By David C Korten
Nearly years after the monetary meltdown, monetary restoration nonetheless turns out a far off promise. determined, overwhelming want for switch has now not conquer Washington’s timid choice for the established order. Joblessness and foreclosure stay endemic, and every day brings scandalous new revelations of outrageous Wall highway bonuses and corruption.
Issued as a file of the hot economic climate operating workforce, this considerably up-to-date and multiplied new version of time table for a brand new economic climate is a decision for a countrywide announcement of Independence from Wall road. what's wanted, Korten argues, is a process that favors lifestyles values over monetary values, roots strength in humans and neighborhood, and helps neighborhood resilience and self-organization inside of a framework of dwelling markets and democracy. the recent variation is a guide for a nonviolent major highway revolution – simply because switch, as he explains, won't come from above. it's going to come from below.
The root of the matter, as designated commonly within the first variation of time table for a brand new economic system, continues to be what it was once in 2008: Wall highway associations that experience perfected the paintings of making “phantom wealth”—mere numbers on paper—without generating whatever of actual worth and with none considered the social effects. within the new version, Korten examines how occasions due to the fact September 2008 have confirmed that the predatory Wall highway leopard can't swap 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 road economic system: a prime highway financial system in response to in the neighborhood owned, community-oriented “living organizations” whose luck is measured as a lot by way of their confident influence on humans and the surroundings as through their confident stability sheets. most significantly, he bargains a groundbreaking plan as to what we as electorate can do to wreck during the political paralysis and change the phantom-wealth Wall road approach with a living-wealth major highway method that's conscious of the wishes and values of standard people.
2011 self sustaining writer e-book Award silver medalist!
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Additional resources for Agenda for a New Economy: From Phantom Wealth to Real Wealth
It is easy to think of a corporation as a community of people. That is, however, A REAL-MARKET ALTERNATIVE 29 a misleading characterization, because the people are all employees of the corporation and paid to serve its ﬁnancial interests. If the corporation is Wall Street owned, they are bound to serve Wall Street interests, and their employment is solely at Wall Street’s pleasure. The publicly traded limited liability corporation is more accurately described as a pool of money with special legal rights and protections.
Money is money, and the more you have, the more the market eagerly responds to your every whim. To believe that paper or electronic money is real wealth, rather than simply a coupon that may be redeemed for goods and services of real intrinsic value, confuses illusion with reality. Those who create phantom wealth, and those who are the beneﬁciaries of mutual funds or retirement funds invested in phantom wealth, may never realize that they are giving its holder a claim on the real wealth produced by others, and that phantom-wealth dollars created out of nothing dilute the claims of everyone else to the available stock of real wealth.
So, right now, one can only conclude that growth is the enemy of environment. 5 After examining the abuses of corporate power, Speth endorses the call to revoke the charters of corporations that grossly violate the public interest, and to exclude or expel unwanted corporations, roll back limited liability, eliminate corporate personhood, bar corporations from making political contributions, and limit corporate lobbying. Health and Happiness Speth is clear that we are unlikely as a species to implement the measures required to bring ourselves into balance with the environment so long as economic growth remains an 42 PART I: THE CASE FOR A NEW ECONOMY overriding policy priority, consumerism deﬁnes our cultural values, and the excesses of corporate behavior are unconstrained by fairly enforced rules.