A political economy of reorientation. New theory and policy for the recovery

Aim: The article aims at developing an economic theory of reorientation. As Western subjects are disoriented by long-time systematic commercial manipulation of their preferences, the theory focuses on new concepts of endogenous preferences and on the process of preference manipulation and its direct and indirect effects on the culture of Western societies. Applying this theory in a historical analysis leads to three radically democratic policy proposals for initiating and accelerating a process of reorientation. Design/ Research methods: Critical analysis of professional publications within and outside the field of economics. Development of new concepts, analysis of (recent) historical developments and design of new policy instruments. Conclusions/ findings: In order to achieve an economic concept of reorientation, three concepts of preferences are defined. First conclusion: without removing the commercial bias in preference manipulation no real reorientation is plausible. Therefore, the first policy proposal (The Sovereignty Fund) is a necessary condition for reorientation. It gives citizens a positive voice in determining the cultural development of their societies The other proposals (House of Citizens; Big Data Claim) are fundamentally democratic instruments needed for facilitating the reorientation process. All three proposals can be implemented without removing or seriously disrupting existing institutions. Originality/ value of the article: Original analysis of a new subject (reorientation) presenting concrete policy proposals, two of them being totally original, addressing topical issues. One of its limitations is its focus on Western democratic societies. The idea of “reorientation” may be interesting to anyone who is shocked by the pandemic or concerned in the state of our societies, our democracies or our climate.