By David C Korten
State-of-the-art financial trouble is the worst because the nice melancholy. in spite of the fact that, as David Korten indicates, 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 mess ups might finally be much more destructive.Korten identifies the deeper resources of the failure: Wall highway associations that experience perfected the paintings of making "wealth" with no generating whatever of genuine worth: phantom wealth. Its significant avid gamers interact in speculative buying and selling, purchase into asset bubbles, create debt pyramids, and interact in predatory lending practices. Their seeming luck created an fiscal mirage that led us to think the economic climate was once increasing exponentially, while our monetary, social, and normal capital eroded and most of the people struggled ever more durable to make ends meet.Our desire lies no longer with Wall highway, Korten argues, yet with major highway, which creates actual wealth from genuine assets to fulfill genuine wishes. He outlines an schedule to free up the latent entrepreneurial energies of major road from Wall Street's lethal grip and convey into being a brand new economic climate -- in the community established, neighborhood orientated, and dedicated to making a higher existence for all. it is going to require brave and resourceful alterations to how we degree monetary good fortune, set up our economic climate, even the very means we create cash. Korten outlines a not easy yet useful time table, summarized on the finish of the e-book in his model of the industrial deal with to the country he needs Barack Obama have been capable of deliver.Korten's goal isn't really to supply ultimate solutions yet really to impress dialogue of concepts that robust pursuits desire now not be pointed out. those pursuits devised the method that has introduced us to the edge of wreck. it is time to shy away from the Wall road procedure of phantom wealth and go back to an economic climate firmly rooted within the long term healthiness of individuals and the planet."At final, a ebook by way of one in every of our such a lot superb financial thinkers that outlines the realcauses of -- and options to -- the present fiscal drawback. David Korten evokes 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 financial Hit guy)
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Extra resources for Agenda for a New Economy
Nor does Sachs mention the realities of political power and resource control — for example, the reality that in most instances, poor countries are poor not because they receive too little foreign aid but because we of the rich nations have used our military and economic power to expropriate their resources to consume beyond our own means. It is troubling, although not surprising, that Sachs’s reassuring words get an attentive hearing among establishment power holders. SPETH: REDIRECTION AND REDESIGN James Gustave Speth, who has degrees in law and economics, has had a distinguished career as the founder and former head of the World Resources Institute, an administrator of the United Nations Development Program, and now dean of the Yale University School of Forestry.
They walk away with their fees, commissions, and bonus packages and leave it to others to pick up the costs of federal bailouts, gyrating economic cycles, collapsing environmental systems, broken families, shattered communities, and the export of jobs along with the manufacturing, technology, and research capacities that go with them. 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.
MODERN ALCHEMISTS AND THE SPORT OF MONEYMAKING 13 of anything of real value. It was such an ugly picture that Wall Street’s seriously corrupted institutions stopped lending even to each other for the very good reason they didn’t trust anyone’s ﬁnancial statements. PHANTOM WEALTH In business school, I learned the art of assessing investment options to maximize ﬁnancial return. My teachers never mentioned that what we were really learning was to maximize returns to people who had money, that is, to make rich people richer.
Agenda for a New Economy by David C Korten