By David C Korten
Nearly years after the monetary meltdown, financial restoration nonetheless turns out promise. determined, overwhelming want for switch has now not conquer Washington’s timid choice for the established order. Joblessness and foreclosure stay endemic, and every day brings scandalous new revelations of outrageous Wall road bonuses and corruption.
Issued as a file of the hot economic system operating workforce, this considerably up-to-date and increased re-creation of time table for a brand new financial system is a choice for a countrywide statement of Independence from Wall road. what's wanted, Korten argues, is a procedure that favors existence values over monetary values, roots strength in humans and neighborhood, and helps neighborhood resilience and self-organization inside a framework of dwelling markets and democracy. the hot version is a instruction manual for a nonviolent major road revolution – simply because swap, as he explains, won't come from above. it is going to come from below.
The root of the matter, as particular largely within the first version of time table for a brand new economic climate, is still what it was once in 2008: Wall highway associations that experience perfected the artwork of making “phantom wealth”—mere numbers on paper—without generating something of actual worth and with none considered the social outcomes. within the new version, Korten examines how occasions due to the fact 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 highway economic climate: a primary road economic climate in keeping with in the community owned, community-oriented “living organizations” whose good fortune is measured as a lot via their confident effect on humans and the surroundings as via their optimistic stability sheets. most significantly, he deals a groundbreaking plan as to what we as electorate can do to wreck in the course of the political paralysis and change the phantom-wealth Wall highway method with a living-wealth major road method that's attentive to the desires and values of standard people.
2011 self sufficient writer publication Award silver medalist!
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Extra info for Agenda for a New Economy: From Phantom Wealth to Real Wealth
MODERN ALCHEMISTS AND THE SPORT OF MONEYMAKING 13 of anything of real value. 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.
The costs fall on those who don’t have the money to live in splendid isolation from the social and environmental realities of our troubled planet. The idea that economic growth will solve this problem has no substance, because the so-called rising tide lifts only the yachts and swamps the desperate, naked swimmers. It works out ﬁne for the winners that growth in Wall Street ﬁnancial assets plays out for the rest of society as growing inequality. What is a wealthy class without a servant class? There is an alternative to Wall Street phantom-wealth capitalism: a real-market economy.
The alternative to both of these discredited experiments in centralized power is an economic system that roots power in people and communities of place and that unleashes our innate human capacities for cooperation and creativity. We have a historic opportunity to bring such an economy into being. 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.
Agenda for a New Economy: From Phantom Wealth to Real Wealth by David C Korten