By David C Korten
Nearly years after the monetary meltdown, financial restoration nonetheless turns out a far off promise. determined, overwhelming want for switch has now not triumph over 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 hot economic climate operating team, this considerably up-to-date and improved re-creation of time table for a brand new economic system is a choice for a countrywide statement of Independence from Wall highway. what's wanted, Korten argues, is a method that favors lifestyles 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 hot version is a guide for a nonviolent major road revolution – simply because switch, as he explains, won't come from above. it's going to come from below.
The root of the matter, as exact commonly within the first version of time table for a brand new economic system, 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 something of genuine price and with none considered the social outcomes. within the new version, Korten examines how occasions considering that September 2008 have confirmed that the predatory Wall highway 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 highway financial system: a primary highway economic climate in keeping with in the community owned, community-oriented “living corporations” whose good fortune is measured as a lot by means of their optimistic impression on humans and the surroundings as by way of their optimistic stability sheets. most significantly, he bargains a groundbreaking plan as to what we as voters can do to damage in the course of the political paralysis and change the phantom-wealth Wall road approach with a living-wealth major road method that's attentive to the desires and values of normal people.
2011 self sustaining writer publication Award silver medalist!
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Extra resources for Agenda for a New Economy: From Phantom Wealth to Real Wealth
The key is the often mentioned distinction between our existing Wall Street and Main Street economies. WALL STREET VERSUS MAIN STREET Wall Street and Main Street are names given to two economies with strikingly different priorities, values, and institutions. They are distinct but interconnected, and they are often in competition. Wall Street Wall Street refers to the institutions of big ﬁnance and the captive corporations that serve them. They may be located 25 26 PART I: THE CASE FOR A NEW ECONOMY anywhere, not necessarily on the famous street in New York City that has become a global symbol of capitalism.
Rather than settle for a simplistic back-of-the-envelope projection, Speth takes a hard look at the research on GDP growth and environmental damage. He notes that despite a slight decline in the amount of environmental damage per increment of growth, growth in GDP always increases MORE THAN TINKERING AT THE MARGINS 41 environmental damage. The relationship is inherent in the simple fact that GDP is mostly a measure of growth in consumption, which is the driving cause of environmental decline. Speth is clear that even though choosing “green” products may be a positive step, not buying at all beats buying green almost every time.
Nor does Sachs mention the realities of political power and resource control — for example, the reality that in most instances, poor countries are poor not because they receive too little foreign aid but because we of the rich nations have used our military and economic power to expropriate their resources to consume beyond our own means. It is troubling, although not surprising, that Sachs’s reassuring words get an attentive hearing among establishment power holders. SPETH: REDIRECTION AND REDESIGN James Gustave Speth, who has degrees in law and economics, has had a distinguished career as the founder and former head of the World Resources Institute, an administrator of the United Nations Development Program, and now dean of the Yale University School of Forestry.
Agenda for a New Economy: From Phantom Wealth to Real Wealth by David C Korten