Bioregional economics and frugal trade

No transformation of the monetary and financial systems can take place without consideration of the larger economic framework of which they are part. TIERRA Treaty member states will first of all focus on making their local communities' economies work for them and not orient them towards export. In the past governments were forced to earn foreign reserves to import necessary goods and services, pay off debt and have a hedge against speculators. Given that they do not need these reserves now on account of the convertability of their currencies, they can now use their financial resources at home.

As part of this domestic economic focus that is based upon the principle of living well within the Earth's limits in a particular biological or watershed region, external trade is a secondary focus. On account of the climate crisis transportation costs of food, goods and services trade is to become a frugal trade. Humanity has to change its ways, economically, politically, culturally and ethically. While in the 20th century the Universal Declaration of Human Rights was a major accomplishment in the evolution of humanity, in the 21st century the Earth Charter will become its major accomplishment, not only for the wellbeing of humanity, but the community of life of which humanity is one important part. Are microbes more important than humans in the flowing of energy, the cycling of matter and the webbing of life? [ PDF ]

For in-depth information on value-based planning framework of the TFD consult the Yale/UNITAR formulation of the TFD in the IIMT documents section.