# PART II: ECONOMY 3. HOW DO WE KNOW OUR ECONOMY? An economy is a tool that provisions across multiple capitals, and so nature also has economies. But our current economy is failing us, because of the meaning-making stories that have created it. We need an economy that’s fit for our current and future challenges. Yet we cannot control our economy; rather we need to facilitate generative emergence by transforming our existing approaches to freedom, stakeholders, property, money, and capitalism. 4. THE FREE COMPANY The myths around what a company is only maintain our dysfunctional status quo. Like apartheid in South Africa, typical company incorporation forms exclude most stakeholders from governance and wealth sharing. The tragedy of the commons isn’t what we imagine. Rather, done well the commons is a solution, and it’s time for the FairShares Commons company or equivalent commons company to rise to our global challenges and build a better world. 5. THE ECONOMY OF THE FREE To address our global challenges, we need an Economy of the Free, rather than our current Free Economy. Here’s how we should construct it, and how it leads to regenerative capitalism built on regenerative businesses in regenerative ecosystems that are inherently circular. The stock market, boom and bust, trade, finance, sustainability, work and your life will all look much better in an Economy of the Free. 6. FIXING FLAWS IN ECONOMICS Neoclassical economics is deeply flawed, because it is too much scientism, not enough science. We need to develop a general theory of economies that includes rational and irrational, thinking and feeling as complementary pairs. An economics that never assumes physics is irrelevant, satisfies thermodynamics, knows when a process is ergodic and when not, and works out of equilibrium. Such a general theory includes everything that works in the different, polarised approaches of today, is falsifiable, and most importantl predicts well what will happen. Like predicting the next crash. To get there we first need to understand the flaws.