THE LONG VIEW

INTELLIGENCE BRIEFING: Paradigm Shift Launched — Global Council for a Common Good Economy Challenges Neoliberal Foundations Executive Summary: A new international initiative co-led by UCL’s Prof. Mariana Mazzucato and Spain’s Deputy PM Carlos Cuerpo has launched to dismantle outdated economic orthodoxies and replace them with a framework centered on the common good. The Global Council for a Common Good Economy targets foundational flaws in economic theory—such as the myth of self-correcting markets—that have undermined climate action, equity, and public trust. Backed by UCL’s IIPP and aligned with Mazzucato’s forthcoming 2026 book, the Council will redefine value, governance, and fiscal responsibility through four pillars: justice, equality, sustainability, and global solidarity. With in-person meetings scheduled around COP and IMF events, this initiative signals a coordinated push to reshape global economic institutions from within. Primary Indicators: - Launch of the Global Council for a Common Good Economy in Barcelona on 18 April 2026 - Co-chaired by Prof. Mariana Mazzucato and Spain’s Deputy PM Carlos Cuerpo - UCL’s IIPP serves as lead academic partner - Framework based on four principles—justice, equality, sustainability, global solidarity - Inquiry spans eight cross-cutting areas of economic theory and policy - Council to convene alongside IMF-WB meetings and COP - Reform agenda to be finalized by autumn 2027 Recommended Actions: - Monitor Council membership announcements for ideological and geographic balance - Track policy integration in Spain and other progressive economies - Engage with UCL IIPP research outputs and concept notes - Prepare institutional responses to potential shifts in IMF/World Bank policy language - Assess implications for public investment strategies in climate, health, and technology sectors - Support participatory policy design that incorporates lived experience and labor representation Risk Assessment: The rise of a coordinated, high-level challenge to neoliberal economic doctrine presents a quiet but profound threat to established power structures. Should the Council succeed in reframing 'fiscal responsibility' around public investment rather than austerity, or redefine 'value creation' to prioritize social and ecological returns, it could destabilize the intellectual foundations of technocratic governance. The fusion of Mazzucato’s academic authority with Cuerpo’s ministerial power—and the alignment with multilateral events—suggests a stealth campaign to alter the rules of economic engagement. Those who benefit from the current model, particularly financial elites and institutional gatekeepers resistant to democratic oversight, may find themselves outflanked by a discourse that speaks in the language of science, morality, and common sense. The real risk is not disruption, but legitimacy: a new consensus built on the common good may render old defenses of inequality obsolete. —Sir Edward Pemberton