By David C Korten
Nearly years after the monetary meltdown, fiscal restoration nonetheless turns out a far off promise. determined, overwhelming desire for switch has no longer 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 recent financial system operating team, this considerably up to date and extended re-creation of schedule for a brand new financial system is a choice for a countrywide assertion of Independence from Wall highway. what's wanted, Korten argues, is a process that favors existence values over monetary values, roots strength in humans and group, and helps neighborhood resilience and self-organization inside a framework of dwelling markets and democracy. the recent version is a guide for a nonviolent major highway revolution – simply because swap, as he explains, won't come from above. it's going to come from below.
The root of the matter, as precise widely within the first variation of schedule for a brand new economic climate, continues to be what it used to be in 2008: Wall highway associations that experience perfected the artwork of constructing “phantom wealth”—mere numbers on paper—without generating whatever of actual worth and with none considered the social outcomes. within the new version, Korten examines how occasions considering the fact that September 2008 have confirmed that the predatory Wall road 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 financial system: a prime highway financial system according to in the community owned, community-oriented “living organizations” whose good fortune is measured as a lot by means of their optimistic effect on humans and the surroundings as by way of their confident stability sheets. most significantly, he bargains a groundbreaking plan as to what we as voters can do to damage throughout the political paralysis and exchange the phantom-wealth Wall highway process with a living-wealth major road method that's conscious of the wishes and values of normal people.
2011 self sufficient writer publication Award silver medalist!
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Extra resources for Agenda for a New Economy: From Phantom Wealth to Real Wealth
Even the CEO and directors can be dismissed without notice or recourse. In theory, it is the shareholders whom management serves; however, since most shares are held in trust by various institutional investors, the real shareholders are generally invisible even to the corporate ofﬁcers. In effect, management is hired by money to nurture money’s growth and reproduction in disregard of all other considerations. The result is a global capitalist economy destructive of both life and the human soul.
Although not a perfect match, it looks a good deal more like Main Street. Historians have traced the origin of the term capitalism to the mid-1800s, long after Adam Smith’s death. 1 This, of course, describes with considerable precision the characteristics of Wall Street. CAPITALISM CLOAKED IN MARKET RHETORIC Capitalism’s claim to the mantle of the market has no more substance than the claim of the rogue in the tale of “The Emperor’s New Clothes,” who declared that he had cloaked the ruler in a ﬁne gown.
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.
Agenda for a New Economy: From Phantom Wealth to Real Wealth by David C Korten