By David C Korten
Present day monetary main issue is the worst because the nice melancholy. in spite of the fact that, as David Korten exhibits, the stairs being taken to deal with it -- together with pouring trillions of greenbacks into bailouts for the Wall road associations that created the mess -- do not anything to accommodate the truth of a failed financial system. it is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is simply the top of the iceberg. The system's social and environmental mess ups may well eventually be much more destructive.Korten identifies the deeper assets of the failure: Wall highway associations that experience perfected the paintings of making "wealth" with out generating whatever of actual worth: phantom wealth. Its significant avid gamers have interaction in speculative buying and selling, purchase into asset bubbles, create debt pyramids, and have interaction in predatory lending practices. Their seeming luck created an fiscal mirage that led us to think the economic climate used to be increasing exponentially, whilst our fiscal, social, and ordinary capital eroded and most of the people struggled ever tougher to make ends meet.Our desire lies now not with Wall road, Korten argues, yet with major highway, which creates actual wealth from actual assets to satisfy actual wishes. He outlines an time table to disencumber the latent entrepreneurial energies of major highway from Wall Street's lethal grip and convey into being a brand new economic climate -- in the neighborhood established, neighborhood orientated, and dedicated to making a higher lifestyles for all. it is going to require brave and creative alterations to how we degree monetary good fortune, arrange our economic system, even the very means we create cash. Korten outlines a not easy yet functional time table, summarized on the finish of the ebook 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 really to provide ultimate solutions yet fairly to impress dialogue of innovations that robust pursuits want no longer be pointed out. those pursuits devised the procedure that has introduced us to the threshold of damage. it is time to shrink back from the Wall highway procedure of phantom wealth and go back to an economic climate firmly rooted within the long term wellbeing and fitness of individuals and the planet."At final, a booklet through one in every of our such a lot superb monetary thinkers that outlines the realcauses of -- and recommendations to -- the present financial challenge. David Korten evokes usto take activities to create a extra simply and sustainable international for ourselves and futuregenerations." (John Perkins, ny occasions bestselling writer of Confessions of an financial Hit guy)
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Extra info for Agenda for a New Economy
Like cancer cells that attempt to hide from the body’s immune system by masking themselves as healthy cells, capitalism’s agents attempt to conceal themselves from society’s immune system by masquerading as agents of a healthy market economy. Capitalism has become so skilled in this deception that we now ﬁnd our economic and political leaders committed to policies that serve the pathology at the expense of the healthy body. To restore health we must recognize the diseased cells for what they are and either surgically remove them or deprive them of access to the body’s nutrients.
To correct our misplaced priorities, he recommends replacing ﬁnancial indicators of economic performance, such as GDP, with wholly new measures based on nonﬁnancial indicators of social and environmental health — the things we should be optimizing. ” claims that Americans have big houses and broken homes, high incomes and low morale, secured rights and diminished civility. We were excelling at making a living but too often failing at making a life. We celebrated our prosperity but yearned for purpose.
There isn’t even a paper record. You might say it has no existence outside the human mind. Needless to say, granting banks the right to create money with a computer keystroke and then lend it out at interest makes banking very proﬁtable, and Wall Street, which owns the banks, enormously powerful. ” The damage is increased by orders of magnitude when banks discover the proﬁt potential in putting this money-creation power at the service of ﬁnancial speculators and predators engaged in the creation of phantom wealth.
Agenda for a New Economy by David C Korten