By David C Korten
Nearly years after the monetary meltdown, monetary restoration nonetheless turns out promise. determined, overwhelming desire for swap 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 record of the hot financial system operating workforce, this considerably up to date and increased re-creation of schedule for a brand new economic system is a decision for a countrywide announcement of Independence from Wall highway. what's wanted, Korten argues, is a process that favors existence values over monetary values, roots energy in humans and group, and helps neighborhood resilience and self-organization inside a framework of dwelling markets and democracy. the recent variation is a guide for a nonviolent major road revolution – simply because swap, as he explains, won't come from above. it is going to come from below.
The root of the matter, as targeted generally within the first variation of schedule for a brand new financial system, is still what it was once in 2008: Wall highway associations that experience perfected the paintings of constructing “phantom wealth”—mere numbers on paper—without generating something of genuine worth and with none considered the social outcomes. within the re-creation, Korten examines how occasions due to the fact 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 first-rate road economic climate in line with in the community owned, community-oriented “living corporations” whose luck is measured as a lot via their confident impression on humans and the surroundings as through their optimistic stability sheets. most significantly, he bargains a groundbreaking plan as to what we as electorate can do to damage during the political paralysis and change the phantom-wealth Wall highway approach with a living-wealth major road procedure that's attentive to the desires and values of normal people.
2011 self sufficient writer booklet Award silver medalist!
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Additional resources for Agenda for a New Economy: From Phantom Wealth to Real Wealth
Whether the alarming announcement by the banks was more threat than warning, we may never know, but it was surely effective. The government responded with trillions of dollars in public bailout money. The recipient institutions held extravagant parties, paid out executive bonuses and dividends, and ﬁnanced acquisitions. The bailout money seemed to vanish as quickly as the phantom wealth of the housing bubble. Credit, however, remained frozen for reasons yet to be explained. Debt Slaves to Wall Street Why do we tolerate Wall Street’s reckless excess and abuse of power?
Markets work best within the framework of a caring community. The stronger the relations of mutual trust and caring, the more the market becomes self-policing. The need for formal governmental oversight and intervention is minimal. An economy of powerful corporations governed by a culture of greed and a belief that it is their legal duty to maximize returns to shareholders is quite a different matter and is difﬁcult for even the strongest governments to control. A REAL-MARKET ALTERNATIVE 31 • Complete information must be available to all partici- pants, and there can be no trade secrets.
CHAPTER 4 MORE THAN TINKERING AT THE MARGINS W hen economic failure is systemic, temporary ﬁxes, even very expensive ones like the Wall Street bailout, are like putting a bandage on a cancer. They may create a temporary sense of conﬁdence, but the effect is solely cosmetic. IT’S OVER Appropriate and effective action needs to begin with a recognition that we can no longer organize our economic life in the ways to which we have become accustomed. They cannot be restored more than momentarily, no matter how committed and sophisticated our bailout and stimulus plans, because we have already passed the limits of stress that our economic, environmental, and social systems will tolerate.