The OECD approves the first international standard on the social economy and social innovation

July 8, 2022

The OECD Council of Ministers has approved its Recommendation on Social Economy and Social Innovation, as the first international standard in this area.

Here are the key takeaways:

✨ As per the generally accepted practice, the definition of social economy endorsed by the OECD includes #associations, #cooperatives, #foundations, #mutualsocieties and #socialenterprises.

✨ The OECD’s Recommendation recognizes the diversity of #socialandsolidarityeconomy practices and frameworks around the world, but also highlights the features which are shared across contexts.

✨ The OECD highlights the social economy’s contribution to economic growth, fair green and digital transition, inclusive societies and strong local communities; its role in addressing informal employment, supporting the work integration of disadvantaged groups, engaging youth and promoting gender equality; its contribution to economic and social resilience; its role in addressing societal needs and partnering with other stakeholders, including public authorities, academia, citizens, civil society and business community; and the fact that the social economy is a driver of social innovation.

✨ The document calls on the OECD members and other states to develop and adopt a #socialeconomy framework that is supported at all levels of government with a view to scale the impact of their social economy for the benefit of all.

Specific policy recommendations include fostering a social economy culture; creating supportive institutional frameworks; designing enabling legal and regulatory frameworks; support access to finance and funding; enabling access to public and private markets; strengthening skills and business development support within the social economy; encouraging impact measurement and monitoring; support the production of data; and encouraging social innovation.

More information here.

#oecd #economiesocialeetsolidaire #impactinvesting #sharedvalue #cooperatives #associations #socialeconomy