By David C Korten
Cutting-edge financial hindrance is the worst because the nice melancholy. despite 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 truly is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is barely the top of the iceberg. The system's social and environmental mess ups could eventually be much more destructive.Korten identifies the deeper resources of the failure: Wall road associations that experience perfected the artwork of making "wealth" with out generating whatever of actual price: phantom wealth. Its significant gamers have interaction 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 financial mirage that led us to think the economic climate was once increasing exponentially, at the same time our financial, social, and normal capital eroded and most of the people struggled ever tougher to make ends meet.Our wish lies now not with Wall road, Korten argues, yet with major road, which creates genuine wealth from genuine assets to satisfy actual wishes. He outlines an schedule to disencumber the latent entrepreneurial energies of major road from Wall Street's lethal grip and convey into being a brand new economic system -- in the neighborhood established, neighborhood orientated, and dedicated to making a higher lifestyles for all. it's going to require brave and creative adjustments to how we degree financial luck, arrange our economic system, even the very manner we create funds. Korten outlines a not easy yet useful schedule, summarized on the finish of the ebook in his model of the commercial deal with to the state he needs Barack Obama have been capable of deliver.Korten's purpose isn't really to supply ultimate solutions yet particularly to impress dialogue of recommendations that strong pursuits favor now not be pointed out. those pursuits devised the process that has introduced us to the threshold of damage. it is time to shy away from the Wall highway procedure of phantom wealth and go back to an economic climate firmly rooted within the long term overall healthiness of individuals and the planet."At final, a e-book by way of certainly one of our such a lot amazing financial thinkers that outlines the realcauses of -- and recommendations to -- the present financial obstacle. David Korten conjures up usto take activities to create a extra simply and sustainable international for ourselves and futuregenerations." (John Perkins, big apple occasions bestselling writer of Confessions of an monetary Hit guy)
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Extra info for Agenda for a New Economy
Main Street is the healthy tissue and the foundation of the New Economy. 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.
4 Far from calling for a restraint on consumption, Sachs projects global economic expansion from $60 trillion in 2005 to $420 trillion in 2050. 4 percent of the projected midcentury economic output. Problem painlessly solved, at least in Sachs’s mind. Growth as Usual Sachs gives no indication of why, if we can stabilize population and meet the needs of the poor with a modest expenditure, we should need or even want a global economy seven times as large as its present size. Like most other economists, and indeed the general public, Sachs simply assumes that economic growth is both good and necessary.
I do believe that technology is absolutely critical, and I do not believe . . that the essence of the problem is that we face a zero sum that must be redistributed. I’m going to argue that there’s a way for us to use the knowledge that we have, the technology that we have, to make broad progress in material conditions, to not require or ask the rich to take sharp cuts of living standards, but rather to live with smarter technologies that are sustainable, and thereby to ﬁnd a way for the rest of the world, which yearns for it, and deserves it as far as I’m concerned, to MORE THAN TINKERING AT THE MARGINS 39 raise their own material conditions as well.
Agenda for a New Economy by David C Korten