Towards a New Global Development Paradigm and Restructuring the Economy Into a Sustainable

Abstract

Abstract The current economy transcends the boundaries of sustainability, threatens the quality of life on Earth and, ultimately, of the man himself, which requires its restructuring to a sustainable one. The unsustainability of the development of society, which causes the development of the economy in a global environment, is revealed by theoretical research based on qualitative analysis of texts and documents. Subsequently, the need to change the paradigmatic basis of economic theory is explained and a new model of economy – sustainable economy – is outlined. Using logical methods and comparison of basic axioms, postulates and based on the prediction of further development, the study emphasizes that moving towards a more sustainable future presupposes the replacement of neoclassical paradigm by a new paradigm – the paradigm of sustainable development. Restructuring the economy into a sustainable one will be based on this paradigm, as confirmed by some of the outlined new economic theories and initiatives.