New PDF release: Agenda for a New Economy

By David C Korten

ISBN-10: 1605092894

ISBN-13: 9781605092898

ISBN-10: 1605092908

ISBN-13: 9781605092904

Trendy financial obstacle is the worst because the nice melancholy. notwithstanding, as David Korten indicates, the stairs being taken to handle it -- together with pouring trillions of bucks into bailouts for the Wall road associations that created the mess -- do not anything to accommodate the truth of a failed financial system. it is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is barely the end 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 out generating whatever of genuine worth: phantom wealth. Its significant gamers interact 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 financial system used to be increasing exponentially, whilst our monetary, social, and normal capital eroded and most of the people struggled ever tougher to make ends meet.Our wish lies now not with Wall highway, Korten argues, yet with major highway, which creates genuine wealth from actual assets to satisfy actual wishes. He outlines an schedule to disencumber the latent entrepreneurial energies of major highway from Wall Street's lethal grip and convey into being a brand new economic system -- in the neighborhood dependent, group orientated, and dedicated to making a larger lifestyles for all. it is going to require brave and imaginitive adjustments to how we degree financial luck, manage our economic climate, even the very means we create funds. Korten outlines a demanding yet useful schedule, summarized on the finish of the publication in his model of the commercial handle to the kingdom he needs Barack Obama have been capable of deliver.Korten's purpose isn't really to provide ultimate solutions yet relatively to impress dialogue of ideas that strong pursuits favor no longer be pointed out. those pursuits devised the process that has introduced us to the threshold of wreck. it is time to shrink back from the Wall highway approach of phantom wealth and go back to an economic climate firmly rooted within the long term healthiness of individuals and the planet."At final, a e-book by way of one among our so much fantastic fiscal thinkers that outlines the realcauses of -- and suggestions to -- the present monetary main issue. David Korten conjures up usto take activities to create a extra simply and sustainable international for ourselves and futuregenerations." (John Perkins, ny occasions bestselling writer of Confessions of an monetary Hit guy)

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By all appearances, the people are running things. An organizational chart will show clear lines of authority leading to a CEO who in turn reports to a board of directors. It is easy to think of a corporation as a community of people. That is, however, A REAL-MARKET ALTERNATIVE 29 a misleading characterization, because the people are all employees of the corporation and paid to serve its financial interests. If the corporation is Wall Street owned, they are bound to serve Wall Street interests, and their employment is solely at Wall Street’s pleasure.

No matter what Wall Street says, a bad loan is still a bad loan no matter how many times it has been sliced, diced, and repackaged into ever more complex derivatives certified by Standard & Poor’s as AAA. Even more, however, we tolerate Wall Street and rush to bail it out because it controls the issuance of credit and thereby our access to money in a world that has made us dependent on money for almost every aspect of our lives. Here is a simple description of how the money-creation process works.

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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