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Is it time for a social impact credit system?

Journal Article


Abstract


  • As the Covid-19 pandemic persists, the universal public health system continues to be stretched and the longevity of the subsequent global economic crisis remains uncertain. The consequential social impact is far reaching, exacerbating problems of poverty, mental health, social dislocation, domestic violence, and potentially crime, and the level of unemployment continues to rise.

    The long-term social costs could be disastrous. As the economy continues to deteriorate, what happens to the low socio-economic segment of our community? Will economic resuscitation relegate social benefit programs? And what happens to climate change action? Will it continue to be the victim of political jostling or forgotten altogether?

    It seems that all sectors of the economy are distressed. The government is fiscally exhausted, and the household sector is facing various challenges including increasing unemployment and already historically high levels of debt, which now stands around 120% of GDP. Furthermore, the small-to-medium-sized business sector is facing a decline in consumer sentiment, a raft of closures and a spike in potential bankruptcies.

    Where do social and environmental causes turn to for support?

Publication Date


  • 2020

Citation


  • Mazzola, P. (2020). Is it time for a social impact credit system?. Firstlinks, 363 1-3.

Number Of Pages


  • 2

Start Page


  • 1

End Page


  • 3

Volume


  • 363

Place Of Publication


  • Australia

Abstract


  • As the Covid-19 pandemic persists, the universal public health system continues to be stretched and the longevity of the subsequent global economic crisis remains uncertain. The consequential social impact is far reaching, exacerbating problems of poverty, mental health, social dislocation, domestic violence, and potentially crime, and the level of unemployment continues to rise.

    The long-term social costs could be disastrous. As the economy continues to deteriorate, what happens to the low socio-economic segment of our community? Will economic resuscitation relegate social benefit programs? And what happens to climate change action? Will it continue to be the victim of political jostling or forgotten altogether?

    It seems that all sectors of the economy are distressed. The government is fiscally exhausted, and the household sector is facing various challenges including increasing unemployment and already historically high levels of debt, which now stands around 120% of GDP. Furthermore, the small-to-medium-sized business sector is facing a decline in consumer sentiment, a raft of closures and a spike in potential bankruptcies.

    Where do social and environmental causes turn to for support?

Publication Date


  • 2020

Citation


  • Mazzola, P. (2020). Is it time for a social impact credit system?. Firstlinks, 363 1-3.

Number Of Pages


  • 2

Start Page


  • 1

End Page


  • 3

Volume


  • 363

Place Of Publication


  • Australia