Answer:
Responses to Coronavirus (COVID-19)
Social economy and the COVID-19 crisis: current and future roles
30 July 2020
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Abstract
The “social economy” has played an important role in addressing and mitigating the short- and long-term impacts of the COVID-19 crisis on economy and society. In the short term, social economy actors have assisted the recovery from the crisis by providing innovative solutions that are aimed at strengthening public services to complement government action. In the long term, social economy organisations can help reshape the post-crisis economy by promoting inclusive and sustainable economic models. Relying on decades of experience, its specific features and underlying principles, the social economy can inspire models of social innovation and a sense of purpose to firms operating in the market economy.
Explanation:
The social economy includes associations, co-operatives, foundations, mutual organisations and social enterprises. In the EU, there are 2.8 million social economy entities, accounting for 6.3% of EU employment, but their impact goes far beyond those numbers. Social economy actors are found in most sectors of the economy—from health and education to banking and utilities. Some are small non-profits, but others are large enterprises with international outreach.
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