Transformative economics
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Transformative economics is an alternative theory of socio-economics.
Transformative economics was derived from Progressive Utilization Theory (PROUT) — a social philosophy developed by Indian philosopher Prabhat Ranjan Sarkar in 1959.
Proponents of this theory view traditional capitalism as a system that treats humanity as an input (labour) and cost (wages), with the result being the accumulation of capital. Transformative economics attempts to reverse this and make the outputs of the economic system work for humanity, by placing environmental and local community needs at the foundation of economics.
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