By David C Korten
Latest fiscal situation is the worst because the nice melancholy. even if, as David Korten exhibits, the stairs being taken to handle it -- together with pouring trillions of greenbacks into bailouts for the Wall highway associations that created the mess -- do not anything to house the truth of a failed economic climate. it is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is just the end of the iceberg. The system's social and environmental mess ups may perhaps finally be much more destructive.Korten identifies the deeper assets of the failure: Wall road associations that experience perfected the paintings of constructing "wealth" with no generating something of actual price: phantom wealth. Its significant gamers have interaction in speculative buying and selling, purchase into asset bubbles, create debt pyramids, and have interaction in predatory lending practices. Their seeming good fortune created an monetary mirage that led us to think the economic system used to be increasing exponentially, whilst our financial, social, and typical capital eroded and most of the people struggled ever more durable to make ends meet.Our wish lies now not with Wall road, Korten argues, yet with major road, which creates genuine wealth from actual assets to satisfy genuine wishes. He outlines an time table to disencumber the latent entrepreneurial energies of major highway from Wall Street's lethal grip and convey into being a brand new economic climate -- in the neighborhood established, neighborhood orientated, and dedicated to making a higher existence for all. it's going to require brave and ingenious adjustments to how we degree monetary good fortune, arrange our economic system, even the very means we create cash. Korten outlines a difficult yet sensible schedule, summarized on the finish of the booklet in his model of the commercial tackle to the country he needs Barack Obama have been capable of deliver.Korten's goal isn't really to supply ultimate solutions yet relatively to impress dialogue of recommendations that robust pursuits favor now not be pointed out. those pursuits devised the approach that has introduced us to the edge of smash. it is time to shrink back from the Wall highway method of phantom wealth and go back to an financial system firmly rooted within the long term well-being of individuals and the planet."At final, a e-book through certainly one of our such a lot great fiscal thinkers that outlines the realcauses of -- and options to -- the present fiscal situation. David Korten conjures up usto take activities to create a extra simply and sustainable global for ourselves and futuregenerations." (John Perkins, ny instances bestselling writer of Confessions of an monetary Hit guy)
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Extra info for Agenda for a New Economy
Societies accumulated wealth slowly over generations. Now many societies, and indeed the entire world, have learned how 16 PART I: THE CASE FOR A NEW ECONOMY to create wealth directly. The new approach requires that a state ﬁnd ways to increase the market value of its stock of productive assets. ] . . Wealth is also created when money, foreign or domestic, ﬂows into the capital market of a country and raises the value of its quoted securities. . Nowadays, wealth is created when the managers of a business enterprise give high priority to rewarding the shareholders and bondholders.
CHAPTER 5 WHAT WALL STREET REALLY WANTS They honestly believe the source of America’s greatness is in its big companies and wealthy elite. 1 president bill clinton T he Wall Street money game is a power game, a game as old as empire. And like Monopoly, the popular board game, the game isn’t over until the winner has it all. So what does Wall Street want? Everything. And until the crash of 2008, it was on its way to getting it. The basic question is whether our institutions should be designed to meet the needs of all or to facilitate the Wall Street drive to get it all.
Main Street is more varied in its priorities, values, and institutions. Like the diverse species of a healthy ecosystem, its enterprises take many forms, from sole proprietorships and family businesses to cooperatives and locally owned and rooted privately held corporations. Achieving a positive ﬁnancial return is an essential condition of staying in business, but most Main Street businesses function within a framework of community values and interests that moderate the drive for proﬁt. I grew up in a small town in which my family had a successful retail music and appliance business.
Agenda for a New Economy by David C Korten