By David C Korten
Ultra-modern monetary 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 house 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 simply the end of the iceberg. The system's social and environmental disasters could eventually be much more destructive.Korten identifies the deeper resources of the failure: Wall road associations that experience perfected the paintings of constructing "wealth" with out generating whatever of actual worth: phantom wealth. Its significant gamers have interaction 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, at the same time our fiscal, social, and typical capital eroded and most of the people struggled ever tougher to make ends meet.Our desire lies now not with Wall highway, Korten argues, yet with major road, which creates actual wealth from genuine assets to fulfill actual wishes. He outlines an time table to disencumber the latent entrepreneurial energies of major highway from Wall Street's lethal grip and produce into being a brand new financial system -- in the community dependent, group orientated, and dedicated to making a higher existence for all. it is going to require brave and inventive alterations to how we degree financial good fortune, set up our economic system, even the very approach we create funds. Korten outlines a hard yet useful schedule, summarized on the finish of the ebook in his model of the industrial deal with to the country he needs Barack Obama have been in a position to deliver.Korten's goal isn't to supply ultimate solutions yet fairly to impress dialogue of thoughts that strong pursuits favor no longer be pointed out. those pursuits devised the approach that has introduced us to the threshold of break. it is time to shrink back from the Wall highway process of phantom wealth and go back to an financial system firmly rooted within the long term healthiness of individuals and the planet."At final, a e-book by way of one in all our so much very good monetary thinkers that outlines the realcauses of -- and recommendations to -- the present financial concern. David Korten conjures up usto take activities to create a extra simply and sustainable international for ourselves and futuregenerations." (John Perkins, long island occasions bestselling writer of Confessions of an fiscal Hit guy)
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Extra resources for Agenda for a New Economy
Even more damaging in some ways than the economic costs are the spiritual and psychological costs of a Wall Street culture that celebrates greed, favors the emotionally and morally challenged with outsized compensation packages, and denies the human capacity for cooperation and sharing. Running out of control and delinked from reality, Wall Street has created an Alice in Wonderland phantomwealth world in which prospective ﬁnancial claims and the 45 46 PART II: THE CASE FOR ELIMINATING WALL STREET expectations that go with them exceed the value of all the world’s real wealth by orders of magnitude.
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. These corporations are properly considered part of the Main Street economy. Once a corporation sells its shares publicly through Wall Street exchanges or to Wall Street private equity investors, however, it becomes an agent of Wall Street. Whatever values it may have had before are, in all probability, subordinated to Wall Street interests and values.
CAPITALISM CLOAKED IN MARKET RHETORIC Capitalism’s claim to the mantle of the market has no more substance than the claim of the rogue in the tale of “The Emperor’s New Clothes,” who declared that he had cloaked the ruler in a ﬁne gown. In selectively culling bits and pieces of market theory to argue that the public interest is best served by giving globe-spanning megacorporations a license to maximize their proﬁts without public restraint, capitalism has distorted market theory beyond recognition to legitimize an ideology without logical or empirical foundation in the service of a narrow class interest.
Agenda for a New Economy by David C Korten