Capitalism has gone astray. Today we face ecological exhaustion, persistent inequality, financialization, stress on communities, short-termism, and new power concentrations. An avalanche of new economic thinking and a reorientation of European values show the way toward a different economy. A new perspective is necessary if we want to implement the Sustainable Development Goals and if we consider our planet as ‘Our Common Home,’ for present and future generations. This book argues that European economies should be the initiators of a global transition toward a sustainable and inclusive world economy. Together, amid severe geopolitical and geoeconomic challenges, they need to develop their own perspective on what a good economy really is, in distinction to Chinese state capitalism and American big business capitalism. Crucially, this requires the rediscovery of key European values, a coherent view on responsible capitalism, and a new self-awareness as a global player for the Common Good in today’s and tomorrow’s world. Part I Europe’s Present Condition: A Diagnosis CHAPTER 1 Introduction: From the Challenge of 2015 to the Shock of 2022 CHAPTER 2 Europe’s 250-Year Project… CHAPTER 3 Triumphant Capitalism: Bold Assumptions of an Overconfident Age CHAPTER 4 Europe’s Confusion and Reorientation Part II Europe’s Mission: Developing Responsible Capitalism CHAPTER 5 The First Pillar of Renewal: Europe’s Ideals CHAPTER 6 The Second Pillar of Renewal: Inspiration from Revaluing Europe’s Story CHAPTER 7 The Third Pillar of Renewal: Ideas about Economics CHAPTER 8 The Fourth Pillar of Renewal: Indicators and the New Art of Measurement CHAPTER 9 The Fifth Pillar of Renewal: Institutions and the Multiactor Approach CHAPTER 10 The Flying Wheel of Responsible Innovation (A): the ‘Makers’ of a New Economy (Business, Finance, Consumers) CHAPTER 11 The Flying Wheel of Responsible Innovation (B): the ‘Embedders’ of a New Economy (Government, Nature, Community, Civil Society) CHAPTER 12 The Flying Wheel of Responsible Innovation (C): the ‘Critical Innovators’ of a New Economy (Media, Research and Education, Imaginative Reflection) Part III Europe’s New Position: Global Player for the Common Good CHAPTER 13 A New World Order is Emerging CHAPTER 14 Europe’s Contribution in Tomorrow’s World CHAPTER 15 In Conclusion: Challenges and Recommendations for a Rejuvenated Europe EPILOGUE: Towards an Economics of Hope