What is the social economy?
The social economy is the part of the economy that is neither privately nor publicly controlled. It is sometimes referred to as the third, citizen, or plural sector. In seeking to leverage the efficiencies of the private sector in pursuit of traditionally public goals such as improving social wellbeing, the social economy is a pragmatic response to the economic and social challenges of globalization.
Did you know?
Canada’s social economy is composed of close to 200,000 non-profit organizations that generate more than $90 billion a year and employ 1.3 million people. Also, 10,000 Canadian cooperatives generate more than $37 billion per year and employ approximately 150,000 people.
The social economy is the fastest growing sector of society, halving the gap between its productivity level and that of business every 10 to 12 years and generating jobs 2.5 – 3 times faster than traditional business. Across the globe, social entrepreneurs are applying innovative approaches to addressing social problems that have not been satisfactorily addressed by the public or private sectors.
The outcome is social value creation, social impact and social change.
For more details on the social economy, click here.