In the media
Stockholm Statement seen as an alternative to the Washington Consensus

The piece refers to traditional economics as an ‘outdated’ approach which is partly responsible for recent global crises such as rising inequality and environmental degradation.

The article also gives an overview on how the gathering was organized and highlights some of the main principles of the Statement. These are:

• GDP growth is not an end in itself: wellbeing is multidimensional, and policy should therefore aim for a variety of goods, not just income.
• Development must be inclusive: inclusive development is the only socially and economically sustainable form of development.
• Environmental protection is a requirement: protecting the environment should be the central objective of policymakers.
• Balancing market, state and community: markets are social institutions that need to be regulated.

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About the Stockholm Statement

Thirteen of the world's leading development economists signed the Stockholm Statement in late 2016, which summarizes what they see as the core principles for development policy-making going forward. In their view, inequality within countries is threatening social cohesion and economic progress, and development needs to be seen in a broader perspective in order to achieve more equitable and sustainable results.

The Statement is based on two days of intense discussions held in Stockholm to review and assess the challenges faced by today’s economic policy makers. The meeting was hosted by the Swedish International Development Cooperation Agency (Sida) and the World Bank on 16-17 September 2016.