Agenda for a New Economy: From Phantom Wealth to Real Wealth by David C Korten PDF
By David C Korten
Nearly years after the monetary meltdown, monetary restoration nonetheless turns out promise. determined, overwhelming desire for swap has now not triumph over Washington’s timid choice for the established order. Joblessness and foreclosure stay endemic, and every day brings scandalous new revelations of outrageous Wall road bonuses and corruption.
Issued as a document of the hot economic system operating crew, this considerably up-to-date and extended re-creation of schedule for a brand new financial system is a choice for a countrywide announcement of Independence from Wall road. what's wanted, Korten argues, is a approach that favors existence values over monetary values, roots energy in humans and neighborhood, and helps neighborhood resilience and self-organization inside of a framework of residing markets and democracy. the hot variation is a guide for a nonviolent major road revolution – simply because switch, as he explains, won't come from above. it is going to come from below.
The root of the matter, as exact broadly within the first version of schedule for a brand new economic climate, continues to be what it used to be in 2008: Wall highway associations that experience perfected the artwork of making “phantom wealth”—mere numbers on paper—without generating something of actual price and with none considered the social outcomes. within the re-creation, Korten examines how occasions due to the fact that September 2008 have confirmed that the predatory Wall highway leopard can't switch its spots and explains why a visionary new president opted for marginal reform. He fleshes out his imaginative and prescient of the choice to the company Wall highway financial system: a prime road financial system in response to in the neighborhood owned, community-oriented “living firms” whose good fortune is measured as a lot by means of their confident impression on humans and the surroundings as by means of their confident stability sheets. most significantly, he bargains a groundbreaking plan as to what we as voters can do to wreck during the political paralysis and exchange the phantom-wealth Wall highway process with a living-wealth major road approach that's aware of the wishes and values of standard people.
2011 self sustaining writer ebook Award silver medalist!
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Extra resources for Agenda for a New Economy: From Phantom Wealth to Real Wealth
Rather than settle for a simplistic back-of-the-envelope projection, Speth takes a hard look at the research on GDP growth and environmental damage. He notes that despite a slight decline in the amount of environmental damage per increment of growth, growth in GDP always increases MORE THAN TINKERING AT THE MARGINS 41 environmental damage. The relationship is inherent in the simple fact that GDP is mostly a measure of growth in consumption, which is the driving cause of environmental decline. Speth is clear that even though choosing “green” products may be a positive step, not buying at all beats buying green almost every time.
Indeed, as Speth documents, economic growth tends to be associated with increases in individualism, social fragmentation, inequality, depression, and even impaired physical health. Social Movements Speth gives signiﬁcant attention to social movements that, while grounded in an awakening spiritual consciousness, are creating communities of the future from the bottom up, practicing participatory democracy, and demanding changes in the rules of the game. MORE THAN TINKERING AT THE MARGINS 43 Many of our deepest thinkers and many of those most familiar with the scale of the challenges we face have concluded that the transitions required can be achieved only in the context of what I will call the rise of a new consciousness.
Treasury Department and Wall Street banks to give the creation of phantom wealth priority over the production of real wealth. Rather than attempt to dampen asset bubbles like the tech-stock bubble of the 1990s and the housing bubble of 2000s, the Fed pursued cheap money policies to encourage borrowing by speculators to support continuing inﬂation. The growing power and proﬁts of Wall Street signaled the success of these policies. S. industrial sector was decimated as production was outsourced to low-wage economies to increase share prices.
Agenda for a New Economy: From Phantom Wealth to Real Wealth by David C Korten