Download Agenda for a New Economy by David C Korten PDF

By David C Korten

ISBN-10: 1605092894

ISBN-13: 9781605092898

ISBN-10: 1605092908

ISBN-13: 9781605092904

Trendy fiscal situation is the worst because the nice melancholy. although, as David Korten exhibits, the stairs being taken to handle it -- together with pouring trillions of bucks into bailouts for the Wall highway 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 may perhaps finally be much more destructive.Korten identifies the deeper resources of the failure: Wall highway associations that experience perfected the paintings of constructing "wealth" with no generating whatever of genuine price: phantom wealth. Its significant gamers have interaction in speculative buying and selling, purchase into asset bubbles, create debt pyramids, and interact in predatory lending practices. Their seeming good fortune created an monetary mirage that led us to think the economic system used to be increasing exponentially, while our monetary, social, and usual capital eroded and most of the people struggled ever tougher to make ends meet.Our desire lies no longer with Wall highway, Korten argues, yet with major road, which creates genuine wealth from actual assets to fulfill genuine wishes. He outlines an time table to disencumber the latent entrepreneurial energies of major road from Wall Street's lethal grip and convey into being a brand new economic climate -- in the community established, neighborhood orientated, and dedicated to making a higher existence for all. it is going to require brave and innovative adjustments to how we degree financial good fortune, set up our economic system, even the very method we create funds. Korten outlines a difficult yet functional time table, summarized on the finish of the ebook in his model of the commercial handle to the kingdom he needs Barack Obama have been in a position to deliver.Korten's purpose isn't to supply ultimate solutions yet quite to impress dialogue of techniques that strong pursuits favor now not be pointed out. those pursuits devised the process that has introduced us to the edge of break. it is time to draw back from the Wall road procedure of phantom wealth and go back to an economic system firmly rooted within the long term future health of individuals and the planet."At final, a ebook through one among our such a lot tremendous financial thinkers that outlines the realcauses of -- and ideas to -- the present financial difficulty. David Korten evokes usto take activities to create a extra simply and sustainable global for ourselves and futuregenerations." (John Perkins, long island instances bestselling writer of Confessions of an fiscal Hit guy)

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It was such an ugly picture that Wall Street’s seriously corrupted institutions stopped lending even to each other for the very good reason they didn’t trust anyone’s financial statements. PHANTOM WEALTH In business school, I learned the art of assessing investment options to maximize financial return. My teachers never mentioned that what we were really learning was to maximize returns to people who had money, that is, to make rich people richer. Nor did they mention that if pursued mechanically, the methods we were learning might result in the creation of phantom wealth.

Where do they fit between Wall Street and Main Street? ” The legal form of the publicly traded limited liability corporation was invented a bit more than four hundred years ago when the king of England issued a charter to the East India Company. He thereby granted a group of investors, including himself, an exclusive crown-protected license to colonize the lands of Asia and expropriate their resources through trade and military force. The corporate charter suits this purpose well: It creates the legal capacity to amass under unified management the power of virtually unlimited financial capital; moreover, the shareholders who benefit are exempted from liability for the consequences of management’s actions beyond the amount of 28 PART I: THE CASE FOR A NEW ECONOMY their investment.

35 36 PART I: THE CASE FOR A NEW ECONOMY Jeffrey Sachs and James Gustave Speth are both influential establishment authors who in their most recent books present nearly identical statements of the need for action to reverse environmental damage and eliminate poverty. Their recommendations, however, are worlds apart. Sachs focuses on the symptoms and prescribes a bandage. 1 I contrast the perspectives of Sachs and Speth on three defining economic issues. The differences are instructive, because we must learn to distinguish those who would lull us into believing we can get by with adjustments at the margins, à la Sachs, the neoclassical economist, from those who offer serious solutions based on a deep system redesign, à la Speth, the systems ecologist.

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Agenda for a New Economy by David C Korten

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