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

By David C Korten

NEW variation, REVISED AND UPDATED

Nearly years after the monetary meltdown, monetary restoration nonetheless turns out promise. determined, overwhelming want for swap 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 financial system operating crew, this considerably up to date and increased new version of schedule for a brand new financial system is a decision for a countrywide statement of Independence from Wall highway. what's wanted, Korten argues, is a procedure that favors lifestyles values over monetary values, roots energy in humans and group, and helps neighborhood resilience and self-organization inside of a framework of residing markets and democracy. the recent variation is a instruction manual 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 special greatly within the first variation of time table for a brand new financial system, is still 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 effects. within the re-creation, Korten examines how occasions on account 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 road economic climate: a first-rate road economic climate in accordance with in the community owned, community-oriented “living organizations” whose luck is measured as a lot by way of their optimistic effect on humans and the surroundings as via 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 change the phantom-wealth Wall road process with a living-wealth major highway process that's conscious of the desires and values of standard people.

2011 self reliant writer ebook Award silver medalist!
 

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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. It is an open invitation to abuse to which even saints are prone to succumb. That said, there are incorporated businesses with identifiable responsible owners who live in the communities in which their businesses are located and who operate their corporations as responsible members of their community.

Main Street is the healthy tissue and the foundation of the New Economy. CHAPTER 4 MORE THAN TINKERING AT THE MARGINS W hen economic failure is systemic, temporary fixes, even very expensive ones like the Wall Street bailout, are like putting a bandage on a cancer. They may create a temporary sense of confidence, but the effect is solely cosmetic. IT’S OVER Appropriate and effective action needs to begin with a recognition that we can no longer organize our economic life in the ways to which we have become accustomed.

The stronger the relations of mutual trust and caring, the more the market becomes self-policing. The need for formal governmental oversight and intervention is minimal. An economy of powerful corporations governed by a culture of greed and a belief that it is their legal duty to maximize returns to shareholders is quite a different matter and is difficult for even the strongest governments to control. A REAL-MARKET ALTERNATIVE 31 • Complete information must be available to all partici- pants, and there can be no trade secrets.

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