Agenda for a New Economy by David C Korten

By David C Korten

Modern day fiscal situation is the worst because the nice melancholy. even if, as David Korten exhibits, the stairs being taken to deal with it -- together with pouring trillions of greenbacks into bailouts for the Wall highway associations that created the mess -- do not anything to accommodate the truth of a failed economic climate. it truly is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is just the top of the iceberg. The system's social and environmental mess ups may well finally be much more destructive.Korten identifies the deeper resources of the failure: Wall highway associations that experience perfected the artwork of making "wealth" with no generating something of genuine price: phantom wealth. Its significant avid gamers interact in speculative buying and selling, purchase into asset bubbles, create debt pyramids, and have interaction in predatory lending practices. Their seeming good fortune created an fiscal mirage that led us to think the economic system used to be increasing exponentially, while our monetary, social, and average capital eroded and most of the people struggled ever tougher to make ends meet.Our wish lies now not with Wall highway, Korten argues, yet with major highway, which creates actual wealth from genuine assets to fulfill genuine wishes. He outlines an time table to free up the latent entrepreneurial energies of major highway from Wall Street's lethal grip and produce into being a brand new financial system -- in the community established, group orientated, and dedicated to making a larger lifestyles for all. it's going to require brave and creative alterations to how we degree financial good fortune, manage our economic climate, even the very method we create cash. Korten outlines a tough yet functional time table, summarized on the finish of the publication in his model of the industrial tackle to the country he needs Barack Obama have been in a position to deliver.Korten's goal isn't to provide ultimate solutions yet fairly to impress dialogue of thoughts that robust pursuits desire no longer be pointed out. those pursuits devised the process that has introduced us to the threshold of smash. it is time to shy away from the Wall road procedure of phantom wealth and go back to an economic system firmly rooted within the long term health and wellbeing of individuals and the planet."At final, a e-book by way of considered one of our such a lot magnificent fiscal thinkers that outlines the realcauses of -- and ideas to -- the present monetary quandary. David Korten evokes usto take activities to create a extra simply and sustainable international for ourselves and futuregenerations." (John Perkins, manhattan instances bestselling writer of Confessions of an fiscal Hit guy)

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If we had been paying close attention, we might have noticed that many fortunes were the result of financial speculation, fraud, government subsidies, the sale of harmful products, and the abuse of monopoly power. But this was rarely mentioned. 14 PART I: THE CASE FOR A NEW ECONOMY PHANTOM-WEALTH EXUBERANCE The illusions of Wall Street are captured in the titles and publication dates of popular books such as: Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market (2000) Dow 30,000 by 2008: Why It’s Different This Time (2004) Why the Real Estate Boom Will Not Bust (2006) It is easy to confuse money with the real wealth for which it can be exchanged — our labor, ideas, land, gold, health care, food, and all the other things with value in their own right.

If not entirely false, this claim is at best seriously misleading, and it obscures our ability to see an obvious nonrepressive alternative. The theory of the market economy traces back to the eighteenth-century Scottish economist Adam Smith and the publication in 1776 of his Inquiry into the Nature and Causes of the Wealth of Nations. Considered by many to be the most influential economics book ever written, Smith’s seminal text articulates the powerful and wonderfully democratic ideal of a self-organizing economy that creates an equitable and socially optimal allocation of society’s productive resources through the interaction of small buyers and sellers making decisions based on their individual needs, interests, and abilities.

Economic growth is disrupting the values and living systems essential to human well-being. Beyond a minimal threshold of consumption, building community, rather than increasing the consumption of stuff, is the key to increasing human health and happiness. Equity Poverty, not equity, is the issue, and the proper response is to kick-start the growth process within the world’s remaining pockets of absolute poverty by introducing technologies and social services funded by foreign aid. Extreme poverty is the inevitable other side of the coin of extreme wealth and can be resolved only through redistribution from those who have more than they need to those who have less.

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