By David C Korten


Nearly years after the monetary meltdown, fiscal restoration nonetheless turns out promise. determined, overwhelming desire for switch has no longer 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 road bonuses and corruption.

Issued as a file of the hot economic climate operating team, this considerably up to date and improved new version of schedule for a brand new financial system is a decision for a countrywide assertion of Independence from Wall highway. what's wanted, Korten argues, is a approach 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 version is a guide for a nonviolent major highway revolution – simply because swap, as he explains, won't come from above. it's going to come from below.

The root of the matter, as specified broadly within the first variation of time table for a brand new economic system, is still what it was once in 2008: Wall road associations that experience perfected the paintings of constructing “phantom wealth”—mere numbers on paper—without generating whatever of actual worth and with none considered the social results. within the re-creation, Korten examines how occasions seeing that September 2008 have confirmed that the predatory Wall road 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 highway economic system: a first-rate road economic climate in response to in the community owned, community-oriented “living organizations” whose good fortune is measured as a lot by way of their confident effect on humans and the surroundings as via their optimistic stability sheets. most significantly, he bargains a groundbreaking plan as to what we as voters can do to damage during the political paralysis and change the phantom-wealth Wall highway process with a living-wealth major highway approach that's aware of the desires and values of standard people.

2011 self reliant writer booklet Award silver medalist!

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Chapter 6, “Buccaneers and Privateers,” provides an evocative history of the role that licensed pirates and chartered corporations played in the transition from rule by kings — who found them a cheap substitute for official navies and a useful means of circumventing parliamentary oversight — to rule by global financiers. Chapter 7, “The High Cost of Phantom Wealth,” describes how Wall Street players reap enormous financial rewards for creating phantom expectations through their use of complex financial instruments that defy understanding.

As you have probably noticed, this doesn’t look much like Wall Street. Although not a perfect match, it looks a good deal more like Main Street. Historians have traced the origin of the term capitalism to the mid-1800s, long after Adam Smith’s death. 1 This, of course, describes with considerable precision the characteristics of Wall Street. 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 a true market system, democratically accountable governments provide an appropriate framework of rules within which people, communities, entrepreneurs, and responsible investors self-organize in predominantly local markets to meet their economic needs in socially and environmentally responsible ways. In the Wall Street economy, money is both means and end, and the primary product is phantom wealth — money disconnected from the production or possession of anything of real value. The Main Street economy is largely engaged in creating real wealth from real resources to meet real needs.

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