By David C Korten
State-of-the-art financial concern is the worst because the nice melancholy. although, as David Korten exhibits, the stairs being taken to handle it -- together with pouring trillions of greenbacks into bailouts for the Wall road associations that created the mess -- do not anything to accommodate the truth of a failed economic climate. it truly is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is simply the end of the iceberg. The system's social and environmental disasters may possibly finally be much more destructive.Korten identifies the deeper resources of the failure: Wall road associations that experience perfected the paintings of constructing "wealth" with no generating something of genuine price: phantom wealth. Its significant avid gamers have interaction in speculative buying and selling, purchase into asset bubbles, create debt pyramids, and have interaction in predatory lending practices. Their seeming luck created an fiscal mirage that led us to think the economic system used to be increasing exponentially, whilst our fiscal, social, and traditional capital eroded and most of the people struggled ever tougher to make ends meet.Our desire lies no longer with Wall road, Korten argues, yet with major highway, which creates genuine wealth from genuine 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 financial system -- in the neighborhood dependent, neighborhood orientated, and dedicated to making a higher lifestyles for all. it's going to require brave and innovative adjustments to how we degree monetary luck, manage our economic climate, even the very means we create cash. Korten outlines a demanding yet functional schedule, summarized on the finish of the publication in his model of the commercial tackle to the state he needs Barack Obama have been capable of deliver.Korten's purpose isn't to supply ultimate solutions yet relatively to impress dialogue of thoughts that robust pursuits desire now not be pointed out. those pursuits devised the method that has introduced us to the edge of damage. it is time to draw back from the Wall highway approach of phantom wealth and go back to an economic climate firmly rooted within the long term health and wellbeing of individuals and the planet."At final, a publication by means of one in all our such a lot fantastic fiscal thinkers that outlines the realcauses of -- and suggestions to -- the present financial challenge. David Korten conjures up 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 financial Hit guy)
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Additional info for Agenda for a New Economy
Market fundamentalists generally ignore the essential conditions, which include: • Buyers and sellers must be too small to inﬂuence the market price. FREEDOM TO COMMIT FRAUD The term free market is a code word for an unregulated market that allows the rich to consume and monopolize resources for personal gain free from accountability for the broader social and environmental consequences. A free market rewards ﬁnancial rogues and speculators who proﬁt from governmental, social, and environmental subsidies, speculation, the abuse of monopoly power, and ﬁnancial fraud, creating an open and often irresistible invitation to externalize costs and increase inequality.
3 In the home mortgage industry of an earlier time, local banks made loans to local borrowers and carried the risk on their books. If a homeowner could not meet the mortgage payments, the bank that made the loan bore the loss. This encouraged a careful review of mortgage applications to assure the ﬁnancial solvency of the borrower. In the “modernized” ﬁnancial system, the bank captures a fee for signing up the borrower. Since the risk associated with 20 PART I: THE CASE FOR A NEW ECONOMY a potential default is passed to others, the bank has no incentive to exercise due diligence, an obvious system design ﬂaw.
I grew up in a small town in which my family had a successful retail music and appliance business. My dad took great pride in standing behind and servicing everything he A REAL-MARKET ALTERNATIVE 27 sold. I recall the not infrequent experience of his answering the phone during dinner and asking Mother to keep his dinner warm as he got up to open the store for a customer with an urgent need. One, I remember, was from a local musician who had broken his guitar pick and needed a replacement for a job he was playing that night.
Agenda for a New Economy by David C Korten