EU Social Economy: Means to ending Inequality?

Abstract

In recent years, the European Union has been facing increasing technological, economic, environmental and social challenges. The issues of strengthening the social economy are becoming increasingly important in an era of instability and uncertainty in the prospects of global development. The subjects of this business model can play a positive role in achieving the UN Sustainable Development Goals, increasing productivity and competitiveness of both individual enterprises and states and their associations through increased solidarity at the territorial and local levels, reducing poverty and inequality. The social economy is designed to create quality jobs, guarantee equal learning opportunities and provide the necessary social services, especially for vulnerable segments of the population, such as migrants, persons with disabilities and unskilled workers. To realise its mission, its enterprises and organisations need to collaborate with public authorities, stakeholders and users capable of finding solutions to collective problems, such as ethical financing and socially responsible banking. This collaboration can give impetus to social inclusion, economic development and territorial cohesion in depressed underdeveloped areas and regions. Today, social indicators in EU countries such as poverty, inequality, long-term and youth unemployment continue to be high, making it difficult to ensure social sustainability. This article analyses EU policies on the social economy as well as its ecosystem in the region.