Agenda for a New Economy: From Phantom Wealth to Real Wealth by David C Korten

By David C Korten

NEW version, REVISED AND UPDATED

Nearly years after the monetary meltdown, monetary restoration nonetheless turns out promise. determined, overwhelming want for swap 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 road bonuses and corruption.

Issued as a file of the hot economic climate operating staff, this considerably up-to-date and increased new version of schedule for a brand new financial system is a choice for a countrywide announcement of Independence from Wall highway. 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 of a framework of residing markets and democracy. the recent version is a guide for a nonviolent major road 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 targeted widely within the first variation of schedule for a brand new economic climate, continues to be what it was once in 2008: Wall road associations that experience perfected the paintings of constructing “phantom wealth”—mere numbers on paper—without generating whatever of genuine price and with none considered the social effects. within the new version, Korten examines how occasions considering 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 road economic system: a first-rate highway economic system in keeping with in the community owned, community-oriented “living organisations” whose good fortune is measured as a lot via their optimistic effect on humans and the surroundings as by means of their confident stability sheets. most significantly, he deals a groundbreaking plan as to what we as voters can do to damage throughout the political paralysis and substitute the phantom-wealth Wall road procedure with a living-wealth major highway procedure that's attentive to the wishes and values of normal people.

2011 autonomous writer booklet Award silver medalist!
 

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Extra resources for Agenda for a New Economy: From Phantom Wealth to Real Wealth

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The details of what happened are far more complex than what I’ve outlined here, but that is the essence. When obviously unqualified borrowers defaulted, the whole house of cards began tumbling down and the phantom wealth that Wall Street had created through mortgage securitization disappeared even more rapidly than it had magically appeared — as did the trillions of dollars of government bailout money that followed. A Bubble Is Just a Bubble Contrary to Edmunds’s “logic,” an asset bubble, real estate or otherwise, does not create wealth.

3 This statement would have served equally well as an opening statement for Speth, who agrees that government must play an essential role, and nations must cooperate, in any effort to effect a meaningful solution. From there, however, we might wonder whether they live in different worlds. The Tech Fix Sachs assures us that we can end environmental stress and poverty with modest investments in existing technologies to sequester carbon, develop new energy sources, end population growth, make more efficient use of water and other natural resources, and jump-start economic growth in the world’s remaining pockets of persistent poverty.

Whatever values it may have had before are, in all probability, subordinated to Wall Street interests and values. The production of goods and services becomes purely incidental to the primary business purpose of making money. As a onetime executive of the Odwalla corporation told me, “So long as we were privately owned by the founders, we were in the business of producing and marketing healthful fruit juice products. Once we went public, everything changed. ” Notwithstanding the title of my first book on the global economy, When Corporations Rule the World, the real economic power in this country resides with Wall Street institutions that buy and sell major corporations as if they were mere commodities.

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