Economic transformation and social welfare: Rethinking Pathways to Local Solutions

Abstract: Economic transformation is a recurrent, endogenous feature of economies, but its trajectory and impacts are socially embedded. The central concern should not be whether the economy is undergoing economic transformation, but rather the nature, direction, and consequences of that transformation. Economic transformation should be assessed in relation to its contribution to social welfare and well-being, including its capacity to sustain economic growth, reduce inequality, promote social inclusion, and ensure ecological sustainability.. From 1990 to 2025, in a span of 35 years alone, global wealth has witnessed a multifold increase of almost three times - from $ 59.7 trillion in 1990 to $ 180 trillion in 2025. However, 75% ofglobal wealth is owned by the top 10%, 23% of global wealth by the middle 40%, and a meagre 2% of global wealth by the bottom 50% (World Bank, 2026). The top 10% captures 53% of total income, the middle 40% captures 38%, and the bottom 50% captures a meagre 8% of total income (at 2025 PPP). The inequality between regions is also immense-A person in Sub-Saharan Africa earns just € 300, South & Southeast Asia € 600, compared to € 3800 by a person in North America & Oceania, and € 2900 by a person in Europe (WIR, 2026). The statistics show that the Global South is most vulnerable to economic inequality. Income and wealth inequality, and social inequality, are not restricted to such inter-regional boundaries; there are large income and wealth disparities between rural and urban areas, between genders, and among other social groups. The central question here is: are we seeking such a global or regional economic transformation?. Economic inequality is not merely a structural outcome nor is it simply an outcome of any individual economic behavior; it emerges from the interaction among structural conditions, policy and institutional arrangements and the practices of economic actors. The contemporary economic transformation has not only expanded productive opportunities and generated prosperity, but has also witnessed the emergence and intensification of exploitative forms of economic behavior, resulting in exploitative gain; what we conceptualize here is the ashubh- labh. In such a scenario, protecting indigenous (rural) and marginalized communities from the unjust global economic order requires greater attention and locally appropriate solutions. Shubh-Labh is an emerging Indian economic approach that seeks to establish sustainable pathways towards a just transition and positive economic transformation. It creates an enabling space where material and non-material forms of wealth are balanced, thereby expanding the meaning of value beyond monetary returns. Through promotion of value creation, creativity, social innovations, cultural expression, and community well-being, Shubh-labh aims to generate value for both economy and society. It contributes to the development of a knowledge economy and a creative economy while ensuring that economic growth is aligned with social justice, ecological sustainability, and collective well-being.

Author: Hari Charan Behera

Venue: https://meet.google.com/cmm-ijnb-gzs

Date & Time: 19 August 2026, 4:00 PM

Past Seminar 2

Abstract: Description.

Author: Speaker Name

Venue: Hall B

Date & Time: 10 March 2026, 10:00 AM