Eco-social economy is, in the context of this project, defined as a concept that strives to bring nearer to the general public a vision of a society and economy based on universal human, social and civic values, and on principles of civic, cultural, demographic, social and environmental sustainability.

The present-day economy, unfortunately, neglects many key factors that are of crucial importance for a holistic and sustainable development of human civilisation, and of economy itself. Therefore, the society and mankind as a whole, face very serious challenges that express themselves in an extreme imbalance of socio-political, social, ecological, and ultimately global and national economic systems. Global economic and financial crises, uncheckable climate changes, and political, social and other turbulences throughout the world demonstrate a need that our society and economy find new methods and ways of socio-economic development, which will be more consistent with the value systems that we strive to instil into our own children, or proclaim them to be basic civilisation values.

An ever-increasing number of experts, activists and practitioners, so called social entrepreneurs, indicate a need of building a new paradigm of socio-economic development that will recognise these values as the spiritus movens of the progress of human civilisation, and of the realisation of the full potential of man, organisations and communities in compliance with their social, cultural and natural environment.

In world literature, there is an increasing number of terms that endeavour to explain the ever expressed need for the integration of economic sciences and practice, with the key elements and aspects of personal and social development, social cohesion and preservations, and quality management of natural, cultural and other resources that in the "classical" economic perspective are either not considered at all, or are viewed only as a means of acquiring the key goal of economy: profit.

Therefore, such terms as social, sustainable, humane, ecological or eco-social economy; civic, social or eco-social entrepreneurship, are just some of possible choices in expressing the effort towards a more holistic consideration of economy – an economy with a grain of salt. Or, perhaps even better, an economy with a human face and a heart.

The ESENSEE Project chose the term eco-social economy for several pragmatic reasons. The aspect of natural environment is not adequately encompassed, although according to many experts, it is part of the concept and focus of "social economy". The situation is similar to the concept of humane economy that is nowadays promoted as a more holistic, i.e. more humane approach towards economic consideration, while including all the above mentioned, plus ecological elements and factors.

Sustainable economy is perhaps most akin to the idea of eco-social economy, although in this case the environment component might be overemphasized. Hence, eco-social economy has been, in this project, chosen as a term that integrates all three key components man/society, nature/environment and economy/profit in compliance with the affirmed concept of the three developmental pillars of the United Nations, the so called 3P Pillars: People – Planet – Profit, including the 3E concept: Ethics – Ecology – Economy.

However, the ESENSEE Project does not wish to exclude or promote any terminological option as the final one. More important than terminological determination, are the values we choose and apply in our daily consideration and work.

The idea upheld by the ESENSEE Project is in the following: to encourage people to think, act and cooperate in a creative, enterprising and responsible way. Synergy is the celebration of unity in diversity. Therefore, long live different terms for the same idea: an economy of wisdom that connects the mind, hands and the heart to create a sustainable well-being for an individual, community and the entire world.

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Written by: Ranko Milić