. Five different metrics are used to measure it: human dignity, solidarity, ecological sustainability, social justice and transparency.
At Majoral, for some years we have been committed to applying the Balance of the Common Good in our jewellery activity. The results have enabled us to discover what we are doing well and what we can do better. These improvements do not always mean an economic layout and neither do they affect the profitability of the company. Quite simply, it is important to have indicators in order to be aware that there are things that can be done in another way.
Having other parameters is essential for the sustainability of the planet
And as the international indicators regarding climate change are showing with alarming clarity, it is that it is essential to do things differently, especially in the business world. At Majoral we are convinced that the contribution to the Economy for the Common Good is not only capable of improving the living conditions of people, but it also valued by our clients. However, today the application of the Common Good, and despite the insatiable work undertaken by the Spanish Federal Association for Promoting the Economy for the Common Good (AFEF/EBC), it remains something optional for companies.
Perhaps a day will come when all organisations will be obliged to apply a Balance of the Common Good in their company, and to correct the deviations generated. When this day comes, business activity will be more sustainable, a little more human. Meanwhile, at Majoral we will continue arguing that the jewellery sector can have a positive effect on people’s lives and contribute to the Common Good.