What is Broad Prosperity in Curaçao?

What is Broad Prosperity in Curaçao?

August 2, 2024

In Curaçao, we are beginning to explore the concept of broad prosperity, recognizing that traditional measures of success like GDP don’t tell the whole story. However, while we are in the early stages of awareness, there is a valid concern about whether we and our institutions will genuinely pursue these ideals, given the pervasive self-interest and lack of communal support observed.

Broad prosperity, or "brede welvaart" in Dutch, refers to a holistic approach to measuring and achieving prosperity that goes beyond traditional economic indicators like GDP. It encompasses various dimensions of well-being, including economic, social, environmental, and cultural aspects, aiming for a more comprehensive understanding of societal health and progress.

The concept originates from growing recognition that traditional economic metrics, such as GDP, do not adequately capture the quality of life or the sustainability of growth. Influential reports and frameworks like the United Nations' Sustainable Development Goals (SDGs) and the Stiglitz-Sen-Fitoussi Commission's report on the Measurement of Economic Performance and Social Progress have contributed to the development and adoption of broader measures of well-being.

The increasing interest in broad prosperity stems from several factors:

1. Awareness of Environmental Limits: Growing recognition of climate change and environmental degradation has highlighted the need for sustainable development.

2. Social Inequality: Rising inequality has spurred interest in more inclusive measures of prosperity.

3. Quality of Life: We must better understand that economic growth does not necessarily translate to improved well-being for all segments of society.

Several international organizations advocate for broader measures of prosperity, including:

• OECD (Organization for Economic Co-operation and Development): Promotes the Better Life Index, which measures well-being across multiple dimensions.

• United Nations (UN): Through its Sustainable Development Goals (SDGs), which include diverse targets related to economic, social, and environmental well-being.

• World Bank: Focuses on comprehensive development indicators beyond GDP.

In the Netherlands, the Social and Economic Council (SER) also emphasizes the importance of broad prosperity in its advisory reports to the government.

Countries that are considered forerunners in implementing and promoting broad prosperity include:

• New Zealand: Introduced a Wellbeing Budget that prioritizes mental health, child well-being, and environmental sustainability.

• Bhutan: Known for its Gross National Happiness (GNH) index, which measures the collective happiness and well-being of its population.

• Sweden and Finland: Often cited for their comprehensive social policies and environmental sustainability efforts.

To transition towards broad prosperity, societies should consider the following steps:

1. Redefine Metrics: Develop and adopt comprehensive economic, social, and environmental metrics.

2. Policy Integration: Ensure that these broader metrics are integrated into policymaking processes at all levels of government.

3. Stakeholder Engagement: Involve a wide range of stakeholders, including civil society, businesses, and communities, in defining and pursuing broad prosperity goals.

4. Sustainable Practices: Implement policies that promote sustainable development, reduce environmental impact, and address climate change.

5. Social Equity: Design policies that reduce inequality and ensure that the benefits of prosperity are widely shared across all segments of society.

6. Continuous Evaluation: Regularly assess and adjust policies and practices to ensure they effectively contribute to broad prosperity.

A society that knows or strives for broad prosperity is Society 5.0, which places humans at the center. By adopting a holistic and inclusive approach, societies can work towards achieving broad prosperity, ensuring that economic growth translates into real improvements in the quality of life for all citizens.

By striving for broad prosperity, Curaçao, along with other societies, can aim to create an environment where all individuals can thrive and lead fulfilling lives. It’s time to move beyond lip service and take actionable steps towards a more inclusive and sustainable future. Let’s embrace this journey towards Society 5.0, placing human well-being at the heart of our progress

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