Doughnut Economics is a term used by economist Kate Raworth to describe a sustainable economic system that operates within a set of widely accepted ecological and social constraints. We cannot live beyond the capability of our Earth to regenerate the resources we require to survive. We also cannot hoard those resources for a certain percentage of the population while others suffer due to lack of basic human needs. This model provides the boundaries under which our economies must operate and needs to be adopted by every jurisdiction as the basis for any economic system.
Kate Raworth's website has some great information on how this framework can be used to develop new economic systems that are sustainable, just, and local.
Added: Thu February 4th 2021