From economy to oeconomy
Until 1750, we did not speak of economy but of oeconomy, thus recalling its profound meaning: the rules of management (nomoï) of the common house (oïkos), in other words the art of ensuring the well-being of the household, and by extension of the community, the nation, and all of humanity, while respecting the limits of the environment.
This oeconomy was lost sight of during the industrial revolution, when Western societies thought they could mobilise the planet’s supposedly unlimited resources at their service. Today, we must undertake the great "return to oeconomy" because the challenges facing humanity, faced with the finiteness and fragility of the biosphere, are similar to those it faced before the industrial revolution.
Ensuring the well-being of all while respecting the limits of the biosphere leads us to revisit the foundations of our economic model. Common house management standards: oeconomy is a branch of governance to which the general principles of governance apply.
For example: instead of an undifferentiated globalised market, it is necessary to think about the articulation between the levels of production, exchange and consumption from the local to the global level; to create the conditions of legitimacy for the different types of stakeholders; to set up governance regimes adapted to the nature of the different goods and services; to impose standards of interoperability between components of industrial products in order to combine the global production of components with assembly and repair being carried out at the local level.
See the document Petit traité d'oeconomie